Sirtex posts a big rise in profit from its cancer treatment and its shares soar

Dan Kitwood/Getty Images/Cancer Research UK

Biotech company Sirtex posted a 69% rise in full year profit to $40.3 million as its liver cancer treatment starts to deliver revenue.

Sales increased 36.1% to $176.1 million.

CEO Gilman Wong says there was accelerated demand for the microspheres used to treat inoperable liver cancer.

“This, coupled with price rises in key markets, favourable exchange rates and controlled growth in operating expenditures over the period resulted in our full year earnings growth materially outpacing volume growth as measured by dose sales,” says Wong.

The company expects sales growth will continue, driven by a large unmet medical need for the liver cancer therapy.

The company declared a final fully franked dividend of 20 cents a share for the 2015 financial year, an increase of 42.9%.

A short time ago, Sirtex shares were up 10% to $32.97.

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