Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on BTG PLC. We currently have 20 research reports from 6 professional analysts.
|01Feb17 12:10||RNS||Total Voting Rights|
|03Jan17 14:14||RNS||Total Voting Rights|
|01Dec16 13:33||RNS||Total Voting Rights|
|25Nov16 16:58||RNS||Holding(s) in Company|
|15Nov16 07:00||RNS||Half-year Report|
|01Nov16 13:08||RNS||Total Voting Rights|
|31Oct16 16:27||RNS||Director Declaration|
Frequency of research reports
Research reports on
PG: Growth Prospects in Healthcare
26 Jan 17
We expect the volatility of the last 3 months to continue, with macro events, particularly the uncertainty brought by President Trump and his focus on pharma pricing and dismantling the Affordable Care Act, likely to keep healthcare in the headlines for the wrong reasons. We believe the more highly valued larger stocks are likely to struggle to break out to new trading levels, but note there remains good value within the smaller end of the sector for stockpickers, with company specific events likely to drive some stocks well ahead of the crowd.
IM-proving the model
05 Jan 17
BTG is building into a substantial medtech company, with cash generated by Specialty Pharma and Licensing divisions enabling both investment in the existing Interventional Medicine (IM) portfolio and acquisition of new technologies. Whilst we remain cautious on the outlook for the less established products (Varithena, PneumRx), we believe the Interventional Oncology portfolio has the potential to drive double digit growth. We reinstate our BUY recommendation and introduce a 737p TP.
Solid results; upgrade to guidance; but early portfolio still nascent
15 Nov 16
BTG reported interim results in line with expectations and raised FY guidance, this is likely to prompt upgrades, primarily due to currency. However, earlier stage products (Varithena and PneumRx) are still showing only limited contribution and in our view significant growth from these is unlikely to come through for next 24 months. With Specialty Pharma slowing, and Licensing revenue likely to fall off from 2018 the $1.5bn revenue target for 2021 looks challenging without further acquisitions.
A Quarterly look at UK Healthcare
02 Nov 16
Today we publish PG:GP (Panmure Gordon: Growth Prospects), our first quarterly take on the healthcare sector. We see current macro volatility providing a strong backdrop for the more naturally defensive healthcare stocks which are underpinned by solid fundamental drivers. The run-up to the US Presidential election has repeatedly reminded us that pharmaceutical pricing is one of Hilary Clinton’s main targets, and whatever the result, we see a see greater emphasis on outcomes-based pricing and reimbursement as a major influence for the future. In the UK, concerns voiced by the pharma majors over use of new drugs in the UK post Brexit may encourage adoption of some of the recommendations published last week in the UK Government’s final report on the Accelerated Access Review.
Life Science Sector review
11 Jul 16
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?
17 May 16
Following early April guidance for group revenue at the upper end of the guidance range of £410-440m, revenues came in at £448m vs our earlier circa £400m estimate. Despite the strength of the beat on our revenue numbers, gross margin was lighter than we had pencilled in (69% vs 71%), resulting in adjusted PBT (before acquisition and reorganisation costs) of £93m, only somewhat ahead of our estimated £86m. Despite near-term revenue momentum, in our view a key challenge – which was highlighted at BTG’s interims (10 November 2015) – remains that of Varithena reimbursement which presently takes over circa 3 months for claims processing. We will be updating our forecasts in due course – we note the recently announced proposed acquisition of Galil Medical, what appears to be a very reasonable bolt-on given current cash resources. In the meantime we maintain our Buy recommendation and will be looking closely to Varithena commentary at this morning’s analyst meeting.
Interim results – adhering to international growth strategy
23 Feb 17
Interim results showed a strong performance for Tristel, 6% ahead of its AGM statement on 12 December at which it indicated adjusted pre-tax profits to be no less than £1.6m. Revenues increased by 22% (16% at constant exchange rates – CER or 12% CER excluding the impact of the Australian acquisition) and adjusted pre-tax profits were up 15% to £1.71m. Despite the strong half, we leave our full-year forecasts unchanged, given FX uncertainty and a one-off stocking order in H1 from the NHS, although at current FX rates the risk to our forecasts is considered to be to the upside. However, we raise our target price by 10% to 165p to reflect the solid progress as well as rolling forward our multiples to calendar-adjusted 2017.
N+1 Singer - Morning Song 22-02-2017
22 Feb 17
CORETX (COR LN) Contract wins and new Lifestyle facility | Gooch & Housego (GHH LN) Solid Q1 trading plus earnings enhancing acquisition of StingRay Optics | NCC Group (NCC LN) Further issues in Assurance | PCI-PAL (PCIP LN) Strong H1 underpins positive outlook | UBM (UBM LN) Results | Verona Pharma (VRP LN) Phase IIa RPL554 add-on trial to tiotropium commenced
N+1 Singer - Morning Song 23-02-2017
23 Feb 17
Genus (GNS LN) Interim results: R&D step-up, disappointing ABS performance | Howden Joinery Group (HWDN LN) Prelims and net cash better than expected but conditions weaken | Oxford Pharmascience Group (OXP LN) Encouraging interim OXPzero™ Ibuprofen exploratory PK data | StatPro Group (SOG LN) Increased majority shareholding in Infovest Consulting | Wilmington Group (WIL LN) Interims slightly ahead, move to focus on 3 verticals
Consistently strong growth at a sensible price
24 Feb 17
In “Alice in Wonderland”, Lewis Carroll tells the story of a girl, who falls through a rabbit hole into a world populated by peculiar, anthropomorphic creatures. Here, Alice crosses swords with the Queen of Hearts, meets the Cheshire Cat and is invited to the "Mad Hatters” tea party, which she subsequently discovers is “stupid”.
N+1 Singer - Anpario - Feed for growth
24 Feb 17
Anpario’s natural animal feed additive product offering is well placed to benefit from the increasing demand for animal protein and tightening regulations around antibiotic use as growth promoters. The group is in a transition phase, building strong commercial relationships with end users, which we believe should benefit the margin. Anpario’s geographical diversity is a key positive and with a strong balance sheet there is potential for acquisitive as well as organic growth. We initiate coverage with a 354p Target Price and a Buy recommendation ahead of FY results on 8th March.
N+1 Singer - Morning Song 21-02-2017
21 Feb 17
Abzena (ABZA LN) Contract bookings strong; US costs higher than expected | City of London Investment Group (CLIG LN) Earnings and interim dividend in line, some modest growth in FuM | dotdigital Group (DOTD LN) Good H1; broadening avenues of growth | Grafenia (GRA LN) Weak print volumes | Vernalis (VER LN) Interims highlight increasing Tuzistra™ scrip volume