A Study in Patients With Chronic Obstructive Pulmonary Disease (FAIR)

Inclusion Criteria: 1. Male or female patients aged ≥ 40 years, who have signed an Informed Consent form prior to initiation of any study-related procedure or when applicable written informed consent obtained by legal representative. 2. Outpatients with a clinical diagnosis of moderate to severe COPD and including: 1. Smoking history of at least 10 pack years defined as \[(number of cigarettes smoked per day) x (number of years of smoking)\] / 20, both current and ex-smokers are eligible. 2. Regular use of bronchodilators (e.g. β2-agonist, anticholinergics) in the 2 months before visit 1. 3. Post-bronchodilator FEV1 \< 65% of the predicted normal value at visit 1. 4. Post-bronchodilator FEV1/FVC \< 0.7 at visit 1. 5. An increase in FEV1 \< 15% and \< 200 mL from baseline following administration of 400 µg of salbutamol at visit 1. 6. Plethysmographic Functional Residual Capacity (FRC) \> 120% of the predicted normal value (at visit 1 and visit 2). 7. A Baseline Dyspnoea Index (BDI) focal score less or equal to 10 (at visit 1 and at visit 2). 3. A cooperative attitude and ability to be trained to the proper use of pMDI and DPI (Turbohaler®, inspiratory flow-driven, multidose powder inhaler) inhalers. Main Exclusion Criteria: 1. Diagnosis of asthma or other clinically or functionally relevant respiratory disorders (other than COPD) which may interfere with data interpretation according to the investigator's opinion. 2. Clinically unstable concurrent disease: e.g. hyperthyroidism, diabetes mellitus or other endocrine disease; significant hepatic impairment; significant renal impairment; cardiovascular disease (e.g. coronary artery disease, hypertension, heart failure); gastrointestinal disease (e.g. active peptic ulcer); neurological disease; haematological disease; autoimmune disorders, or other which may impact the evaluation of the results of the study according to investigator's judgement. 3. Patients with COPD exacerbation and/or symptomatic infection of the airways requiring antibiotic therapy (at least 5 days) in the 2 months prior to screening and during the study period. 4. Patients treated with depot corticosteroids in the 2 months preceding the visit 1 and during the run-in period. 5. Major surgery in the previous 3 months and during the trial which may affect patient's compliance in study procedures (e.g. plethysmography). 6. Patients requiring chronic mechanical ventilation for COPD.