LONDON, April 8, 2016 /PRNewswire/ --
Growth across all three divisions of BTG's Interventional Medicine (IM) franchise (oncology, vascular and pulmonology), coupled with currency tailwinds, helped push FY16 revenue towards the upper end of guidance (£410-440m, or $578-620m). Strong cash flows from the Specialty Pharma (SP) and Licensing businesses are reinvested, establishing BTG as a leader in the growing IM market. The company has successfully integrated a number of IM acquisitions, including the most recent, PneumRx, which combined with strong execution underpin BTG's IM sales target in excess of £1.25bn ($1.76bn) in 2021.
FY16 sales were confirmed at the upper half of £410-440m. Our forecast R&D spend of £79.2m is in line with BTG's outlook of £75-85m, but SG&A of £149m remains above £142-148m guidance. Ahead of FY16 results on 17 May, we maintain our $5.2bn or $13.59/ADR.
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