Financial summary
━ Underlying revenue 17% higher at £139.0m (H1 12/13: £119.3m). Reported revenue 7% higher at £153.0m (H1 12/13: £143.4m)
━ Acquisitions have contributed revenue of £13.3m since completion in July 2013. Prior period included £24.1m of non-recurring revenue (BeneFIX®, brachytherapy, AZD9773)
━ Operating profit of £25.0m (H1 12/13: £26.2m) reflects the higher revenues offset by royalty mix, preparations for Varisolve® PEM launch and the effect of acquisitions
━ Profit before tax 18% higher at £32.7m (H1 12/13: £27.7m)
━ Basic EPS 21% higher at 6.8p (H1 12/13: 5.6p)
━ Cash and equivalents of £39.8m at 30/9/13 (£158.7m at 31/3/13) post acquisitions and equity issue
Operating highlights
Interventional Medicine
━ PEM progressing towards potential US approval (4 December 2013 PDUFA goal date); commercial planning advanced for anticipated H1 2014 launch
━ Acquisitions of TheraSphere® and EKOS completed; integrations progressing well
━ Combined investment and clinical strategy for Beads and TheraSphere® announced today
Specialty Pharmaceuticals
━ Performance in line with expectations following strong growth in prior period
━ First European named-patient sale of uridine triacetate
Licensing
━ Zytiga® (abiraterone acetate) royalty revenue grew 78% driven by indication expansion
━ Sanofi/Genzyme's Lemtrada® (alemtuzumab) approved in the EU for multiple sclerosis
Louise Makin, BTG's CEO, commented: "BTG has delivered a strong performance during a transformational period for the business. The acquisitions of TheraSphere® and EKOS, together with our developing Beads business and advancing PEM opportunity, provide a powerful platform to deliver significant, sustainable and profitable growth. We are firmly on track to create a world leader in Interventional Medicine and to continue to deliver significant value to our shareholders."
