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BTG 2013 Final results

Investment Tools Ltd.
BTG 2013 Final results

BTG plc: Final Results

Strong financial performance enabling continued investment in growth strategy

London, UK, 20 May 2013: BTG plc (LSE: BTG), the specialist healthcare company, today announces its final results for the year ended 31 March 2013.

Financial highlights

━ Revenue increased by 19% to £233.7m (11/12: £197.0m)

━ Underlying operating profit before acquisition adjustments and reorganisation costs of £69.0m
(11/12: £54.0m); reported operating profit of £25.7m (11/12: £19.9m)

━ Profit after tax of £16.4m (11/12: £14.6m)

━ £46.8m of cash generated, with cash and cash equivalents, together with cash on fixed term deposits, of £158.7m at 31 March 2013 (£111.9m at 31 March 2012)

Operating highlights

━ Strong performance from Specialty Pharmaceuticals

━ CroFab® (crotalidae polyvalent immune fab (ovine)) sales benefitted from normalisation of wholesaler inventories

━ DigiFab® (digoxin immune fab (ovine)) performance helped by continued geographic expansion

━ Strong US launch for Voraxaze® (glucarpidase)

━ Interventional Medicine growth plans on track

━ Varisolve® (polidocanol endovenous microfoam (PEM)) US NDA accepted for review

━ Transition to direct US sales of LC Bead delivering increased revenues, margins and contribution

━ Beads indication expansion, geographic expansion and innovation activities progressing well

━ Licensing & Biotechnology

━ Strong growth in royalties from Johnson & Johnson's Zytiga® (abiraterone acetate)

━ Sanofi/Genzyme's Lemtrada™ (alemtuzumab) under review in the US and EU for multiple sclerosis

Louise Makin, BTG's Chief Executive Officer, commented: "We have delivered strong financial results which reflect the successful transition of our business into a commercially focused, specialist healthcare company that makes and markets its own products. We are on track with our growth strategy, and are investing in our Beads business, preparing for a potential H1 2014 US approval and launch of Varisolve® and actively seeking opportunities to add new products and programmes. Overall, we have the financial resources and capabilities to continue to build the business and deliver our growth strategy."

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