BTG revises annual revenue forecast higher

Healthcare company BTG said on Thursday it has delivered robust full-year results driven by sales across its speciality pharmaceuticals and licensing and biotechnology divisions.

The group expects revenue of £230m for the year ended March 31st 2013, according to a trading update ahead of the annual financial statement.

Royalties from products including prostate cancer treatment Zytiga have helped boost results since January when revenue was pegged between £205m to £215m.

Results were also bolstered by favourable exchange rate movements and an agreement of a final sum relating to the discontinued CytoFab programme for treatment of severe sepsis.

Second stage trials of CytoFab - an experimental medicine owned by BTG but licensed to AstraZeneca - were ceased last August after the drug failed significantly to aid patients.

On the flip side, the company successfully completed the US phase two trial programme for Varisolve and submission of a new drug application seeking approval of PEM as a comprehensive treatment to improve the symptoms and appearance of varicose veins.

BTG also in the US launched Voraxaze (glucarpidase), a treatment for life-threatening toxicity in patients with renal impairment who are receiving high-dose methotrexate therapy.

Progress was made towards the submission of humanitarian device exemption applications in the US for the novel pre-loaded Precision Bead and Paragon Bead for use in uveal melanoma liver metastases and intrahepatic cholangiocarcinoma respectively.

"There has been good progress across the business," Chief Executive Louise Makin said.

"Our specialty pharmaceuticals and licensing and biotechnology businesses continue to give us a strong financial underpin. We have a clear strategy to create further value from the cash we are generating, by conducting studies to expand the uses of our interventional oncology products and through the acquisition of complementary products."

RD