London, UK, 10 November 2015: BTG plc (LSE: BTG), the specialist healthcare company, today announces its interim results for the six months ended 30 September 2015.
Financial summary
• Group revenue grew 20% to £229.6m (H1 14/15: £191.2m)
• Contribution grew 18% to £94.4m (H1 14/15: £80.1m)
• Operating profit before acquisition adjustments and reorganisation costs was £62.9m (H1 14/15: £56.8m)
• Adjusted earnings per share (excluding acquisition adjustments and reorganisation costs) were 35% higher at 18.7p (H1 14/15: 13.9p)
• Cash and cash equivalents at 30 September 2015 rose to £110.6m (£73.8m at 31 March 2015)
Operating highlights
Interventional Medicine
• Varithena® (polidocanol injectable foam) approved by Health Canada; steady progress in gaining insurance coverage and establishing appropriate payment levels in the US reimbursed sector
• Strong growth in sales of EkoSonic®, capitalising on clearance for use in the treatment of pulmonary embolism
• Continued growth in Interventional Oncology franchise; EU sales force now selling Beads and TheraSphere® directly; good early progress with expansion in Asia
• French-government-sponsored REVOLENS study of PneumRx® Coils achieved primary endpoint; ongoing commercial activities to secure wider reimbursement in Europe; RENEW study top-line data expected end of 2015
Specialty Pharmaceuticals
• Wellstat Therapeutics’ new drug application (NDA) for uridine triacetate accepted for review by the US Food and Drug Administration (FDA)
Licensing
• Good growth from Lemtrada™ (alemtuzumab) following US approval
• Zytiga® (abiraterone acetate) boosted by payment of backdated royalties
BTG’s CEO, Louise Makin, commented: “We have had a good first half, delivering double-digit revenue and contribution growth from our portfolio of products while increasing investment in our Interventional Medicine business. We anticipate sustained growth in our Interventional Oncology and EKOS products, and further progress in expanding reimbursement coverage for Varithena® and the PneumRx® Coils. Overall, we are making good progress in implementing our growth strategy, reinvesting the cash from our Specialty Pharmaceuticals and Licensing businesses in activities that support our goal of becoming a world leader in Interventional Medicine.”
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