BTGYY BTG PLC (GM)

EDISON EQUITY RESEARCH: ERYTECH PHARMA: BTG - RIGHT TIME, RIGHT PLACE

BTG's FY15 results demonstrate the strength of its strategy and growth prospects. It is becoming a leader in the growing interventional medicine (IM) market, with a portfolio spanning oncology, vascular and pulmonary products, targeting sales of >$1.25bn in 2021. The investment in the IM franchise is being supported by the strong cash flow from specialty pharmaceutical sales and licensing revenues. We have increased our valuation from $5.06bn to $5.36bn ($14.04/share).

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 received royalties from a number licensing agreements.

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