Financial summary
Reported revenue including the impact of acquisitions was 24% higher at £290.5m (12/13: £233.7m); underlying1 revenue grew 20% to £244.8m (12/13: £203.8m)
Profit before tax 38% higher at £33.3m (12/13: £24.1m) reflects higher revenues and reduced impairment charges offset by increased investment in R&D and the Varithena™ launch
Basic EPS 36% higher at 6.8p (12/13: 5.0p)
Cash and equivalents of £38.2m at 31/3/14 (£158.7m at 31/3/13) post acquisitions and equity issue
Operating highlights Interventional Medicine
Revenue increased to £79.1m from £36.1m reflecting 16% growth in Beads and £45.0m new revenues from acquisitions
Varithena™ (polidocanol injectable foam) 1% approved in the US; controlled launch progressing well and first commercial treatments anticipated in Q3 2014
Acquisitions of TheraSphere® and EKOS Corporation completed; both businesses integrated and performing strongly in line with expectations
Increasing investment in R&D to accelerate TheraSphere® Phase III trials and deliver pipeline of product innovations for Beads, EKOS and Varithena™
Geographic expansion progressing: US sales force expanded; direct sales force being established in the EU, initially focusing on TheraSphere®; Asian hub established in Hong Kong
Specialty Pharmaceuticals
5% revenue growth to £102.3m in line with expectations following strong growth in prior period
Uridine triacetate progressing towards US New Drug Application; first EU named-patient sales made
Licensing
40% growth in underlying revenues to £109.1m driven by higher Zytiga® (abiraterone acetate) royalties
Lemtrada™ (alemtuzumab) approved in the EU for multiple sclerosis; US sBLA to be re-submitted
Louise Makin, BTG's CEO, commented: "2013/14 was a transformational year for BTG. With the approval of Varithena™ and the acquisitions of TheraSphere® and EKOS, we are now a leader in interventional medicine with vision to build a $1bn+ business by 2021. We have the resources and capabilities to invest in multiple growth opportunities to unlock the full value of our portfolio and pipeline, while in parallel seeking additional acquisition opportunities in both Interventional Medicine and Specialty Pharmaceuticals."
