BTG full-year revenue to be in lower half of guidance

Pharmaceutical group BTG expects its full year revenue to be in the lower half of its guidance range, as interest in one of its treatment was yet to translate into sales growth.

Pharmaceuticals & Biotechnology

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The FTSE 250 group said it expects revenue in the 12 months to the end of March 2016 to be between £410m and £440m, compared with revenue of £367.8m it posted in the year to 31 March 2015.

In a trading update released on Tuesday, BTG said its specialty pharmaceuticals revenue was in line with the one posted in 2015, as wholesale orders for its snakebite treatment CroFab were slightly reduced because of seasonal weather patterns in the US.

Meanwhile, "somewhat lower" orders for digoxin overdose treatment DigiFab also had a negative impact on the division’s revenue.

Revenue in the licensing arm increased on the back of higher royalties from its Zytiga and Lemtrada products, the group said, adding it had received “very positive feedback” for its varicose treatment Varithena.

However, the company revealed claims for the treatment are taking longer to settle than claims for established treatment options and longer than the company had expected.

"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 group chief executive Louise Makin.

BTG shares were down 10.33% to 594.50p at 0814 BST on Tuesday.