Vectura, the Chippenham-based specialist pharmaceutical group, is to cut £1m from its research and development budget, it was announced as it told the City that it expects its annual results to be in line with expectations.
The group, which specialises in developing inhaled therapies for the treatment of respiratory diseases, said despite the cut in R&D, which will take place over the next three months, it will invest £33m in the area.
Chief Executive Dr Chris Blackwell said: “We remain committed to continued cost control, disciplined R&D investment and building Vectura into a sustainably profitable company with strong growth prospects.”
Based on its current plans, further reductions in R&D expenditure for the 2013 financial year are also expected.
In November Vectura posted revenues of £21.1m, pre-profit tax of £2.6m and cash of £80.2m for the six months to 30 September 2011,
Dr Blackwell said the group had a strong pipeline of products this year, with a number of commercial launches and clinical trials.
