Equity Research, Broker Reports, and media content on BTG

  • Access the latest forecasts, broker valuations, multiples, and video content from the city about BTG
  • See live updates from analysts, company announcements, and other news in a personalised/single dashboard
  • 22 Nov 18
BTG - The BTG acquisition: Small fly, big ointment

Following our note on BTG’s interim results, the proposed £3.3bn all-cash acquisition by Boston Scientific was announced. Further, on 21 November, BTG and its partner Johnson & Johnson (J&J) failed to prevent the launch of generic competition to Zytiga (28% of BTG’s H1 revenue). We examine the potential impact of generic Zytiga on the transaction.

Companies: BTG
  • 19 Nov 18
BTG - Like a butterfly, set to transform

BTG reported good H119 results headlined by 12% and 35% y-o-y growth in revenues and operating profit, respectively. The performance was driven by volume growth from the Interventional Medicine segment, royalties from Zytiga and cost control. Cash at the end of H119 was $285m and could be a powerful asset in redressing BTG’s uncertainties.

Companies: BTG
  • 20 Oct 17
Most popular equity research this week | 16 - 20 Oct

See what's trending this week...

Companies: WJASEEPLIFARNCSRTBTGAMSPHTMSYMDPHLGTEKFANCRRGDIMMAGYTSTLCTHBOTBDOTDVERBVXPSCLPABCFULDNLVLGHZDVECSHOECAKEC4XDSCSMTPHIDPRBGFISHHOTCJOULHCMMXCT
  • 13 Oct 17
Most popular equity research this week | 9 - 13 Oct

See what's trending this week...

Companies: BDEVBWYBTGVTYIOMLGENPSNTW/CCTIQETEFBKGPHDINLWEYCRSTWJGRDWFLODTYFEVRGLEEHGW7LJOGMCSCSPPURPABBYCRNPLUSTRMRHCMXPP
  • 10 Aug 17
Most popular equity research this week | 7 - 11 Aug

See what was trending this week...

Companies: PLISQSFARNCSRTBTGCTOAMSLGENSNXSUSDPHFA/EKFANCRIMMAGYCTHVERSPHRSCLPABCCNEKWSMVRDNLBBSNEUSPVLGHZDFDMC4XDMTPHECSCPLUSTRMRHCMMXCTPPIXQRT
  • 06 Apr 17
BTG results to be at top-end, or ahead, of expectations

Healthcare firm says it expects strong growth in revenues in full-year results in May

Companies: BTG
  • 11 Jul 16
Life Science Sector review

And then worst of all, you never get approval when you say you will. There is nothing that causes investor whiplash more than a sudden announcement of an unsuccessful clinical trial. Whether you are the onedrug wonder on AIM or the multi-drug portfolio NASDAQ darling, the market never takes too kindly to unsavoury news from the FDA on clinical results. But should investors lambast these two scenarios similarly based on poor trial results? The variables are endless but in this example the clear answer is no. Investors who invest in one-drug companies edging ever closer to FDA decision day do not have much cause for complaint as they are rolling the dice. But what of the company with many drug candidates in the clinic? Surely the usual knee-jerk reaction of a mass selloff is not rational when a company has a singular failure amongst a well-developed and advanced portfolio?

Companies: AZN BTG CYAD CIR ETX GSK GTCL GWPH INDV SHP VER

  • 08 Apr 16
Interventional medicine: An engine of growth

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.

Companies: BTG
  • 30 Nov 15
A leading specialist healthcare company

BTG has a portfolio of Interventional Medicine (IM) products that advance the treatment of liver tumours, emphysema, severe blood clots and varicose veins, and a Specialty Pharmaceuticals business focused on niche antidote therapies.

Companies: BTG
  • 30 Nov 15
Small upgrades following interims; strategy intact

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.

Companies: BTG
  • 30 Oct 15
Varithena slows, but IO strong and Lemtrada leaps

BTG’s close period update saw a revision to its FY16 revenue guidance, targeting sales in the lower half of $660-708m (at $1.61/£). This is based on slower-than-expected Varithena sales, despite a strong performance in the Interventional Oncology (IO) and EkoSonic businesses. We have made a number of changes to our forecasts, and even with a decrease to near-term Varithena sales, our FY16e total revenue has increased owing to upwards revisions to IO and a large increase in Lemtrada royalties. We continue to expect ongoing investment for the future, with our FY16e net profit largely unchanged. Our updated valuation is $5.31bn or $13.87/ADR.

Companies: BTG
  • 11 Jun 15
Upgrading to a Buy

Following the recent share price fall, we are upgrading BTG to a Buy. While our conservative view on Varithena was borne out by the slow start last financial year, the long term potential from the other interventional therapies, such as TheraSphere, is attractive. BTG is a well managed, focused business targeting therapies in underserved areas. We believe that the current share price does not represent the long term potential for the business and with 12.9% upside to our 769p target price we are upgrading to a Buy recommendation.

Companies: BTG

BTG

Company Profile

Profile:BTG is a specialty pharmaceuticals company that is developing and commercialising products targeting critical care, cancer, neurological and other disorders. The company is also seeking to acquire new products to develop and market to hospital specialists.
  • Personnel
  • Duncan Kennedy, CFO

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on BTG. We currently have 36 research reports from 6 professional analysts.

  • Open: N/A
  • Range Today: N/A
  • 52 Week: 553/784p
  • Daily Volume: N/A
  • Daily Liquidity: 0.0%
  • # Shares: 0m
  • Market Cap: £2,624m
  • Latest PE (hist): 22.95
  • Div Yield:

Latest News/RNS

(more news)
Date Source Announcement
19Aug19 09:21 RNS Scheme becomes Effective
19Aug19 07:30 RNS Temporary Suspension BTG PLC
16Aug19 15:40 RNS Director/PDMR Shareholding
15Aug19 17:27 RNS Holding(s) in Company
15Aug19 15:23 RNS Court sanction of the Scheme
14Aug19 17:30 RNS BTG
14Aug19 17:11 RNS Holding(s) in Company
Get free RNS email alerts

  • Frequency of research reports

     

  • Research reports on

    BTG

  • Providers covering

    BTG

  • 12 Jan 21
Building on its proven growth track record

Robust FY21 performance forecast, despite pandemic

Companies: SDI Group plc
  • 12 Jan 21
Positive FY20 update generates yet more upgrades

Ongoing strong demand for EKF’s products, both in the core business and the Primestore MTM Covid-19 sample collection device, means the FY20 outturn will be “comfortably ahead” of already upgraded expectations. This pattern is expected to persist throughout Q1’21 and beyond and management is confident that the performance in Q1 will be materially ahead of expectations. Having previously left FY21 estimates untouched, we are today putting through the first in what we expect to be a series of material upgrades. Given the dynamic situation around Covid-19, we expect regular updates throughout the course of the year and will adjust our forecasts accordingly as visibility over ordering patterns increases.

Companies: EKF Diagnostics Holdings plc
  • 12 Jan 21
THE MONTHLY January 2021

Although 2020 will probably go down in history as one of the most challenging years experienced during our lifetime, it will also likely be chronicled as one of the best years for the recognition and appreciation of science. As we entered 2020, the COVID-19 pandemic was in its infancy. However, it rapidly evolved through the exponential rise in infections and mortality globally. Much has been achieved during the past 12 months in the fight against COVID-19, but, as we enter 2021, there are considerable concerns about the emergence of a mutant version of the virus and the second wave that we are now facing.

Companies: AVO ARBB ARIX BBGI CLIG DNL FLTA ICGT OCI PCA PIN PHP RECI STX SCE TRX SHED VTA YEW

  • 12 Jan 21
Full year trading update

For many reasons, 2020 was a transformational year for Circassia as the new management team set to work streamlining the business, addressing legacy issues and positioning the group to benefit from the strong market position of NIOX, a gold standard diagnostic device for asthma. Whilst the pandemic has had an impact, recovery is underway, with Q4 revenues back to 86% of Q1 levels. The EBITDA breakeven point of the business has been reduced further to £32.0m and there was £7.4m of net cash on the balance sheet at the year end. Whilst the pace of recovery remains difficult to predict, the business looks well set for the medium term.

Companies: Circassia Group PLC
  • 13 Jan 21
Robust growth, pipeline progress, and cash position

Allergy Therapeutics’ European commercial business remains resilient despite COVID-19 impacts. The H121 trading statement indicates sales growth of 7% (+5% CER), while steady pipeline progress is also being made. Recruitment and treatment in the G309 Grass MATA MPL Phase III study is on track, with post period key events including initiation of the P001 ex vivo peanut allergy biomarker study and publication of positive challenge chamber results for ImmunoBON in a peer reviewed journal. This bodes well for news flow delivery over the rest of calendar 2021. G309 results in the autumn are expected to inform design of the G306 pivotal grass trial; P001 data in the spring will support IND submission; and ImmunoBON is set to launch in Germany later this month. A record cash balance of £48m (at end-December 2020) covers nearterm requirements taking the company through to material value-inflection points. Ahead of H121 results on March 3, we maintain our £325m (51p/share) valuation.

Companies: Allergy Therapeutics plc
  • 15 Jan 21
ReNeuron Group - Continuing to gain clinical data in eye disease

After an eventful 2020, ReNeuron released updated 12-month Phase ll data in January on its lead human retinal progenitor cell (hRPC) project. This continues to show a consistent and robust, sustained average gain in visual acuity in retinitis pigmentosa (RP). A continuation study in nine patients using two million cells is underway with three- and six-month data due over H2 CY21 and the first three patients treated. This will facilitate partnering negotiations. A pivotal hRPC study may start in 2022. Deals are possible in CY21 on the exosome genetic drug delivery platform, which could be very valuable. The valuation remains at £190m with strong cash.

Companies: ReNeuron Group plc
  • 11 Jan 21
Cenkos: Diaceutics Plc -- Pathway to normalisation

Diaceutics has rebased itself for growth. While the pathway to normalised expenditure patterns in the pharma industry will not be helped by new lockdowns, we believe the second half of 2021 onwards will see continuous budget improvements. Customer engagement with the new platform is positive and this is the key to securing the incremental financial benefits offered by taking the business fully online.

Companies: Diaceutics Plc
  • 06 Jan 21
Reassessing the US opportunity

STX is a commercial-stage company delivering specialty products that address patients’ unmet medical needs, with an initial focus on treating iron deficiency (ID). Feraccru®/Accrufer® has been approved by the regulators in both Europe and the US. For various reasons, STX has been unable to secure a commercial partner for Accrufer in the US. Consequently, the board is now considering an STX-led launch option, thereby retaining all the US profits. Financial modelling shows the logic of this option, but it would necessitate financing the working capital requirements covering the next two years in the region of £25m-£30m.

Companies: Shield Therapeutics Plc
  • 07 Jan 21
Funded beyond key clinical milestones

ReNeuron’s Dec’20 £17.5m raise now means the Group is sufficiently funded through key upcoming milestones for its lead hRPC candidate and the exosome platform – mitigating a previous pivotal issue. 2021 could promise to be the critical year for the Group, with the potential to unlock value from its programmes well beyond its current modest market value. We refresh our forecasts post yesterday’s analyst briefing, and reiterate our positive stance.

Companies: ReNeuron Group plc
  • 13 Jan 21
Allergy Therapeutics - Positive 6-month trading update with strong cashflow

The six-month trading update to 31 December demonstrates solid underlying growth, with revenues rising 7% to £54.0m, or c.5% at constant exchange rates (CER), despite ongoing COVID-19 restrictions. Period-end cash was £48.3m, which implied a c.30% increase (+£11.3m) in underlying cashflows in the period. With relevant and potentially significant commercial and regulatory newsflow through 2021, we expect the shares to perform well. We leave our forecasts unchanged for FY 2021 at this point and reiterate our 45p target price, pointing out the substantial and unwarranted discount to its nearest peer (ALK-abello - 6.1x EV/Sales). This target also excludes the value for US market entry for Grass MATA MPL or its early-stage pipeline, including VLP Peanut allergy vaccine.

Companies: Allergy Therapeutics plc
  • 13 Jan 21
Early news flow in a pivotal year

A year in which we expect the company to make significant advancements in the development and commercialisaon of LIGHT, AVO kicked off 2021 with a new financing partnership with specialist asset financing company DiamedCare and technical updates. With its differenated technical and commercialsoluon supported by growing clinical evidence base for proton therapy ("PT"), AVO remains well posioned to disrupt the radiotherapy market. We expect further progress in 2021 to connue to de-risk the AVO story, with much of the risk now lying on commercial execuon, in our view. Part of AVO's turnkey PT soluon, the new lessor financing agreement with DiamedCare covering Europe and the US should facilitate faster adopon in smaller radiotherapy centers which currently represent an underserved and largely untapped market. We maintain and reiterate both our OUTPERFORM recommendaon and 135 GBp target price.

Companies: Advanced Oncotherapy Plc
  • 13 Jan 21
An attractive ophthalmology play

Alcon, a dominant force in the $25bn ophthalmology space, is set to outgrow the industry in the mid-term – driven by the pick-up in demand for recently-launched products, PanOptix and Precision1. Moreover, with robust margin expansion potential – led by an improving product mix and targeted cost-savings – earnings should grow healthily. A sturdy balance sheet increases its appeal further. Interestingly, Alcon is recovering faster than rivals from the COVID-19-hiccups and its sales and profitability profile should inflect once the situation normalises. Add.

Companies: Alcon, Inc.
  • 02 Nov 20
THE MONTHLY November 2020

President Trump likes to project himself as a highly successful businessman, but surprisingly little is known about his true financial position. Various articles, including a 2016 in-depth analysis by The Wall Street Journal, have speculated about his income and asset base. All sorts of claims and counter-claims have been made about his wealth – by Trump himself, pitching his fortune at some $9bn, and by journalist Timothy O'Brien, suggesting that it is as “low” as $150m-$250m. It is doubtful whether we shall ever know the truth, but we can use Trump’s UK corporate filings to gain an insight into his businesses in Scotland.

Companies: AVO ARBB ARIX CLIG DNL FLTA ICGT PCA PIN PHP RECI STX SCE TRX SHED VTA YEW

  • 09 Dec 20
SDI Group - Interims – on track to deliver strong FY 2021

The interim results to 31 October demonstrate the resilience of SDI’s business model, the benefits of having a diverse range of businesses and the attractions of the buy-and-build strategy. We expect the platform that SDI is building to appeal to many vendors, and the ability of management to source exciting businesses even during lockdown points to further upside. Revenues increased 23% to £14.1m in the period, underpinned by strong c.8% organic growth. Together with cost controls, this saw adjusted EBITDA rise 44% to £3.9m, with adjusted PBT and EPS up 52% and 45% to £3.0m and 2.47p, respectively. The results were characterised by strong operational cashflow, rising 130% (c.£2.7m) to £4.7m, with net debt falling by £3.7m to £0.3m. With the outlook for H2 underpinned by a large OEM contract due to be fulfilled by February, we reiterate our target price of 125p.

Companies: SDI Group plc
  • 22 Dec 20
This Year, Next Year

It has been a year the likes of which we have never seen before, and hope never to see again. The description of the impact of the CV19 pandemic as K-shaped certainly feels accurate, with some sectors being well placed to benefit from the creative disruption that has engulfed the world, accelerating structural changes, while others through no fault of their own have been severely impacted. This has been the case for the Dowgate portfolio of corporate clients, with our quoted clients falling into three groups. The first, comprising Cambridge Cognition, GRC, The Panoply, S4 Capital and Water Intelligence have on average seen their share prices double this year as structural changes accelerated by CV19 have been accompanied by strong execution. The second, comprising Franchise Brands, OTAQ and SEEEN, have experienced share price declines averaging a third as their businesses have either been directly impacted by CV19 or their growth aspirations curtailed. The final group comprises those companies which have been bid for this year, namely Be Heard, Hunters Property, Huntsworth and Reach4Entertainment. Looking into 2021, we expect continued strong performance from the first group and a rebound in the second as the world returns to normal. Finally, having completed Series A/B rounds for a range of private companies this year, we hope to bring these entrepreneur-led, growth companies to market in 2021.

Companies: COG FRAN GRC OTAQ TPX SFOR SEEN WATR