BTG plc: Final Results
Financial highlights
- Revenue increased by 13.1% to £111.4m (09/10: £98.5m)
- Recurring revenue from royalties and marketed products increased by 8% to £95.5m (09/10: £88.4m)
- Includes £6.0m revenues from Biocompatibles from 27 January 2011 to 31 March 2011
- Operating profit of £1.7m (09/10: £10.8m) before acquisition adjustments and reorganisation costs of £15.5m (09/10: £8.7m). Loss from operations after acquisition adjustments and reorganisation costs of £13.8m (09/10: operating profit of £2.1m)
- Profit after tax of £9.2m (09/10: £11.3m)
- Deferred tax asset recognised following corporate restructuring in the US
- Cash and equivalents, together with cash on fixed term deposits, of £73.9m at 31 March 2011 (cash and cash equivalents of £82.6m at 1 April 2010)
- Actions taken to deliver £3m synergies from Biocompatibles acquisition
Operating highlights
- Biocompatibles acquisition completed and integration progressing well
- BTG to market LC Bead™ directly in the US from 2012
- Three US Phase III trials of Varisolve® initiated and progressing well
- Recruitment complete in one, on track in the other two
- Acute care sales force established in the US
- Commenced direct sales of CroFab® and DigiFab® on 1 October 2010
- ZYTIGA™ (abiraterone acetate) approved in the US
- AZD9773 global Phase IIb study initiated by AstraZeneca in October 2010.
Louise Makin, BTG’s chief executive officer, commented: “We have delivered a solid financial performance during a year in which we made substantial investments to drive growth in the business. Integration of the Biocompatibles business is going well, recruitment is on track in all three Phase III studies of Varisolve® and our US acute care sales force is at full strength for the main season for CroFab® sales. We have made the decision to take over direct sales of the LC Bead™ in the US from 2012, which will deliver revenue and margin growth. We continue to invest in our pipeline and commercial operations with confidence that we are building a sustainably profitable specialist healthcare business.”
For further information contact:
BTG
Andy Burrows, Director of Investor Relations
+44 (0)20 7575 1741; Mobile: +44 (0)7990 530605
Rolf Soderstrom, Chief Financial Officer
+44 (0)20 7575 0000
Financial Dynamics
Ben Atwell
+44 (0)20 7831 3113
About BTG
BTG is an international specialist healthcare company that is developing and commercialising products targeting critical care, cancer and other disorders. The company is seeking to acquire new products to develop and market to specialist physicians, and is building a sustainable business financed by revenues from sales of its own marketed products and from royalties and milestone payments on partnered products.