BTG's six-month pre-tax profit drops 77%

UK biotechnology firm BTG says that profit in the six months to September 2008 exceeded expectations ahead of its L218.1-million ($342.2 million) acquisition of Protherics (Marketletter September 22).

The London-headquartered firm said profit before tax totaled L3.4 million versus L15.2 million in the comparable period the year before, while net profit amounted to L3.2 million vs L13.4 million.

During the period, recurring royalty revenues increased 17% year-on-year to L24.2 million, while net recurring royalties jumped 25% to L15.1 million.