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London, UK, 04 April 2012
BTG plc (LSE: BGC), the specialist healthcare company, provides the following update for the year ended 31 March 2012 ahead of the planned publication of its Final Results on 21 May 2012.
Trading within both the Specialty Pharmaceuticals and Interventional Medicine business areas has been in line with expectations. Trading in the Licensing & Biotechnology business area has been significantly ahead of expectations, driven by higher than anticipated royalties from BeneFIX® (factor IX) and Zytiga® (abiraterone acetate).
As a result, BTG is raising its revenue estimate for the year ended 31 March 2012 from previous guidance of £160m-£165m to £190m-£195m. The new revenue estimate reflects revised expectations of approximately £29m in royalties on BeneFIX® inventory following patent expiry in March 2011, the strong performance from Zytiga® and also includes an unchanged estimate of approximately £10m of milestone payments.
A summary of the key operating highlights for the year ended 31 March 2012 in BTG's three business areas follows.
Licensing & Biotechnology
Louise Makin, BTG's CEO, commented: "We have delivered a strong financial and operating performance across the business. Our development programmes are on track and we have made good progress in our Interventional Medicine business. We anticipate another busy year ahead including the US launch of Voraxaze®, our planned New Drug Application for our varicose veins programme Varisolve® and data from AstraZeneca's Phase IIb study of AZD9773."
For further information contact:
Andy Burrows, Director of Investor Relations
+44 (0)20 7575 1741; Mobile: +44 (0)7990 530605
Rolf Soderstrom, Chief Financial Officer
+44 (0)20 7575 0000
+44 (0)20 7831 3113
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