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BTG Group 2014 final results

Investment Tools Ltd.
BTG Group 2014 final results

  Financial summary

Group revenue grew 27% to £367.8m (2013/14: £290.5m); underlying revenue growth at constant currency and allowing for the full year impact of EKOS and TheraSphere® was 21%

Operating profit before acquisition adjustments and reorganisation costs was £67.9m (2013/14: £62.3m)

Profit before tax of £26.7m (2013/14: £33.3m) reflected increased investments, the impact of acquisition and foreign exchange movements

Adjusted earnings per share (excluding acquisition adjustments and reorganisation costs) were 8% higher at 15.7p (2013/14: 14.5p)

Cash and cash equivalents were £73.8m at 31 March 2015 (£38.2m at 31 March 2014)

  Operating highlights   Interventional Medicine

Controlled US launch of Varithena® (polidocanol injectable foam) initiated and ongoing: positive patient and physician feedback received and steady progress being made in securing reimbursement coverage

Continued growth of EkoSonic® due to increasing penetration of US hospitals, enhanced by the US Food and Drug Administration (FDA) clearance for use in the treatment of pulmonary embolism

Now selling Beads and TheraSphere® directly through expanded EU sales force; DC Bead® approved in China

PneumRx acquired: integration progressing well

  Specialty Pharmaceuticals

Good DigiFab® performance, continued Voraxaze® growth and steady sales of the snakebite treatment CroFab® have resulted in strong segment growth

CroFab® patent litigation settled

  Licensing

Continued increase in royalties from Zytiga® (abiraterone acetate)

Modest royalties from Lemtrada™ (alemtuzumab) following US approval

BTG's CEO, Louise Makin, commented: "We have delivered a good financial performance for the year, with each business delivering underlying growth of more than 20 percent. We have also made significant progress in expanding our Interventional Medicine business, including the US launch of Varithena®, indication expansion of EkoSonic®, the acquisition of PneumRx and the geographic expansion of our Interventional Oncology products. We look forward to another year of strong progress, confident that the strategy we are following will over time enable us to become a world leader in Interventional Medicine therapies and deliver significant value for all our stakeholders."

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