Edison Issues ADR Research Update on BTG

Nov 30, 2015, 13:50 ET from Edison Investment Research

LONDON, November 30, 2015 /PRNewswire/ --

BTG's interim results have driven upgrades to our financial forecasts with a small boost to revenues from one-off Zytiga backdated royalties. Our operating expenses are broadly unchanged, but adjustments to financial income and tax lead to +12% to FY16e normalised net income. BTG continues to target IM sales >$1.25bn in FY21 from its diverse portfolio of interventional medicine products (including oncology, vascular and pulmonology), with selective investment ongoing in products in the early stage of launch, supported by licensing and specialty pharma cash flows.

     (Logo: http://photos.prnewswire.com/prnh/20130417/608168 )

Our valuation is adjusted to $5.2bn (from $5.3bn) or $13.59/ADR as a result of FX, small changes to our forecasts and updating for last reported net cash of $167m.  

Click here to view the full report.

All reports published by Edison are available to download free of charge from its website http://www.edisoninvestmentresearch.com.

About Edison: We are an international equity advisory firm. We enable our client companies to achieve their capital market objectives. The team is made up of more than 80 analysts and investment professionals with many decades of experience. Our extensive company knowledge and industry expertise spans 10 business sectors and more than 700 listed companies globally. We give our corporate clients and investors privileged insight into global investment trends. Our distribution capability is key to ensuring a global investor audience can access our investment knowledge. Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

Contact details: Learn more at http://www.edisongroup.com and connect with Edison on:  

LinkedIn    http://www.linkedin.com/company/edison-investment-research

Twitter    http://www.twitter.com/Edison_Inv_Res

YouTube    http://www.youtube.com/edisonitv

Google+    https://plus.google.com/105425025202328783163/posts

Contact: Tel +44(0)20-3077-5700

SOURCE Edison Investment Research