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Is bruised Vectura ready for recovery?

Is bruised Vectura ready for recovery?

Vectura’s (VEC) annual results provide plenty of ammunition for both bulls and bears. On the plus side, underlying revenues – after adjusting for the 2016 merger with peer Skyepharma – rose 4 per cent to £131m, but throw in non-recurring milestone payments for partnered drug programmes, and the group’s pro-forma revenue dropped to £184m. Meanwhile, a non-cash impairment of £110m widened Vectura’s operating loss position. But strip that (and the non-recurring revenues) out and adjusted cash profit rose to £10m thanks to significant cost savings from merger synergies.

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