LONDON (Alliance News) - Speciality pharmaceuticals company BTG PLC Tuesday said it anticipates it will deliver full year revenue in the lower half of its guidance range, as interest in its varicose veins treatment Varithena has "not yet translated into sales growth."
However, the company reiterated its expectations of double-digit revenue growth for the year.
BTG is guiding for revenue of between GBP410 million and GBP440 million for the year to end-March 2016. The company posted revenue of GBP367.8 million for the year to end-March 2015.
For the first half to end-September the company said its speciality pharmaceuticals revenue was similar to the previous year as seasonal weather patterns in the US slightly reduced wholesaler orders for its snakebite treatment CroFab and it saw "somewhat lower" orders for digoxin overdose treatment DigiFab. Licensing revenue was higher, driven by higher royalties from its Zytiga and Lemtrada products.
BTG reported "very positive feedback" for Varithena, however, Varithena claims are currently taking longer to settle than claims for established treatment options, and longer than the company has previously guided. As a result, the company now believes full year revenue for Varithena is likely to be around the same level as the previous year.
"Overall, we are successfully implementing our growth strategy, using the strong financial underpin from Specialty Pharmaceuticals and Licensing to invest in commercial expansion, innovation and development activities to generate further enhanced growth," said Chief Executive Louise Makin in a statement.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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