BTG has strong first half

BTG, the specialist healthcare company, says that on a constant currency basis, the business delivered double-digit revenue growth during the six months to the end of September, in line with its expectations, and the outlook for full year underlying revenue growth remains unchanged.

It says that on the basis of current foreign exchange rates, reported full year revenue is now anticipated to be ahead of its previously announced guidance range of £510m-£540m.

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.

Chief executive Louise Makin said: "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 and approval in Canada of our innovative visible bead LC 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."

At 9:01am: (LON:BTG) BTG PLC share price was +28p at 675p