BTG share price dives as it warns on half-year revenues
Shares in specialist healthcare firm BTG dived nine per cent to 602.5p in late morning trading after it warned half-year earnings will fall into the lower end of its guidance range.
The company, which focuses on developing and selling treatments for cancer and other disorders, said in a trading update it expects revenue for the six months to 30 September to be in the bottom half of the £410m-£440m range previously predicted.
The company said doctors had shown strong interest in its Varithena treatment for varicose veins, but that this had not yet translated into higher orders from them.
BTG remains dedicated to accelerating market adoption of the drug, however, through expanding reimbursement coverage for those healthcare providers who do not experience the benefits.
Chief executive Louise Makin was nonetheless optimistic about BTG's long-term prospects:
There is good momentum across the business and we expect to deliver double-digit revenue growth over the full year.Overall, we are successfully implementing our growth strategy, using the strong financial underpin from speciality pharmaceuticals and licensing to invest in commercial expansion, innovation and development activities to generate further enhanced growth.
The company, which will release its interim results next month, posted a revenue of £367.8m for the full year ended March 2015.