Company Profile
BTG in-licenses, develops and commercialises pharmaceuticals, targeting neurological and other disorders. The company has a substantial and growing revenue stream of royalties from out-licensed products, a broad internal pipeline of development programmes and a pipeline of licensed programmes.
Listed on the London Stock Exchange since 1995 (LSE: BGC), the company employs around 70 people in London, Philadelphia and Osaka.
Devevelopment Pipeline
BTG’s internal development pipeline comprises eight development programmes, the majority of which are clinical stage. BTG also has nine clinical stage partnered development programmes.
Marketed Products
BTG earns royalties from products marketed by licensees. In the year ended 31 March 2008, the major contributors to revenues were:
|
Product |
Used For |
Licensee |
2007/8 Gross
Revenues (£m) |
|
BeneFIX® |
Haemophilia B |
Wyeth |
16.9 |
|
Two-Part Hip Cup |
Hip replacement |
Various |
8.5 |
|
Campath® |
Chronic lymphocytic leukaemia |
Genzyme Corporation |
5.0 |
|
MRC Humanisation IP |
Various antibodies |
Various |
4.1 |
|
Three-Part Knee |
Knee replacement |
Various |
2.3 |
|
Others |
Various |
Various |
5.6 |
|
Total Royalties |
42.7 |
|
Revenue Sharing |
(17.5) |
|
Net Recurring Revenues |
24.9 |
R&D Investment
In the year ended 31 March 2008, BTG invested £10.7m in external research and development. In the current financial year, it is anticipated that R&D investment will be in the range of £10-15m.
Analyst Research
Sam Fazeli/Tracey West, Piper Jaffray
Elizabeth Klein, Landsbanki Securities
Robin Davison, Edison Investment Research
Stefan Hamill, Clear Capital
