LONDON (Alliance News) - Healthcare provider BTG PLC on Thursday said its overall performance and trading since April 1 has been in line with expectations.
BTG, which is holding its annual general meeting on Thursday, said its underlying guidance for 2016 remains unchanged.
Guidance is for revenue of between GBP485 million and GBP515 million, research & development costs of between GBP85 million and GBP95 million, and selling, general & administrative expenses of between GBP160 million and GBP170 million.
However, if sterling was to weaken even further against the dollar, revenue guidance would improve to between GBP510 million and GBP540 million, R&D investment would be between GBP90 million and GBP100 million, and SG&A expenditure would be between GBP165 million and GBP175 million.
BTG said if this were to happen, the foreign exchange benefit would be mostly offset in the short term by foreign exchange losses on existing forward contracts to hedge future US dollar cash flows.
Operationally, BTG said its Interventional Oncology products have continued to perform well, with liver cancer therapy TheraSphere growing strongly in the US and EU, an encouraging start for hypervascular tumour treatment LC Bead LUMI in the US following its launch in April, while EkoSonic blood clot treatment products are also performing well.
Meanwhile, BTG said it continues to make steady progress in establishing appropriate insurance coverage for the varicose veins treatment Varithena in the US, with new physicians continuing to evaluate the product. BTG anticipates further progress, leading to increased physician reordering and sales growth during the current year.
Within speciality pharmaceuticals, capecitabine toxicity antidote Vistogard has made a promising start since its US launch in March.
Finally, BTG said it expects to complete the submission of its pre-market approval application for emphysema treatment PneumRx Coil by the end of 2016, following successful completion of the US renew trial.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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