BTG profits take a dip after buy
SPECIALITY pharmaceuticals firm BTG yesterday reported a fall in first half pre-tax profits to £2.4m from £3.4m the previous year, following an £11.3m loss stemming from its acquisition of Protherics.
BTG saw a jump from £30.2m to £47.9m in revenue for the six months ending September 2009. It plans to establish a US sales force to enable it to begin selling two anti-poison medicines, CroFab and DigiFab, directly when the current distribution arrangement ends. BTG saw sales of the two medicines suffer last year due to disruptions in the manufacturing process.
BTG chief executive Louise Makin said: “A robust financial performance… a strong cash position and momentum in the pipeline and across the business together mean BTG can look forward to continued progress.”
While analysts at KBC Peel Hunt remained optimistic for BTG’s stock, analysts at Piper Jaffray gave the company an overweight rating. BTG shares closed down 9.8p at 183.20.