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Annual Results

Interventional medicine boost BTG's revenue growth

16 May 2017 07:24

BTG announced that its interventional medicine was its largest and fastest growing revenue contributor in the year to 31 March 2017.

The division delivered 15% organic CER growth (25% CER growth including Galil Medical).

BTG reported adjusted operating profit up 13% at CER in 2016/17 and a strong financial position with £155.5m of cash at 31 March 2017.

IFRS operating profit and IFRS EPS were impacted by previously announced legal settlement (£28m).

Translation benefits from weaker sterling were offset by hedging losses on forward contracts (£25.2m), which impacted the year's adjusted and IFRS EPS.

OPERATING HIGHLIGHTS

INTERVENTIONAL MEDICINE

ONCOLOGY

- Acquisition of Galil Medical, a leader in interventional oncology cryoablation technology

- Liver cancer treatment DC Bead LUMI, the first and only visible chemoembolising bead, approved in the EU and Canada

- Availability of TheraSphere, the radiation treatment for liver cancer, expanded in Asia; new dosimetry software launched

- Collaboration with the Society of Interventional Oncology (SIO) to test locoregional therapies alongside immuno-oncology agents

VASCULAR

- Enrolment completed into OPTALYSE and ACCESS PTS studies of EKOS, the blood clot treatment device

- Steady increase in use of the varicose veins treatment Varithena; new reimbursement codes due January 2018

PULMONOLOGY

- Premarket approval (PMA) application accepted in the US for PneumRx coils for severe emphysema; coils included in new GOLD guidelines; progress made towards national coverage/reimbursement determinations in Germany and France

SPECIALTY PHARMACEUTICALS

- CroFab copperhead snakebite study completed successfully; targeted sales campaign delivered higher sales of digoxin overdose antidote DigiFab into US hospitals

- Oncology sales force expanded to support growth of Voraxaze and recently launched Vistogard chemotherapy antidotes

LICENSING

- Continued strong contribution from Zytiga and last full year's contribution from Lemtrada royalties

Story provided by StockMarketWire.com

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