BTG PLC (LON:BTG) shares were in demand on Tuesday after the global healthcare group upped its forecasts for its pharmaceuticals division following a “very strong” October for its CroFab snake bite antivenom.
The treatment, which neutralises the effects of bites from rattlesnakes other pit vipers, generated sales of US$107.2mln in the six months ended September 30 (H1 17: US$102.9mln), helping to drive pharmaceuticals revenues up 7% to US$167.9mln (H1 17: US$156.4mln).
READ: BTG upgrades full-year sales forecasts
But the snakebite seasons runs through until October, when BTG saw a spike in demand for CroFab. As a result, BTG now expects a “low single-digit increase” in pharmaceuticals sales this year.
Only last month, the FTSE 250 firm lifted its sales expectations after adding a varicose veins treatment into its vascular portfolio.
Including the interventional oncology and vascular divisions, first-half revenues climbed 12% to US$495.7mln (US$442.2mln), while adjusted operating profits jumped by a third to US$178.5mln (H1 17: US$128.1mln).
Boss is happy
“I am pleased to report that in the first six months we have delivered 10% sales growth with good operating leverage in our Product business and 35% adjusted operating profit growth for the group,” said chief executive Louise Makin.
“The second half of the year has started well. We reiterate our full-year guidance for Interventional Oncology and Vascular sales and upgrade our Pharmaceuticals sales guidance following a good H1 performance and a very strong October for CroFab.”
Shares zipped 11.7% higher to 666p early on Tuesday.