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Business review - key performance indicators

Revenue growth

Revenues over the last three years have increased year on year as follows:

Year ended	Revenue £m	Increase %
31 March 2009	31.2	24
31 March 2008	25.2	79
31 March 2007	14.1	67

Cash management

This involves the management of the cash generated/(consumed) in the business, the funding received and the cash resources available. The operational cash generated/(consumed) is defined by reference to the cash flow statements as being the addition of the net cash outflow from operations and the cash inflows from investing activities excluding cash inflow/outflow on acquisitions. These key performance indicators (KPIs) for the three years to 31 March 2009 are as follows:

Year ended	Operational cash generated/ (consumed) £m	Financing activities £m
31 March 2009	1.3	(6.1)
31 March 2008	3.6	(2.3)
31 March 2007	(6.3)	67.0

Progress with collaborative partners and licensees for the development and commercialisation of products

Vectura continued to progress the development and commercialisation of programmes partnered in earlier years including VR315 ($2.5m received April 2009), and the collaboration with Boehringer Ingelheim (€7.5m received November 2008). In 2007/08 milestones were also received on VR315 and Boehringer Ingelheim.

Progress with the un-partnered product pipeline

During the year Vectura entered Phase II trials on VR496 for the treatment of CF, and VR040 entered a Phase IIb “at-home” study for the treatment of Parkinson’s disease. Vectura is actively seeking partners for its non-respiratory products, including VR147 for the treatment of migraine, which successfully completed clinical trials in 2008.

Identification of new product pipeline

Vectura evaluates new product opportunities through a New Opportunities Committee. The Committee seeks and considers opportunities arising from internal development activities as well as potential in-licensing and co-development opportunities.

Maintaining and strengthening our intellectual property portfolio

Vectura has been successful during the year in oral opposition proceedings and has also achieved a number of patent grants.

 

©2009 Vectura Group plc Annual Report and Accounts 2008/09