BTG plc: Close Period Update
Published: Apr 04, 2013
The Group has delivered a strong financial performance and has achieved its key business objectives for the year.
Full year revenue is expected to be around £230m, reflecting good performances across the business, in particular from the Specialty Pharmaceuticals and Licensing & Biotechnology business areas.
Movements since January 2013, when revenue was expected to be around the high end of the previous guidance range of £205m-£215m, include increased forecast royalties from Zytiga® (abiraterone acetate), for which actual royalties will be known later this month, the agreement of a final sum relating to the discontinued CytoFab® programme, favourable exchange rate movements and a strong end to the year from the Specialty Pharmaceuticals business area.
Operating highlights include: the successful completion of the US Phase III trial programme for Varisolve® (PEM) and submission of a New Drug Application (NDA), seeking approval of PEM as a comprehensive treatment to improve the symptoms and appearance of varicose veins; the US launch of Voraxaze® (glucarpidase), a treatment for life-threatening toxicity in patients with renal impairment who are receiving high-dose methotrexate therapy; and good progress towards the submission of Humanitarian Device Exemption (HDE) applications in the US for the novel pre-loaded PRECISION Bead® and PARAGON Bead® for use in uveal melanoma liver metastases and intrahepatic cholangiocarcinoma respectively.
Among partnered programmes, Zytiga® received EU and US approvals to expand its use to include men with metastatic castration-resistant prostate cancer who have not yet received standard chemotherapy. In addition, a NDA was accepted for review in the US for Sanofi’s Lemtrada® (alemtuzumab), which is also under review in the EU.
Louise Makin, CEO of BTG, commented:
“There has been good progress across the business. Our Specialty Pharmaceuticals and Licensing & Biotechnology businesses continue to give us a strong financial underpin. We have a clear strategy to create further value from the cash we are generating, by conducting studies to expand the uses of our interventional oncology products and through the acquisition of complementary products.
“We start the new financial year with confidence and much to look forward to, including the potential approval of PEM, the potential granting of HDEs for our novel pre-loaded bead products and the initiation of additional studies to support the expanded use of the bead products in patients with liver cancer.”
For further information please contact:
Andy Burrows, Director of Investor Relations
+44 (0)20 7575 1741; Mobile: +44 (0)7990 530605
Ben Atwell/Simon Conway
+44 (0)20 7831 3113
Rolf Soderstrom, Chief Financial Officer
+44 (0)20 7575 0000
BTG is an international specialist healthcare company that is developing and commercialising products targeting critical care, cancer and other disorders. The company has diversified revenues from sales of its own marketed products and from royalties on partnered products, and is seeking to acquire new programmes and products to develop and market to specialist physicians. For further information about BTG please visit our website at www.btgplc.com.
Victoria Foster Mitchell
F T I Consulting
+44 (0)20 3077 0486 direct
+44 (0)7816 944 230 mobile
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