London, UK, 14 May 2009: BTG plc, the specialty pharmaceuticals company, today announces its preliminary results for the year ended 31 March 2009.
The key event of the year was the acquisition of Protherics PLC, completed on 4 December 2008, which provides the platform to create a sustainably profitable specialty pharmaceuticals business. The acquisition was valued at £171.3m and funded by the issue of 104 million new Ordinary Shares.
Financial highlights
The financial statements include the results of Protherics for the period from 4 December 2008 to 31 March 2009, as well as the results of the fair valuation of the assets and liabilities acquired and reorganisation costs.
• Revenue increased by 13.1% to £84.8m (07/08: £75.0m)
o Recurring royalties increased by 30.4% to £55.3m (07/08: £42.4m)
o Non-recurring revenues were £16.1m (07/08: £32.6m)
o Revenue of £13.4m from Protherics business
• Operating profit of £7.0m (07/08: £16.6m) before acquisition adjustments and reorganisation costs of £16.2m arising on the acquisition of Protherics. Loss from operations after acquisition adjustments and reorganisation costs of £9.2m (07/08: profit £8.5m)
• Loss after tax of £13.1m (07/08: profit after tax of £8.8m) resulting in a loss per share of 7.1p (07/08: earnings per share of 5.9p)
• Cash and cash equivalents of £78.2m at year end (31 March 2008: £57.0m)
Operating highlights
• Reorganisation progressing as planned – decisions made on sites and personnel, business integration well advanced
• Portfolio review completed – internal pipeline has eight clinical development programmes
o Varisolve® successfully completed US phase II safety study and is progressing towards pivotal Phase III trials
o BGC20-1531 (migraine) and BGC20-0134 (multiple sclerosis) completed Phase I studies and to start Phase II studies in H2 09
o Angiotensin Therapeutic Vaccine data encouraging, new Phase II study to commence
• Strong progress in partnered programmes – eight in clinical development
o Enrolment of patients completed in one Phase III trial of Campath® in multiple sclerosis and nearing completion in second Phase III trial
o Second Phase III trial of CB7630 (abiraterone acetate) initiated in prostate cancer patients
o Phase III trial of TRX4 initiated in patients with type 1 diabetes
o CytoFab™ progressing through Phase II study in severe sepsis – completion anticipated around mid-2009
Louise Makin, BTG’s chief executive officer, commented: “This has been a transformational year for BTG. We have recorded another strong underlying financial performance and demonstrated solid progress with key development programmes in our internal and partnered pipelines. We have reorganised efficiently following the acquisition of Protherics and are on track to achieve the planned cost savings. We are also progressing well with plans to establish our US commercial operations, and are actively looking to further strengthen our pipeline. We look forward to another year of progress towards becoming a sustainably profitable specialty pharmaceuticals business.”
