BTG back into the black thanks to supply rights for new drugs
BRITAIN’S BTG swung to a pre-tax profit for the year to end-March, helped by its move to direct sales of its specialist anti-poison drugs, and said it had acquired the European named-patients supply rights for another antidote, uridine triacetate.
The speciality pharmaceutical company, which already has the US supply rights for the medicine to treat toxicity of cancer drug 5-FU, said it retained the option to acquire the European commercial rights from Wellstat upon approval.
The group also benefitted from the first royalties from Johnson & Johnson’s Zytiga, a drug to treat advanced prostate cancer that was approved last year in the United States and Europe.
BTG made a pre-tax profit of £23m against a loss of £10.8m the same period a year ago, on revenue 77 per cent higher at £197m. It said it anticipated that revenue for the current financial year would be between £180m and £190m.
Chief executive Louise Makin said: “We have delivered a strong performance and demonstrated significant financial and operating progress. We expanded our US commercial operations.
“We are well placed to continue implementing our growth strategy.”