Half year highlights
- Net profit up 364% to a record $33.5 million for the half-year
- Laninamivir shown to be effective for the treatment of influenza in Phase III clinical trials in Asia, with NDA filed in Japan in February. Phase III trials for prevention underway in Japan
- Research pipeline strengthened with the addition of the antibacterial programs from Prolysis
- Strong cash position maintained: $52 million at 31 December 2009 after $20 million capital return to shareholders
- Biota added to S&P/ASX 200 Index in December 2009
Biota Holdings Limited (ASX: BTA) today announced a half year net profit after tax of $33.5 million, (1H F09: $7.2m). Profit before tax was $41.4 million (1H F09: $10.1m) benefiting significantly from an increase in Relenza royalties.
Total revenue was $61.7 million, up 84% from $33.5 million on the comparable period last year. Revenue included $56.7 million of Relenza royalties (1H F09: $3.8m), $1.4 million (1H F09:$6.6m) of collaboration income from licensing agreements with AstraZeneca and Boehringer Ingelheim and grant income of $2.1 million (1H F09 $1.1m) from the US National Institutes of Health.
Commenting on the results today, Biota CEO Peter Cook said “This is a very strong result for Biota. Whilst growth in Relenza royalties is the major financial driver, progress with our key projects and particularly laninamivir and the expansion of our pipeline sets the scene for a very exciting future. The implementation of our strategy, to have 2 or 3 royalty generating products in the market at the same time, is well underway.”
Expenses were $20.3 million (1H F09: $23.4m) which included the increase in research costs from the antibacterial programs of Prolysis, the reduction in product development costs given the HRV Phase IIa trial in F09 and the conclusion of the GSK litigation in F09.
Additionally, the Company has provided for an income tax expense at $7.9 million, assuming full year profitability and recovery of all tax losses. Any tax payment would not occur until late 2010.
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