What a difference a year makes. Or 18 months in the case of cough and cold specialist Vernalis (VER), which received game-changing regulatory approval from the US Food and Drug Administration (FDA) in April for Tuzistra XR, its new slow-release 'flu product. The group changed its accounting year-end from 31 December to 30 June to ensure annual figures included the entire 'flu season, which runs from October to March across the company's key markets. That means the reported figures below include 18 months of trading and are not comparable with those in prior years.
For now, the commercial launch of Tuzistra XR in the US is "front and centre" on the company's list of priorities, according to chief executive Ian Garland. Inevitably, this means investing heavily in sales infrastructure across the Atlantic, which will up the group's yearly cash-burn of £9m. Mr Garland said the group expected to run up "significant losses" in the 2015-16 financial year before breaking even at the end of 2017.
Analysts at N+1 Singer have placed their forecasts under review, but previously expected losses of £27m for FY2016.
| VERNALIS (VER) | ||||
|---|---|---|---|---|
| ORD PRICE: | 78p | MARKET VALUE: | £344m | |
| TOUCH: | 76-79p | 12-MONTH HIGH: | 87p | LOW: 45p |
| DIVIDEND YIELD: | nil | PE RATIO: | na | |
| NET ASSET VALUE: | 17p | NET CASH: | £19m | |
| Year to 31 Dec | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2011 | 12.2 | -10.6 | -8.9 | nil |
| 2012 | 14.6 | -6.8 | -1.4 | nil |
| 2013 | 14.1 | -6.3 | -0.9 | nil |
| 2015* | 19.9 | -9.3 | -1.4 | nil |
| % change | - | - | - | - |
*Changed financial year-end: reflects 18 month period ended 30 June 2015 | ||||
