April 06 2017
BTG plc: close period update
London, UK, 06 April 2017
BTG plc (LSE:BTG), the specialist healthcare company, provides the following update for the year ended 31 March 2017 ahead of the publication of its Final Results on 16 May 2017.
Louise Makin, CEO of BTG, commented: “Our business has performed well this year. We have made significant progress in executing our strategy to become a leading provider of Interventional Medicine therapies. We have expanded the portfolio both organically and through acquisition and have delivered good revenue growth. A strong performance from TheraSphere® and the addition of Galil Medical have helped cement our leadership in Interventional Oncology. EKOS has continued to increase market penetration, and we have achieved important milestones in our earlier stage businesses. There is good momentum across our business and we start the new financial year with confidence.”
Revenue is expected to be at or above the upper end of the guidance range of £535m - £565m.
Strong growth in Interventional Oncology primarily reflects the continued expansion of TheraSphere® in the US and EU, supplemented by revenues from Galil Medical, which is delivering in line with expectations following its acquisition in June 2016. During the year TheraSphere® was approved in a number of territories including South Korea, Malaysia and Mexico, and DC Bead LUMI™ received its CE mark to become the first commercially available radiopaque drug-eluting bead in the EU.
In Interventional Vascular, continued high growth in EKOS revenues results from an increase in the number of US hospitals using the products and strong growth in pulmonary embolism (PE) treatments. A new control unit that is optimised for treating PEs received 510k approval in the US at the end of the period. Varithena® sales have increased over the year in response to market access initiatives, and there has been good progress towards establishing new reimbursement codes that will cover the use of Varithena®, which are expected to be implemented in January 2018.
Revenue from PneumRx, the early stage Interventional Pulmonology business, is lower than in the prior year, primarily as a result of a reduction in procedures in Germany, the largest market. Resumption in growth is anticipated when the new criteria to enable physicians to identify patients who are most likely to respond to treatment become established, and following the conclusion of the current processes in Germany and France to determine national coverage and reimbursement. The rolling Pre-Market Authorisation submission has been completed in the US and the file is now being reviewed by the Food and Drug Administration.
Higher Specialty Pharmaceuticals revenues result from good performances from CroFab®, DigiFab® and Voraxaze®. Licensing revenue is expected to reflect higher Lemtrada™ royalties and a continued good performance from Zytiga®.
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 (0)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.