This morning’s update highlights an in-line performance of key revenue drivers, but an expected £5m negative top line impact from currency. In addition, Vectura has taken the decision to partner its proprietary VR475 (EU) and VR647 (US) programmes, in line with our expectations. FY2018 R&D guidance has been lowered, with our £65m forecast remaining within the range. Finally, Mundipharma has terminated development of the VR2076 pMDI triple therapy, which we did not include in our estimates. Overall a broadly in-line update. We note the significant share price rally since our upgrade to Buy on 10th November at 90p.
