BTG revenues up 13 per cent

City A.M. Reporter
BRITISH pharmaceutical firm BTG yesterday posted a 13 per cent rise in full-year revenue, helped by a £6m contribution from its Biocompatibles acquisition in the final two months of the year.

The company bought oncology products supplier Biocompatibles in November 2010, extending the portfolio of products it can sell to hospital-based specialists.

Chief executive Louise Makin said the group would start direct sales of Biocompatibles’ LC oncology beads, which deliver drugs for liver cancer, in the US from 2012.

She said increasing the company’s specialists sales force would also be useful in marketing Varisolve – a treatment it is developing for varicose veins.

“Going direct is a way to get to know a market well,” she said yesterday. Analysts at Deutsche Bank said selling the beads directly was “a key strategic move allowing BTG to capitalise with its existing and planned hospital specialist infrastructure”.

BTG, which also sells anti-poison treatments, posted revenue of £111m for the year to the end of March, in line with market expectations. Its profit was boosted by a £18.6m tax credit, resulting in profit after tax of £9.2m, slightly down on the £11.3m posted a year earlier.

Makin said integration of the Biocompatibles business was going well and recruitment was on track for all three Phase III studies of its Varisolve treatment.