BTG PLC Trading Statement (8732J)
05 April 2018 - 4:00PM
UK Regulatory
TIDMBTG
RNS Number : 8732J
BTG PLC
05 April 2018
BTG plc: close period update
London, UK, 5 April 2018: BTG plc (LSE: BTG), the global
healthcare company, provides the following update for the year
ended 31 March 2018.
BTG has delivered a good financial performance for the year,
with revenue in line with expectations.
Very good growth in Interventional Medicine product sales
reflects mid-teens CER(1) growth in the oncology and vascular
portfolios, which together represent >90% of revenue in this
business. Sales of the earlier-stage Interventional Medicine assets
were broadly flat at CER, where growth in Varithena(R) sales was
offset by lower sales of the PneumRx Coils(R) . In the
Pharmaceuticals business, product sales have grown around
mid-single digits at CER. Licensing has performed well, with
single-digit revenue growth at CER.
During the year we continued to make strong progress in clinical
development, geographic expansion and product innovation. Enrolment
was completed into the TheraSphere(R) STOP-HCC liver cancer trial.
The first patients were treated with TheraSphere(R) in Latin
America, Taiwan and Israel, and the first patients in Europe were
treated with the novel radiopaque chemo-embolising bead, DC Bead
LUMI(TM). Visual-ICE MRI, a new cryoablation system and needles
from Galil Medical that are compatible with all Magnetic Resonance
Imaging (MRI) scanners, received 510(k) and CE Mark regulatory
clearances, and the first systems have been installed with
customers. One-year data from the OPTALYSE PE trial reinforced the
safety and efficacy of shorter, lower-dose EKOS(R) therapy for
pulmonary embolism, showing continued improvement in right
ventricular / left ventricular ratios and in quality of life.
Lower sales of the PneumRx(R) Coils reflect that market
development, including securing appropriate levels of
reimbursement, is taking longer than expected. We believe there is
a significant long-term opportunity for the Coils and are taking
action to focus resources on key activities to build long-term
value. These include initiating the ELEVATE clinical study to
generate additional data to support market development, and
progressing the Premarket Approval application in the US, where an
Advisory Committee Panel meeting is expected during the summer with
potential approval by the end of 2018. Market development including
accessing reimbursement will also take time in the US. As a
consequence of this, and of prioritising European patients into the
ELEVATE study, we do not expect material revenues from this product
over the next two years. We have therefore reassessed the fair
value of this asset, and our financial results for 2017/18 will
include an impairment charge of approximately GBP150m. In addition,
our 2018/19 results will include a one-off restructuring charge of
up to GBP10m.
The introduction of new reimbursement codes for Varithena(R) in
the US in January 2018 has led to renewed physician interest in the
product. However, as previously noted, it will take time to see the
impact of the codes on physician and insurer practice. We expect to
have a better understanding of physician ordering and reordering
patterns by the end of 2018.
During the period, growth in the Pharmaceuticals business was
driven by strong performances from CroFab(R) and Voraxaze(R) . In
Licensing, royalties from Zytiga(R) (abiraterone) grew
significantly following new data that supported earlier use in
patients with advanced prostate cancer.
BTG's Final Results will be published on 15 May 2018, together
with guidance for the year ending 31 March 2019.
Louise Makin, BTG's CEO, commented:
"We have delivered a good performance during the year. With
sustainable and diverse revenue streams, we are continuing to
invest in innovation, geographic expansion, indication expansion
and acquisitions. We are well positioned to continue building our
Interventional Medicine business and delivering these strong growth
rates, and to continue developing leadership positions in
attractive growth markets."
1 Constant Exchange Rate
For further information contact:
BTG
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
FTI Consulting
Ben Atwell/Simon Conway
+44 (0)20 3727 1000
About BTG
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,
vascular conditions and severe emphysema. BTG's Pharmaceuticals
business provides products that help patients overexposed to
certain medications or toxins. To learn more about BTG, please
visit: btgplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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