Edison Issues ADR Update on BTG

News provided by

Apr 08, 2016, 10:50 ET

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.

(Logo: http://photos.prnewswire.com/prnh/20130417/608168 )

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.

Click here to view the full report.

All reports published by Edison are available to download free of charge from its website http://www.edisoninvestmentresearch.com.

About Edison: We are an international equity advisory firm. We enable our client companies to achieve their capital market objectives. The team is made up of more than 80 analysts and investment professionals with many decades of experience. Our extensive company knowledge and industry expertise spans 10 business sectors and more than 700 listed companies globally. We give our corporate clients and investors privileged insight into global investment trends. Our distribution capability is key to ensuring a global investor audience can access our investment knowledge. Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

Contact details: Learn more at http://www.edisongroup.com and connect with Edison on:

LinkedIn http://www.linkedin.com/company/edison-investment-research

Twitter http://www.twitter.com/Edison_Inv_Res

YouTube http://www.youtube.com/edisonitv

Google+ https://plus.google.com/105425025202328783163/posts

For more information please contact:

Lala Gergorek
Edison Investment Research
+44(0)20-3681-2527
[email protected]

SOURCE Edison Investment Research