EDISON EQUITY RESEARCH: BTG: ADR UPDATE
02 Dicembre 2015 - 7:35AM
InvestorsHub NewsWire
EDISON EQUITY RESEARCH: BTG: ADR UPDATE - 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.
BTG is a UK-based specialist healthcare company with a direct
commercial presence with its interventional medicine portfolio and
in US acute care medicine. It also receives royalties from a number
of licensing agreements.
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