Financial highlights
- Revenue of £46.1m (H1 09/10: £47.9m)
- Recurring royalties of £30.4m (H1 09/10: £26.3m)
- Product sales of £14.8m (H1 09/10: £16.1m)
- Milestone/one-off revenues of £0.9m (H1 09/10: £5.5m)
- Gross profit of £34.4m (H1 09/10: £32.3m)
- Underlying operating profit1 of £3.1m (H1 09/10: loss of £1.2m)
- Profit before tax of £1.6m (H1 09/10: £2.4m)
- Underlying basic earnings per share2 of 2.3p (H1 09/10: 2.5p)
- Cash and cash equivalents at 30 September 2010 of £63.9m (31 March 2010: £82.6m)
Operating highlights
- US commercial platform established – BTG now directly marketing its own products in the US
- Clinical programmes progressing well:
- Varisolve® polidocanol endovenous microfoam (PEM) – US Phase III trials under way
- Voraxaze™ (glucarpidase) – CMC portion of BLA submitted to the FDA; clinical module being revised to include additional patients with submission now anticipated mid-2011
- OncoGel™ (paclitaxel) – Phase IIb patient enrolment completed
- BGC20-0134 (Pleneva™) – Phase IIa study continuing; data from the six-month placebo-controlled phase of the study anticipated mid-2011
- Very strong recent progress in partnered programmes:
- Campath® (alemtuzumab) – Genzyme reported sustained reductions in relapses and disability in five-year follow-up data from a Phase II trial in multiple sclerosis patients
- CB7630 (abiraterone acetate) – Johnson & Johnson reported that interim Phase III data showed significant survival benefit in patients with metastatic advanced prostate cancer; marketing applications to be filed in the US and EU by the end of 2010
- AZD9773 (CytoFab™) – global Phase IIb trial initiated in October by AstraZeneca
Louise Makin, BTG’s CEO, commented: “Our business has made good progress on all fronts. For the first time, we are now marketing and selling our own products in the US. We have commenced the Phase III trials of Varisolve® and we have seen significant positive developments in our partnered programmes, which include several potential blockbusters. This operating progress has been underpinned by a solid financial performance, and we look forward to continued progress in the second half of the year.”
For further information contact:
BTG Financial Dynamics 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 Ben Atwell +44 (0)20 7831 3113
Mo Noonan Senior Manager Financial Communications
Holborn Gate, 26 Southampton Buildings London, WC2A 1PB T +44 (0)20 7269 7116 F +44 (0)20 7242 8676 M +44 (0)7876 444 977 www.fd.com
A member of FTI Consulting Inc.
