Vectura Group PLC (LON:VEC) shares fell 3.6% to 77.7p as one-off costs meant losses doubled in 2017.
Investors in the inhaler specialist had already received one blow this month when the US regulator knocked back a generic version of Glaxo stalwart Advair until at least 2020.
READ: Analyst thinks Vectura share price drop may not just be due to bigger pre-tax loss
James Ward-Lilley, Vectura’s chief executive, said: “Notwithstanding the disappointing delays we have seen for our VR315 generic Advair programme, we continue to see substantial value in the development of complex inhaled generics.”
Underlying revenues rose by 4% to £148mln and Ward-Lilley said the group still expects strong growth in total 2018 Group revenues, driven by inhaler flutiform and the Ultibro/Seebri Breezhaler.
R&D guidance remained £55mln to £65mln for 2018 while cash at the year-end was £103.7mln.
Two lead enhanced therapy programmes, VR647 (US) Phase II study in children with asthma and the VR475 (EU) Phase III trial in severe adult asthma, are both expected to complete in the second half of the year.
Pre-tax losses for the year were £102.2mln (£40.1mln). Adjusted profits were £10mln compared to a loss of £2.6mln.