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BTG profits take a dip after buy

SPECIALITY pharmaceuticals firm BTG yesterday reported a fall in first half pre-tax profits to &pound;2.4m from &pound;3.4m the previous year, following an &pound;11.3m loss stemming from its acquisition of Protherics.<br /><br />BTG saw a jump from &pound;30.2m to &pound;47.9m in revenue for the six months ending September 2009. It plans to establish a US sales force to enable it to begin selling two anti-poison medicines, CroFab and DigiFab, directly when the current distribution arrangement ends. BTG saw sales of the two medicines suffer last year due to disruptions in the manufacturing process. <br /><br />BTG chief executive Louise Makin said: &ldquo;A robust financial performance... a strong cash position and momentum in the pipeline and across the business together mean BTG can look forward to continued progress.&rdquo; <br /><br />While analysts at KBC Peel Hunt remained optimistic for BTG&rsquo;s stock, analysts at Piper Jaffray gave the company an overweight rating. BTG shares closed down 9.8p at 183.20.