This stock is not currently held in the Woodford portfolios

Share Price

Market Quotes by TradingView


Bid approach

BTG has this morning announced that it is to be acquired by Boston Scientific in an agreed deal which values the company at £3.3bn. At 840p per share in cash, the offer represents a premium of 37% above yesterday’s closing share price, and a premium of 51% over the 90-day volume weighted average share price.

This deal effectively brings to an end a long relationship with BTG, during which it has transformed itself from a clinical-stage biotechnology company, into a specialty pharmaceuticals business with a diversified pipeline of on-market products and a global presence. Throughout this transformation, the business has possessed an attractive development pipeline, the future value of which has been consistently under-appreciated by the market, in our view. The bid premium adequately reflects the future value that this pipeline may deliver.

Stephen Lamacraft
20 November 2018

Great interim results

A great set of financial results from BTG today which have been received well by the market. Revenues increased by 12% in the first half of the current financial year, driven by better product sales in its Interventional Medicine division, and strong growth in licensing revenues. Meanwhile, adjusted operating profit increased by 35% year-on-year, demonstrating that the operational gearing within the business is now beginning to come through.

The second half has started well with good momentum across the business, allowing BTG to reiterate full year guidance for Interventional Medicine and slightly upgrade expectations for its Pharmaceuticals division. Overall, the long-term investment thesis remains very much in place, from our perspective.

Stephen Lamacraft
13 November 2018

Solid trading update

This morning’s trading update from BTG confirms positive momentum across all areas of the business and a slight upward revision to full year revenue guidance. More detail on the key moving parts follows below but, in summary, this represents a solid update from BTG. Over the next twelve to eighteen months, the attractions of the stock should become more apparent.

Within the Interventional Medicine division, the company has seen a strong performance from Therasphere (a targeted radiation therapy, delivered by glass microspheres) its cryoablation solutions (which use extreme cold to destroy diseased cells) and from Ekos (a treatment for pulmonary embolism).

Meanwhile, BTG has confirmed that sales of its varicose vein treatment, Varithena, continue to progress well. Sales of this treatment will be included in the Vascular product sales line from now on, rather than reported separately, but BTG confirmed that it expects Varithena to reach profitability by 2020 and to have peak sales potential in the high tens of millions of dollars.

Within its pharmaceuticals division, BTG continues to see a strong performance from Digifab (an antidote for overdose of digoxin), Crofab (snake bite antivenom) and Voraxaze (a treatment for impaired renal function). The company continues to review its options for its PneumRx coils, which include partnering with or sale to a third party.

Stephen Lamacraft
4 October 2018

Strong results

A good set of results from BTG this morning, which reiterated much of what we heard from the company in April’s trading update. Overall revenue growth came in at 10% (in constant exchange rates) last year, slightly ahead of consensus, with even an even bigger beat on an earnings per share basis (+42% year-on-year growth) thanks in part to a lower-than-expected tax rate.

Looking ahead, the current financial year represents something of a transition for BTG, with Zytiga (prostate cancer) and CroFab (snake antivenom) both facing potential competition in their respective markets. This may weigh on growth this year but on a longer-term basis, BTG still looks capable of delivering double-digit annualised revenue growth. Meanwhile, the company enjoys a very strong balance sheet which should allow it to continue to invest and expand its development pipeline positively.

The April trading update was greeted by a short-lived period of share price weakness. This morning’s share price reaction looks similar but, from a long-term perspective, we see nothing in these results to suggest it will persist.

Stephen Lamacraft
15 May 2018

Trading Statement

Broadly, an encouraging update from BTG, with more positives than negatives to take away. In its speciality pharmaceuticals segment CroFab (a snake antivenom) and Voraxaze (for impaired renal function) have seen the greatest sales growth. In its licensing segment royalties from Zytiga (a treatment for a specific type of prostate cancer) have been growing most significantly, following new data that supported its earlier use in patients with advanced prostate cancer.

Sales in its earlier stage medicines, on the other hand, were broadly flat. There is renewed physician interest in Varithena; however, this growth was offset by lower sales in its PneumRx Coil. BTG no longer expects material revenues from the product over the next two years and, as a result, it will book an impairment charge of approximately £150m. It will also incur a one-off restructuring charge of up to £10m.

BTG’s share price was weak in response to the statement, but from a fundamental perspective, we do not believe this is fully justified. It feels as though the market is focusing too much on the PneumRX impairment charge, but this represents only ~3% of the value of the business, and there will also be associated cost savings related to the asset write-down.

Stephen Lamacraft
5 April 2018

Woodford Investment Management Ltd is authorised and regulated by the Financial Conduct Authority (firm reference number 745433). Incorporated in England and Wales, company number 10118169. Registered address 9400 Garsington Road, Oxford OX4 2HN.

Woodford Patient Capital Trust plc is incorporated in England and Wales, company number 09405653. Registered as an investment company under section 833 of the Companies Act 2006. Registered address Beaufort House, 51 New North Road, Exeter, EX4 4EP.

© 2019 Woodford Investment Management Ltd.
All rights reserved.

Are you sure?

By disagreeing you will no longer have access to our site and will be logged out.

Privacy Preference Center

Experience Tracking

Lets our analytics service track you across our different websites and enables data sharing among our different marketing tools.

AMCV_[Tracker ID]@AdobeOrg (Adobe), [Tracker ID]@AdobeOrg (Adobe)
Adobe Analytics (helps us provide you with more relevant experiences and content based on your likely interests). Cookies: demdex, dextp, dpm, DST, DSTJS
Twitter personalisation (by better understanding how devices are related, Twitter can use information from one device to help personalize the Twitter experience on another device). Cookies: personalization_id
Heap Analytics (provides metrics on user behaviour and actions throughout the site). Cookies: _gid, _hp2_id.[Tracker ID],_hp2_props.[Tracker ID], _ga, _mkto_trk, optimizelyBuckets, optimizelyEndUserId, optimizelySegments, raygun4js-userid, _attribution_referrer, _csrf
Adobe Analytics (provides you with more relevant experiences and marketing messages based on your likely interests). Cookies: _tmae ,ev_sync_dd,ev_sync_yh,everest_g_v2,gglck

Traffic Metrics

Allows Woodford to aggregate information on website usage and popular content

_ga, _gid
Google Analytics (tracks and reports website traffic and user behaviour): Cookie: CONSENT
New Relic (application and server performance monitoring – allows us to spot problems with our website code and improve them to keep things running smoothly). Cookie: JSESSIONID
Adobe Analytics (provides you with more relevant experiences and marketing messages based on your likely interests). Cookies: __qca,__smToken, _ga, _mkto_trk, _rtbmedia

Search History

Populates the 'recent searches' section of the website navigation.


Close your account?

Your account will be closed and all data will be permanently deleted and cannot be recovered. Are you sure?