BTG Plc has raised its revenue estimate for the year ended 31 March 2012 to £190 - £195 million from the previous guidance of £160 - £165 million due to the robust trading in the Licensing & Biotechnology business, which was significantly ahead of expectations and higher than anticipated royalties from BeneFIX and Zytiga.
The specialist healthcare company confirms the trading within both the Specialty Pharmaceuticals and Interventional Medicine business areas had been in line with its expectations.
"We have delivered a strong financial and operating performance across the business. Our development programmes are on track and we have made good progress in our Interventional Medicine business. We anticipate another busy year ahead including the US launch of Voraxaze, our planned New Drug Application for our varicose veins programme Varisolve and data from AstraZeneca's Phase IIb study of AZD9773," said BTG CEO Louise Makin.
The new revenue estimate reflects revised expectations of approximately £29 million in royalties on BeneFIX inventory following patent expiry in March 2011, the strong performance from Zytiga and unchanged estimate of approximately £10 million of milestone payments.