(Reuters) – British healthcare group BTG (LON:BTG) said its full-year pretax profit doubled from a year earlier as sales of its interventional therapies picked up, and forecast an 8-15% revenue growth for the next year.
BTG shares rose as much as 2.4% to 600.50 pence on Tuesday morning.
BTG said it expected revenue to be in the range 485 million pounds to 515 million pounds ($703.6 million-$746.7 million) for the financial year 2017 and costs related to research and development at about 85-95 million pounds.
Jefferies analysts said the revenue forecast was as anticipated, but expected research and development expenses to go up from the company’s forecast.
Analysts on average were expecting 2017 revenue of 493.6 million pounds, according to Thomson Reuters I/B/E/S.
The specialty drugmaker reported a pretax profit of 57.5 million pounds ($83.4 million) for the year ended March 31, up from 26.7 million pounds a year ago.
BTG’s revenue rose 22% to 447.5 million pounds, compared with 367.8 million pounds a year ago.
The company’s interventional therapies help treat blocked arteries and veins, and blocks blood supply to cancer-affected areas. BTG also makes specialty pharmaceutical products.
Interventional therapies accounted for 33.6% of its revenue this year, only behind the revenue the company gets from licensing its products to other drugmakers.