BTG has continued to make progress in developing a string of critical care products, and passed a milestone in the first half by marketing and selling its own products in the US. The specialist pharmaceutical group has also worked hard to improve the diversity of its revenue stream through a healthy pipeline of partnered programmes that chief executive Louise Makin reckons will include several potential blockbusters.
Of the six programmes in the internal development pipeline, Varisolve - an entirely new foam injected treatment for the removal of varicose veins - is progressing through US Phase III studies which are expected to be completed by the end of this year, although full US approval is not expected until 2013.
Other treatments include Voraxaze, designed to reduce toxicity levels, and a filing with the US authorities is expected to be completed by the middle of next year. And trials continue on OncoGel, a tumour treatment, and Pleneva for patients with multiple sclerosis, both of which are expected to show further development results sometime in 2011.
Subject to revision, Evolution Securities is forecasting a full-year loss per share of 4.2p and a move into profitability the year after, with adjusted EPS of 2.1p, rising to 5.6p in 2012-13.
| BTG (BGC) | ||||
|---|---|---|---|---|
| ORD PRICE: | 257p | MARKET VALUE: | £663m | |
| TOUCH: | 256-257p | 12-MONTH HIGH: | 265p | LOW: 150p |
| DIVIDEND YIELD: | nil | PE RATIO: | 69 | |
| NET ASSET VALUE: | 83p* | NET CASH: | £63.9m | |
| Half-year to 30 Sep | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2009 | 47.9 | 2.4 | 1.6 | nil |
| 2010 | 46.1 | 1.6 | 0.9 | nil |
| % change | -4 | -33 | -44 | - |
*Includes intangible assets of £183m, or 71p a share | ||||
