BTG PLC (BTG) - Trading Statement
RNS Number : 7673N
03 October 2012
BTG plc: Close Period Update
London, UK, 3 October 2012: BTG plc (LSE: BTG), the specialist healthcare
company, provides the following update for the six months ended 30 September
2012 ahead of the planned publication of its Interim Results on 8 November
Trading during the first six months has been ahead of expectations, driven
principally by high demand for CroFab^® (crotalidae polyvalent immune fab
(ovine)) during the summer snake biting season, a strong start from Voraxaze^®
(glucarpidase) following its US nationwide launch at the end of April 2012 and
the continued growth of royalties from Johnson & Johnson's Zytiga^®
(abiraterone acetate). First half revenue also includes £5.4m of additional
deferred income relating to a previous licence agreement that has now been
fully released following AstraZeneca's decision to terminate the development
of AZD9773 (CytoFab™).
As a result of the strong first half performance and a positive outlook for
the second half, the Board is raising its revenue estimate for the year ending
31 March 2013 from previous guidance of £190m-£200m to £205m-£215m.
Within Specialty Pharmaceuticals, strong demand for CroFab^® was reflected in
higher wholesaler stock levels, which are expected to reduce to normal levels
during the second half. There was a strong performance from DigiFab^® (digoxin
polyvalent immune fab (ovine)), which continues to benefit from the withdrawal
of the only competing product in H2 2011. Voraxaze^® has also performed well
since its US launch in April. Voraxaze^® has been granted a temporary New
Technology Add-on Payment from the Centers for Medicare & Medicaid Services,
effective 1 October 2012, which means that the US government will pay up to
50% of the cost of Voraxaze^® to hospitals in addition to the standard
diagnosis-related group (DRG) reimbursement payment.
Within Interventional Medicine, end-market sales of BTG's interventional
oncology Bead products continue to grow at a double-digit percentage. The
transition to direct sales in January 2012 has gone well however first-half
revenues do not yet fully reflect the underlying end-market sales owing to
relatively high levels of customer inventory at the time of the transition.
Customer inventory is expected to revert to more normal levels during the
second half, with full year revenues in line with expectations.
The strong performance in Licensing & Biotechnology reflects the previously
announced final royalty payment from Pfizer relating to BeneFIX^® (factor IX)
of $22m, the continued growth of Zytiga^® royalties and the £5.4m of
additional deferred income relating to AZD9773.
Additional marketing applications have been submitted for Zytiga^® in the US
and EU to extend its use to include the treatment of patients with metastatic
castration-resistant prostate cancer (mCRPC) who are asymptomatic or mildly
symptomatic after failure of androgen deprivation therapy and before
Louise Makin, BTG's CEO, commented: "Based on our strong first-half
performance and with a positive outlook for the second half, we have raised
our revenue guidance for the second time this year. We are progressing towards
submission of the US NDA for Varisolve^® at the end of the calendar year. The
transition to direct US sales in our Beads business has gone well and we are
continuing to actively progress our indication and geographic expansion
activities. In addition, we also anticipate progress in the coming months with
our partnered programmes, including the potential US and EU approvals of
Zytiga^® in mCRPC patients who have not yet had chemotherapy."
For further information contact:
BTG FTI Consulting
Andy Burrows, Director of Investor Relations Ben Atwell
+44 (0)20 7575 1741; Mobile: +44 (0)7990 530605 +44 (0)20 7831 3113
Rolf Soderstrom, Chief Financial Officer
+44 (0)20 7575 0000
BTG is an international specialist healthcare company that is developing and
commercialising products targeting critical care, cancer and other disorders.
The Group is seeking to acquire new products to develop and market to
specialist physicians, and is building a sustainable business financed by
revenues from sales of its own marketed products and from royalties and
milestone payments on partnered products. For further information about BTG
please visit our website at www.btgplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
TSTLLFVRITLFIIF -0- Oct/03/2012 06:00 GMT
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