LONDON (Alliance News) - Healthcare company BTG PLC on Thursday upped its guidance for its current financial year as well as announced the retirement of Chairman Garry Watts.
BTG said it has commenced a process to appoint a successor prior to Watts' departure at the end of 2018.
"On behalf of all the directors, I would like to thank Garry for his effective leadership of the Board since his appointment in January 2012," said Chief Executive Louise Makin. "He has guided us through a period of significant growth and transformation into a strong product sales business."
For the six months to the end of September, the company said it delivered "good" product sales growth, driven by the performance of Interventional Medicine division.
BTG also confirmed its commitment to Varithena, a local anaesthetic, which is expected to become profitable in financial 2020 and to have peak sales potential in the high tens of millions of dollars.
Meanwhile, in Pharmaceuticals unit, the company said it saw a "good" performance from CroFab, which is used as an anti-venom to bites from certain snakes.
Looking forward, the company said it now expects to achieve growth for the combined Oncology and Vascular products portfolio, including Varithena, sales between 15% and 17% in its full financial year.
In Pharmaceuticals, following a good first half, BTG now expects full year sales to be around the upper end of the guidance range of flat-to-single digit decline.
"I am pleased to report positive momentum across all areas of the business," said Makin.
"By continuing to invest in product innovation, clinical data, geographic expansion and acquisitions, we are developing leading positions in attractive growth markets and creating significant long-term value for shareholders," added Makin.
BTG's interim results will be published on November 13.
The company's shares were trading 4.9% higher on Thursday at 587.50 pence each, the best performer in the FTSE 250.
