October 04 2018
BTG plc: close period update
04 October 2018
Good first half performance, updating full year sales growth guidance
BTG plc (LSE: BTG), the global healthcare company, provides the following update for the six months ended 30 September 2018.
Louise Makin, BTG’s CEO, commented:
“I am pleased to report positive momentum across all areas of the business.
We have delivered good product sales growth during the first half, driven by the performance of Interventional Medicine. With the acquisition of Novate Medical and today’s confirmation of our commitment to Varithena®, we now have a multi-product Vascular portfolio. As a result of the inclusion of Varithena® we are updating our guidance for combined Oncology and Vascular CER1 product sales growth to 15-17% for the year. Pharmaceuticals performed well in the first half and we now expect sales for the year to be around the upper end of our guidance range.
By continuing to invest in product innovation, clinical data, geographic expansion and acquisitions, we are developing leading positions in attractive growth markets and creating significant long-term value for shareholders.”
The very good performance in Interventional Medicine was driven by strong growth in TheraSphere® and the cryoablation products, with good growth in EKOS.
BTG today confirms its commitment to Varithena®. Progress since dedicated CPT reimbursement codes became effective in January 2018 has been positive. Varithena® is expected to become profitable during the 2019/20 financial year and to have peak sales potential in the high tens of millions of dollars. Its sales will be included within the Vascular product sales line going forwards. With the addition of Varithena® and Novate Medical to EKOS and the Crossing Devices, BTG now has a multi-product Vascular business.
Following the US Food & Drug Administration’s decision in August 2018 not to approve the Premarket Approval application, BTG continues to review options for PneumRx, which include partnering with or sale to a third party.
A better than expected performance in Pharmaceuticals was driven by DigiFab® and Voraxaze®, with a good performance from CroFab®.
Updated product sales guidance
CER product sales growth for the combined Oncology and Vascular portfolios, including Varithena®, is now expected to be 15-17% for the full year.
In Pharmaceuticals, following a good first half, BTG now expects full year sales to be around the upper end of the guidance range of flat-to-single digit CER decline.
BTG’s Interim Results will be published on 13 November 2018.
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 (0)20 7575 1595; Mobile: +44 (0)7773 251 178
Ben Atwell/Simon Conway
+44 (0)20 3727 1000
BTG is a global healthcare company focused on Interventional Medicine. Our innovative medical technology helps physicians treat their patients through minimally invasive procedures. We have a growing portfolio of products that advance the treatment of cancer and vascular conditions. BTG’s Pharmaceuticals business provides products that help patients overexposed to certain medications or toxins. To learn more about BTG, please visit: btgplc.com.