12th Nov 2013 11:40
LONDON (Alliance News) - Specialist healthcare company BTG PLC Tuesday reported higher profits and revenues in the first half of the year, boosted by recent acquisitions.
The group said it is on track to meet full-year trading expectations, including meeting revenue expectations of GBP275 million to GBP285 million for the full financial year.
BTG said that the second half of the year will include additional commercial investments, ahead of a significant US product launch in the the first half of 2014. BTG's varicose-vein treatment PEM is currently awaiting US approval.
BTG reported a pretax profit of GBP32.7 million for the six months to September 30, up 18% from a pretax profit of GBP27.7 million a year earlier. Its net profit for the period was GBP23.6 million.
The company's basic earnings per share increased 21% to 6.8 pence, up from 5.6 pence a year earlier.
BTG said its reported revenues rose 7% year-on-year in the first half to GBP153.0 million, compared with GBP143.4 million a year before. It said that underlying revenue, excluding acquisitions from the current period and non-recurring revenue, increased 17% to GBP139.0 million.
The group said that acquisitions contributed GBP13.3 million to revenue since completion in July.
BTG said that the prior period included GBP24.1 million of non-recurring revenue, including a final royalty payment from Pfizer relating to BeneFIX, brachytherapy and deferred income following the termination if the AZD9773 licence by AstraZeneca.
The group reported an operating profits of GBP25.0 million, down from GBP26.2 million in the prior period.
Excluding acquisition and reorganisation costs, BTG's operating profit fell to GBP46.7 million from GBP59.5 million a year earlier, as higher revenues were offset by a change in royalty mix, the effect of acquisitions, and preparations for its US launch of PEM.
BTG said that its expects to get US approval for PEM at the beginning of December, and commercial planning is advanced for an expected launch in the first half of 2014.
The group said its most recent acquisitions - TheraSphere a radioactive product to target tumours, and EKOS, whose products are used to treat acute deep vein thrombosis - have both been completed, and integrations into the rest of the business are progressing well.
BTG said its specialty pharmaceuticals division performed in line with expectations following strong growth the prior period.
It also said that its licensing division received EU approval for multiple sclerosis treatment Lemtrada, which is licensed from Sanofi SA. BTG is expecting US approval for the treatment by the end of 2013.
BTG shares were up 4.6% Tuesday at 444.00 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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