Today’s interims from Vectura are solid, with profitability ahead of expectations and pipeline development in line. The expected newsflow from Vectura over the coming months is significant: Utibron® vs. Anoro® Phase III data is due later this year, to be followed by the expected US launch of Utibron® and FDA approval of VR315/Generic Advair® by 10th May 2017. With two major near-term US launches ahead, we retain our Buy recommendation.