Pacira’s Q2 EXPAREL® sales figure has triggered an $8m sales milestone to Vectura for annual net sales to 30 June 2016 exceeding $250m, in line with our expectations. The Q2 sales figure of $65.8m showed 3% growth on Q1 and a twelve month sales figure of $256.5m. Pacira reinstated financial guidance yesterday and is guiding to EXPAREL® net sales of $270m to $280m in 2016. Pacira is positive on the prospects for EXPAREL® and is on track to launch the product in oral surgery in September 2016. We remain at Buy and forecast continued strong growth for Vectura in mainly USD and EUR denominated royalty income from multiple partners and flutiform® supply revenue.
