Equity Research, Broker Reports, and media content on BTG

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  • 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

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

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  • 10 Aug 17
Most popular equity research this week | 7 - 11 Aug

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  • 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 GWP INDV SHP VER VRP

  • 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
  • 27 Aug 15
Morning Note

PPHE*: Hidden value (CORP) | BTG: Upgrading to Hold (HOLD) | Falcon Oil & Gas: 2015 interim results (BUY) | Sopheon*: Interims (CORP)

Companies: PPH BTG FOG SPE

  • 07 Aug 15
Morning Note

Communisis: Invest in blue chip growth (BUY) | BTG: Generic Zytiga dossier filed with FDA (SELL)

Companies: Communisis BTG

  • 15 Jul 15
Morning Note

BTG: AGM statement (SELL) | Falcon Oil & Gas: Beetaloo drilling update (BUY)

Companies: BTG Falcon Oil & Gas

  • 11 Jun 15
Reassuringly expensive?

We have reviewed our forecasts for the current financial year, raising our revenues to be more in line with company guidance, but increasing operating costs. We are also releasing our FY 2017 estimates. In the year to March 2017 we see a marked reduction in revenue growth to a single-digit percent rate as we factor in the impact of generic abiraterone on Zytiga sales (we have previously identified that a generic of the API is already being offered by several companies). Revisiting our peer group valuation we conclude that the shares remain over-valued compared with our chosen peers, and reiterate our Sell recommendation and 562p target price.

Companies: BTG

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
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52 Week
553/784p
Daily Volume
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# Shares
0m
Daily Liquidity
0.0%
Pension Liability
£0m
Enterprise Value
£2,910m
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
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  • 30 Mar 20
Interims – pre-COVID growth

Bioventix delivered a strong set of interims, with revenues up 21%. Given the 9% decline in operating expenses, this resulted in a 31% increase in adjusted EBITDA, with adjusted pre-tax profit also rising 31% to £4.4m (52% of full-year forecasts) and adjusted EPS up 29% to 69.4p. An interim dividend of 36p was declared (+20%) with net cash at period end of £5.5m. Growth was driven by both Vitamin D antibody sales/royalties (+c.25%), its portfolio of other antibodies (+c.12%) and a more meaningful contribution from troponin. Given the inevitable disruption that COVID-19 will have to some testing volumes (although tests such as NTproBNP are likely to benefit from high risk COVID patients), we leave forecasts unchanged, confident that the strong H1 and weaker sterling in H2 should offset any potential H2 trading shortfall. We leave our forecasts unchanged and reiterate our 3750p target price. At this level, the stock would trade on a 30x FY 2020 P/E with a free cashflow yield of 3.1x

Companies: Bioventix
  • 26 Mar 20
Ergomed - Resilient global pharma services specialist

We are initiating coverage on specialist pharmaceutical services provider Ergomed. We believe it should prove relatively resilient during the COVID-19 crisis and has the fundamentals in place to execute its growth strategy. Ergomed announced impressive audited numbers for FY19, with revenue up 26% to £68.3m and EBITDA up 5.5x to £12.5m. The FY19 announcement is effectively Ergomed’s fourth profit upgrade for FY19 and a small beat on recently reset FY19 expectations. Ergomed trades at a discounted EV/EBITDA of 10.1x vs the contract research outsourcing (CRO) sector average of 11.5x (FY20). We value Ergomed at £186m or 399p/share. Ergomed’s strong organic growth is benefiting from a clear strategic focus on high growth pharma sectors, margin control and order book growth (up 15% to £125m in FY19, giving 90% visibility to 2020).

Companies: Ergomed
  • 24 Mar 20
Robust model proving its mettle

With the moratorium on publishing audited preliminary results in place, EKF has instead provided a comprehensive trading update with headline FY19 financials and an update on the outlook, including regarding the potential impact of Covid-19. In short, no impact has been seen to date and, whilst ordering patterns may experience some short term disruption, the testing of vulnerable groups such as Diabetes and Anaemia patients is more important than ever. Added to that, EKF has recently entered into a contract manufacturing agreement to produce sample collection tubes for Covid-19 testing in the US, with initial orders of $1m expected to grow significantly in the coming weeks. At the very least, this should compensate for any short term hiatus in ordering patterns in the core business. Net cash of £14.3m gives a substantial financial buffer and news the board still intends to pay a maiden dividend of 1p (>5% yield) is a strong signal of confidence. In short, we remain extremely confident in EKF’s business model and prospects.

Companies: EKF Diagnostics Holding
  • 26 Mar 20
£14m placing to fund COVID-19 activities

Synairgen has raised £14.0m to fund a Phase II trial for SNG001 in COVID-19 disease, which is due to commence enrolment imminently after gaining rapid permissions for the UK’s MHRA and HRA. This is a significant breakthrough for the company and the global fight against COVID-19, having achieved these permissions ahead of the expected rapid increase in number of hospitalised COVID-19 patients. A successful outcome from the pilot phase will have substantial commercial value. The risk/reward profile, given earlier evidence that SNG001 has a beneficial in vitro effect in MERS and SARS coronaviruses and has been shown to be safe and well tolerated in asthma/COPD patients, is skewed significantly to the upside, particularly given the potential for first revenues in 2020. Not only would a positive trial help to address the current COVID-19 crisis but it could enable governments to stockpile a broad-spectrum antiviral product for future pandemics. We introduce a 120p target with potential further upside.

Companies: Synairgen
  • 26 Mar 20
MaxCyte: Allogene deal is validation for new CAR-T wave

MaxCyte’s (MXCT's) deal with clinical-stage industry leader Allogene Therapeutics (ALLO) is a clear endorsement of the features of its Flow Electroporation technology for enabling the production of the next generation of ‘off-the-shelf’ CAR-T therapies. Not only is this an impressive deal since ALL

Companies: MaxCyte
  • 04 Mar 20
Growth catalysts on the horizon

Fundamentally, EKF is an attractive investment proposition but its shares have been range-bound for the last couple of years. This note previews the upcoming results and looks at a number of potential catalysts that could add materially to revenues over the next few years. Combined, they provide scope to lift top line organic growth towards mid-high single digits and lead to margins trending towards a viable target of 25% over time. Ultimately, this should lead to double-digit organic EPS growth. In addition, there is effectively a free carry on the Mt Sinai relationship, which offers further potentially material prospects for shareholder value creation.

Companies: EKF Diagnostics Holding
  • 30 Mar 20
SP Angel Healthcare Conditions

Novacyt S.A* (NCYT.L): COVID-19 test update | Redx Pharma (REDX.L): Short term loan agreement

Companies: Novacyt Redx Pharma

  • 31 Mar 20
Strong MDI data highlights triple modality of ensifentrine

Today’s Phase II single-dose (Part A) data on the metered dose inhaler (MDI) formulation of ensifentrine in COPD patients are strong, demonstrating a statistically significant and clinically meaningful, dose-response improvement in lung function vs. placebo. This improvement was statistically significant in all doses vs. placebo, except at the lowest strength. Furthermore, this lung function improvement showed statistically significant dose-response durability over 4 hours and 12 hours. Whilst it is too early to predict the leading MDI dose strength, the general dose-response and placebo-like safety profile of the MDI formulation, which will be seen favourably by potential commercial partners. However, the initiation of the multi-dose (Part B) stage trial has been postponed for the time being due to the ongoing Covid-19 pandemic. Nevertheless, today’s result means ensifentrine has shown clinically meaningful lung improvements across three widely used inhaled modes: nebuliser, dry powder inhaler and MDI. This underpins Verona’s partnering/licensing efforts for ensifentrine, which represents substantial blue-sky upside to our valuation.

Companies: Verona Pharma
  • 02 Mar 20
THE MONTHLY March 2020

Much of the UK’s privatisation programme took place between the early 1980s and the mid-1990s: subsequent sales have been few. Undoubtedly, privatisation attracted many private investors to the market, many for the first time.

Companies: AVO AGY ARBB ARIX BUR CLIG DNL FLTA GDR NSF PCA PIN PXC PHP RE/ RECI RMDL STX SCE SIXH TRX SHED VTA

  • 24 Mar 20
Hutchison China MediTech - From innovation to oncology commercialization

Hutchison China MediTech’s (HCM’s) investment case is focused on evolution into a global R&D and commercial-stage biopharma company with a marketed portfolio of innovation-led oncology drugs. 2020 is a golden year as HCM moves towards multiple domestic drug launches and is progressing key assets into registration studies globally. We expect surufatinib (NET) and savolitinib (exon 14 deletion NSCLC) China launches in 2020 and 2021, respectively, following in the footsteps of Elunate (thirdline CRC), which is establishing its presence by its inclusion on the National Reimbursement Drug List. HCM is investing in its oncology commercial presence in China and its global clinical and regulatory capabilities (in the US, Europe and Japan). 2022 and 2023 should benefit from global drug launches providing continued pipeline progression. We value HCM at $5.9bn.

Companies: Hutchison China Meditech
  • 31 Mar 20
FY19 prelims & Covid-19 update

Revenue growth of 10% in H2 brought FY results in line and the company was looking well set for strong progress in FY20. However, Covid-19 presents a significant short term challenge, given SUN’s focus on elective surgeries. The Board has moved quickly to enact cash preserving and cost saving measures, whilst continuing to supply essential products. Cash on the balance sheet and support from the group’s bankers provides short term liquidity and other indications of financial support are being actively considered.

Companies: Surgical Innovations Group
  • 06 Feb 20
Running the Slide Rule over SDI

SDI was selected in finnCap’s Slide Rule QVGM+ top 30 stocks in Q1 2020, reflecting the projected strong sales and EPS growth over the next two financial years of 30% and 31% respectively, buoyed by recent acquisitions but more importantly the rising ROCE. The prospect of sustainable organic growth is considered likely for this buy-and-build model given ongoing investment to support portfolio companies’ ambitions. These quality metrics are also seen in Judges Scientific (a larger buy-and build investment story), which despite three-year 9% EPS CAGR, trades on a FY 2020 P/E of c.25x and FCF yield of 4.2%. Given the successful acquisition and integration of 11 businesses over the past six years, and mindful of opportunities that still exist for SDI, we are raising our target price to 105p, which brings the valuation into line with Judges. This implies FY 2021 EV/EBIT and P/E multiples of 19.6x and 24.5x, respectively.

Companies: Scientific Digital Imaging
  • 24 Mar 20
Evolva - Transformation continues

Evolva's FY19 results were above our expectations in terms of sales and EBITDA. Cash flow was also far better than expected as the company has materially reduced its cash burn. Nootkatone is on track for EPA registration and a new product, EVE-X157/Z4, is due to be launched later this year, for the Flavours and Fragrances and Health Ingredients segments. Management has reiterated its commitment to reach cash break-even by FY23 (previous guidance was FY21/23) and is evaluating options to finance future growth until cash break-even, including a capital increase. We have cut our sales and profit forecasts to reflect the guidance that the FY19 growth trajectory will be replicated in FY20 and our fair value is now CHF0.42/share.

Companies: Evolva Holding
  • 25 Mar 20
Silence Therapeutics - Another major deal, this time with AstraZeneca

Silence Therapeutics announced on 25 March 2020 that it has signed a collaboration agreement with AstraZeneca to develop novel drugs for cardiovascular, renal, metabolic and respiratory diseases. The deal includes an upfront of $60m, $20m in equity investment, and for each of the planned targets $400m in milestones, and high single- to low double-digit royalties. Additionally, the company announced that it would elevate SLN360 to the status of lead asset and expects to file an IND later in 2020 and to have interim results in mid-2021.

Companies: Silence Therapeutics
  • 26 Mar 20
Cenkos: Intelligent Ultrasound Group plc -- Preliminary FY19 results

Intelligent Ultrasound has announced its unaudited results for the year ended 31 December 2019. As expected in the January Trading Statement, the Group delivered revenues of £5.9m, while the adjusted EBITDA loss of £3.1m was slightly improved on the anticipated range £3.3m to £3.4m. Cash1 at year end was £7.3m, as expected. Strong progress was made through the year with significant agreements signed by both divisions. In light of the current COVID-19 uncertainty, we withdrew our forecasts yesterday and moved our recommendation to Under Review.

Companies: Intelligent Ultrasound Group PLC