April 03 2014
BTG plc: Close period update
London, UK, 03 April 2014
BTG plc (LSE: BTG), the specialist healthcare company, provides the following update for the year ended 31 March 2014 ahead of the publication of its Final Results on 20 May 2014.
Revenue growth remains very good and is expected to be around the top end of the guidance range of £275m to £285m. A strong performance in the Interventional Medicine business reflects the continued expansion of the embolisation and drug-eluting bead products (“the Beads”) and new revenues resulting from the acquisitions of TheraSphere® and EKOS Corporation in July 2013. Higher Licensing revenue is a result of increased worldwide use of Johnson & Johnson’s Zytiga® (abiraterone acetate), while lower growth in the Specialty Pharmaceuticals business reflects the maturity of the antidote portfolio.
The Group made significant strategic and operational progress during the year, creating a diversified product portfolio with long-term growth prospects.
Integration of the TheraSphere® and EKOS businesses was completed rapidly post acquisition in July 2013. Since then the businesses have performed strongly, in line with the Group’s expectations at the time of the acquisitions.
The enlarged interventional oncology sales force commenced selling both the Beads and TheraSphere® in November 2013. This has strengthened BTG’s position with treating physicians as the only company that provides localised embolisation, drug-elution and radiation therapies for use in patients with liver cancer. Activities have continued to accelerate the three Phase III trials of TheraSphere® exploring its potential expanded use in advanced primary liver cancer and in metastatic colorectal cancer.
EKOS has achieved the first of two post-completion commercial milestones, resulting in a $20m payment to the previous shareholders. Launch activities have continued following the US approval of Varithena™ (polidocanol injectable foam) in November 2013 for the treatment of patients with incompetent veins and visible varicosities of the great saphenous vein system. A phased US market entry strategy is being followed to build long-term value. A sales force of 24 representatives has been recruited and trained, and has commenced physician outreach. Vein clinicians are being invited to participate in online and in-clinic training, following which they will be eligible to order commercial product.
Louise Makin, CEO of BTG, commented:
“We have made tremendous progress during a truly transformational year for the business. The acquisitions and the approval of Varithena™ make us a leader in interventional medicine with four differentiated, growing products. We will continue the US roll-out of Varithena™ and the activities to support expansion of the Beads, TheraSphere® and EKOS into new indications and additional geographical markets, confident that we are well positioned to deliver sustainable, profitable growth.”
For further information please contact:
Andy Burrows, VP Corporate and Investor Relations
+44 (0)20 7575 1741; Mobile: +44 (0)7990 530605
Rolf Soderstrom, Chief Financial Officer
+44 (0)20 7575 0000
Ben Atwell/Simon Conway
+44 (0)20 3727 1000
BTG is a growing international specialist healthcare company that is developing and commercialising products targeting acute care, cancer and vascular diseases. The company has diversified revenues from sales of its own marketed products and from royalties on partnered products, and is seeking to acquire new programmes and products to develop and market to specialist physicians.