BTG investors treated after pharmaceutical group reports 35 per cent profit rise

British pharmaceutical group BTG treated investors as profits rose 35 per cent following a sales boost.

The London-based medical technology provider was the FTSE All-Share's biggest riser this afternoon as shares rose more than 11 per cent.

The company reported sales growth of 10 per cent in the six months to 30 September to $340m and a 35 per cent profit rise to $179m.

It said CroFab, its snake venom antidote, had a particularly strong October as the US snakebite season helped push sales.

Competitor Bioclon has since launched a rival antidote, Anavip, but BTG was confident it would remain the market leader.

Chief executive Louise Makin reiterated the company's full-year guidance for oncology and vascular sales but upgraded its pharmaceuticals sales guidance following the half-year results.

“Our pharmaceuticals business has delivered good growth in the first half.

“We expect CroFab to maintain its market leadership following the introduction of a different antivenin.”

She added: “We are exploring indication expansion and other opportunities to enhance growth in this business.”

BTG also acquired medical device company Novate Medical to grow its vascular business and earlier this week agreed to buy Veran, a US medical technology firm specialising in early cancer diagnosis.

It also made progress on its varicose veins drug Varithena, prostate cancer treatment Zytiga, and was considering its options regarding PneumRx, the company it bought in 2014.