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."
