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BTG

The BTG acquisition: Small fly, big ointment

QuickView | Pharmaceuticals & healthcare | 22 Nov 2018

Following our note on BTG's interim results, the proposed £3.3bn all-cash acquisition by Boston Scientific was announced. Further, on 21 November, BTG and its partner Johnson & Johnson (J&J) failed to prevent the launch of generic competition to Zytiga (28% of BTG's H1 revenue). We examine the potential impact of generic Zytiga on the transaction.

BTG

Like a butterfly, set to transform

QuickView | Pharmaceuticals & healthcare | 19 Nov 2018

BTG reported good H119 results headlined by 12% and 35% y-o-y growth in revenues and operating profit, respectively. The performance was driven by volume growth from the Interventional Medicine segment, royalties from Zytiga and cost control. Cash at the end of H119 was $285m and could be a powerful asset in redressing BTG's uncertainties.

BTG

Termination of coverage

Termination | Pharmaceuticals & healthcare | 03 May 2016

Edison Investment Research is terminating coverage on BTG (BTG). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

BTG

Interventional medicine: An engine of growth

ADR Update | Pharmaceuticals & healthcare | 08 Apr 2016

Growth across all three divisions of BTG's Interventional Medicine (IM) franchise (oncology, vascular and pulmonology), coupled with currency tailwinds, helped push FY16 revenue towards the upper end of guidance (£410-440m, or $578-620m). Strong cash flows from the Specialty Pharma (SP) and Licensing businesses are reinvested, establishing BTG as a leader in the growing IM market. The company has successfully integrated a number of IM acquisitions, including the most recent, PneumRx, which combined with strong execution underpin BTG's IM sales target in excess of £1.25bn ($1.76bn) in 2021.

BTG

Interventional medicine: An engine of growth

Update | Pharmaceuticals & healthcare | 08 Apr 2016

Growth across all three divisions of BTG's Interventional Medicine (IM) franchise (oncology, vascular and pulmonology), coupled with currency tailwinds, helped push FY16 revenue towards the upper end of guidance (£410-440m). Strong cash flows from the Specialty Pharma (SP) and Licensing businesses are reinvested, establishing BTG as a leader in the growing IM market. The company has successfully integrated a number of IM acquisitions, including the most recent, PneumRx, which combined with strong execution underpin BTG's IM sales target in excess of £1.25bn in 2021.

BTG

Small upgrades following interims; strategy intact

ADR Update | Pharmaceuticals & healthcare | 30 Nov 2015

BTG's interim results have driven upgrades to our financial forecasts with a small boost to revenues from one-off Zytiga backdated royalties. Our operating expenses are broadly unchanged, but adjustments to financial income and tax lead to +12% to FY16e normalised net income. BTG continues to target IM sales >$1.25bn in FY21 from its diverse portfolio of interventional medicine products (including oncology, vascular and pulmonology), with selective investment ongoing in products in the early stage of launch, supported by licensing and specialty pharma cash flows.

BTG

Small upgrades following interims; strategy intact

Update | Pharmaceuticals & healthcare | 30 Nov 2015

BTG's interim results have driven upgrades to our financial forecasts with a small boost to revenues from one-off Zytiga backdated royalties. Our operating expenses are broadly unchanged, but adjustments to financial income and tax lead to +12% to FY16e normalised net income. BTG continues to target IM sales >$1.25bn in FY21 from its diverse portfolio of interventional medicine products (including oncology, vascular and pulmonology), with selective investment ongoing in products in the early stage of launch, supported by licensing and specialty pharma cash flows.

BTG

Varithena slows, but IO strong and Lemtrada leaps

ADR Update | Pharmaceuticals & healthcare | 30 Oct 2015

BTG's close period update saw a revision to its FY16 revenue guidance, targeting sales in the lower half of $660-708m (at $1.61/£). This is based on slower-than-expected Varithena sales, despite a strong performance in the Interventional Oncology (IO) and EkoSonic businesses. We have made a number of changes to our forecasts, and even with a decrease to near-term Varithena sales, our FY16e total revenue has increased owing to upwards revisions to IO and a large increase in Lemtrada royalties. We continue to expect ongoing investment for the future, with our FY16e net profit largely unchanged. Our updated valuation is $5.31bn or $13.87/ADR.

BTG

Varithena slows, but IO strong and Lemtrada leaps

Update | Pharmaceuticals & healthcare | 30 Oct 2015

BTG's close period update saw a revision to its FY16 revenue guidance, targeting sales in the lower half of £410-440m (at $1.61/£). This is based on slower-than-expected Varithena sales, despite a strong performance in the Interventional Oncology (IO) and EkoSonic businesses. We have made a number of changes to our forecasts, and even with a decrease to near-term Varithena sales, our FY16e total revenue has increased owing to upwards revisions to IO and a large increase in Lemtrada royalties. We continue to expect ongoing investment for the future, with our FY16e net profit largely unchanged. Our updated valuation is 895p.

BTG

Right time, right place

Update | Pharmaceuticals & healthcare | 28 May 2015

BTG's FY15 results demonstrate the strength of its strategy and growth prospects. It is becoming a leader in the growing interventional medicine (IM) market, with a portfolio spanning oncology, vascular and pulmonary products, targeting sales of >$1.25bn in 2021. The investment in the IM franchise is being supported by the strong cash flow from specialty pharmaceutical sales and licensing revenues. We have increased our valuation from £3.31bn to £3.52bn (923p/share).

BTG

Right time, right place

Update | Pharmaceuticals & healthcare | 28 May 2015

BTG's FY15 results demonstrate the strength of its strategy and growth prospects. It is becoming a leader in the growing interventional medicine (IM) market, with a portfolio spanning oncology, vascular and pulmonary products, targeting sales of >$1.25bn in 2021. The investment in the IM franchise is being supported by the strong cash flow from specialty pharmaceutical sales and licensing revenues. We have increased our valuation from $5.06bn to $5.36bn ($14.04/share).

BTG

Advancing on all fronts

Update | Pharmaceuticals & healthcare | 13 Apr 2015

BTG will report another good year of organic growth in FY15 supported by acquisitions, with all of its divisions expected to report double-digit growth. During the year, BTG has also strengthened its key interventional medicine (IM) division with the acquisition of PneumRx in January, and development of its interventional oncology (TheraSphere/Beads) sales force, so that it is well placed to sustain its strong growth. We value BTG at £3.31bn.