BTG ups revenue forecast after royalty payment

BTG, the specialist healthcare company, has increased its revenue estimate for the year ended March 31st 2013 after receiving a final royalty payment from Pfizer in relation to the BeneFIX product.

BTG now expects revenue for the period to come in at £190m-£200m rather than £180m-£190m, including total BeneFIX revenue of £14m, following the $22m payment.

Elsewhere, trading within the Specialty Pharmaceuticals and Interventional Medicine business areas has been in line with the board's expectations and the group as a whole continues to make good clinical and commercial progress.

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The company is currently aiming to sumbit a new drug application following two US Phase III trials of its Varisolve product at the end of 2012, while an application for a Humanitarian Device Exemption for its PRECISION Bead treatment is currently being prepared.

The US nationwide roll-out of its Voraxaze product, a treatment for life-threatening high-dose methotrexate toxicity due to impaired renal function, was completed following its launch at the end of April 2012 and initial sales have been in line with expectations.

Among partnered programmes, in June 2012 Sanofi submitted a supplemental Biologics License Application to the FDA and a marketing authorisation application to the European Medicines Agency seeking approval of Lemtrada, a treatment for relapsing multiple sclerosis.

Louise Makin, Chief Executive Officer, said: "We have made a strong start to the new financial year and there is good momentum across the business. Our Acute Care and Interventional Medicine sales and support teams are performing well and the Varisolve team is fully engaged with the regulatory submission.

"During the second half of 2012, we anticipate top-line results from AstraZeneca's Phase IIb study of AZD9773 in severe sepsis and the first results from our PARAGON Bead studies, which are an important step towards a planned regulatory Phase II study in metastatic colorectal cancer.

"We are in a good position to continue to build our business both through organic development and expansion and through licensing and acquisition activities."

NR