Markets
BTG defies analysts with strong sales figures
Matthew Jeynes, 05 October 2011
BTG was one of the best performers in the FTSE index today after interim results suggested much higher sales figures through 2012 than analysts expected.
Sales for the specialist pharmaceutical group through to May 2012 could total as much as £165 million, an 18 per cent improvement on the £140 million that was predicted.
Its shares on the FTSE 250 jumped to 268.2p this morning before plateauing through the afternoon.
The shares are currently 11.34 per cent (27p) up on 265p as of 16.45 pm.
The firm attributed the positive outlook to the performance of its licensing and biotechnology business area and the approvals for ZYTIGA, a drug to treat men with prostate cancer, and hemophilia drug BeneFIX.
The share price had fallen from 300p in June, but the positive report, and plans for the future of the firm through drugs and acquisitions spurred its increase today.
‘Our strong performance also reflects the successful transition to selling our acute care products directly in the US, which in turn gives us confidence as we prepare to take over direct sales of the LC Bead in the US from January 2012,’ said CEO Louise Makin.
LC Bead, which is used to treat tumours or aneuryms by restricting blood flow, is one of a number of US projects for BTG.
The Food and Drug Administration (FDA) in America has granted a priority review to Voraxaze, which targets the side effects of cancer drug MTX, which could happen in January 2012.
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