October 06 2016
BTG plc: close period update
06 October 2016
BTG plc (LSE: BTG), the specialist healthcare company, announces the following update for the six months to 30 September 2016 ahead of the publication of its Interim Results on 15 November 2016
On a constant currency basis, the business delivered double-digit revenue growth during the period, in line with our expectations, and the outlook for full year underlying revenue growth remains unchanged. However, on the basis of current foreign exchange rates, reported full year revenue is now anticipated to be ahead of our previously announced guidance range of £510m-£540m1.
Strong growth in Interventional Medicine revenues reflects continued good performances from Interventional Oncology, which included the first revenues from Galil Medical following its acquisition in June 2016, and from EKOS. Varithena® revenue reflects the gradual increase in customers and reorder rates during the period, while PneumRx revenues are lower than last year, reflecting the current interim reimbursement environment in Germany.
Specialty Pharmaceuticals has delivered a good performance across the portfolio. In Licensing there were good performances from Zytiga® and Lemtrada™, whilst year on year growth was held back by the one-off uplift of £8.5m in the prior period for Zytiga®.
Louise Makin, BTG’s CEO, commented: “We have had a strong first half, delivering double-digit constant currency revenue growth as we have continued to grow the business. The acquisition of Galil Medical has strengthened and diversified our interventional oncology portfolio, which also saw the US launch of our innovative visible bead LC Bead LUMI™ and approval in Canada of DC Bead LUMI™. We anticipate further progress in the second half of the year, including the EU approval of DC Bead LUMI™, completing the US PMA submission for the PneumRx® Coil and the launch in Canada of Varithena®.”
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, advanced emphysema, severe blood clots and varicose veins, 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
1The guidance range of £510m-£540m was based on an exchange rate of £1:$1.35