April 05, 2016
BTG plc: Close Period Update
London, UK, 05 April 2016
BTG plc (LSE:BTG), the specialist healthcare company, provides the following update for the year ended 31 March 2016 ahead of the publication of its Final Results on 17 May 2016.
Reported Group revenue for 2015/16 is expected to be around the upper end of our guidance range of £410m to £440m, boosted by currency tailwinds.
Revenue growth at constant currency in Interventional Oncology has been in line with our annual average mid-teens guidance. This reflects increased sales in the US of TheraSphere® and the initial impact of selling both products through our direct sales force in Europe. BTG received 510k clearance in the US for LC Bead LUMI™, the first commercially available radiopaque embolic bead. The first patients were treated with TheraSphere® in Singapore and South Korea, and with DC Bead® in China.
In Interventional Vascular, EkoSonic® revenues have continued to grow strongly. We are benefitting from the increasing use of interventional treatments for severe blood clots in the US, where we continue to expand our penetration of hospitals and capitalise on our clearance for use in treating pulmonary embolism.
As previously stated, sales of Varithena® (polidocanol injectable foam), the varicose veins treatment, are broadly flat year on year. Physician interest remains strong and we are making steady progress in widening insurance coverage, with more claims being settled at appropriate payment levels and in acceptable timeframes. We continue to anticipate an increase in physician reordering leading to sales growth sometime during our 2016/17 financial year.
Revenues from PneumRx, our early stage Interventional Pulmonology business, are similar to those in the prior year, primarily reflecting a flat performance in Germany, which accounts for ~80% of sales and where we currently have interim reimbursement, and modest currency headwinds. Processes are underway that could lead to national reimbursement in France, following the successful completion of the French government sponsored REVOLENS study, and in Germany. Positive top-line data from the RENEW study were published in December 2015 and we anticipate submitting our regulatory application in the US around mid-2016.
Following two years of 20%+ growth, Specialty Pharmaceuticals has delivered more typical single digit growth. This performance reflects broadly steady sales of the snake bite treatment CroFab® and the digoxin toxicity treatment DigiFab®, and modest growth of the treatment for high-dose methotrexate toxicity, Voraxaze®. The first revenues were recorded for Vistogard®, the recently approved antidote for over-exposure to 5-fluorouracil, following the US launch in March 2016.
Good revenue growth resulted from increased royalties from Sanofi/Genzyme's Lemtrada™ (alemtuzumab), following its approval in the US for the treatment of multiple sclerosis, and higher revenues from Zytiga® (abiraterone acetate), Johnson & Johnson's treatment for advanced prostate cancer, which benefitted from an £8.5m payment for backdated royalties.
Louise Makin, CEO of BTG, commented: "I am pleased with our performance during the year and the significant milestones we have achieved. We are successfully implementing our growth strategy by reinvesting the cash generated from our Specialty Pharmaceuticals and Licensing businesses into our Interventional Medicine portfolio, where we are building momentum and establishing BTG as a world leader."
For further information contact:
Andy Burrows, VP Corporate & Investor Relations
+44 (0)20 7575 1741; Mobile: +44 (0)7990 530 605
Stuart Hunt, Investor Relations Manager
+44 (0)20 7575 1582; Mobile: +44 (0)7815 778 536
Chris Sampson, Corporate Communications Director
+44 20 7575 1595; Mobile: +44 7773 251 178
Ben Atwell / Simon Conway
+44 (0)20 3727 1000
BTG is a growing international specialist healthcare company bringing to market innovative products in specialist areas of medicine to better serve doctors and their patients. We have a portfolio of Interventional Medicine products to advance the treatment of liver tumours, severe blood clots, varicose veins and advanced emphysema, and Specialty Pharmaceuticals that help patients overexposed to certain medications or toxins. Inspired by patient and physician needs, BTG is investing to expand its portfolio to address some of today's most complex healthcare challenges. To learn more about BTG, please visit: www.btgplc.com.