Reuters: Regulatory News: UPDATE 1-ADHD drugs boost Shire's Q1 earnings

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UPDATE 1-ADHD drugs boost Shire's Q1 earnings Apr 26th 2012, 11:32 Thu Apr 26, 2012 7:32am EDT * Q1 revenue $1.17 billion (consensus $1.15 billion * Q1 non-GAAP EPS-ADS $1.48 (consensus $1.46 * Reiterates expectation of good earnings growth in 2012 * Now expect product sales growth in the mid teens range LONDON, April 26 (Reuters) - Pharmaceutical firm Shire posted a 20 percent rise in first quarter earnings, just beating market expectations, as its hyperactivity drugs continue to gain market share in the United States. Shire, whose growth has outstripped the industry thanks to its acquisitive strategy, reported earnings per ADS (American Depositary Share) of $1.48 in the three months to end-March, on revenue 21 percent higher at $1.17 billion. Chief Executive Angus Russell said Shire performed strongly in the quarter, with its ADHD drugs Vyvanse and Intuniv both increasing share in a growing U.S. market. Vyvanse notched up sales of over $1 billion for the year. The group said for the full year it now expects product sales growth in the mid teens range and revenue growth in the low teens range. Recent acquisitions include U.S. biotech firm FerroKin BioSciences, which develops treatments for patients with iron overload, which Shire bought for up to $325 million last month. It followed this up by snapping up assets from vascular technology firm Pervasis Therapeutics. But the group also had a couple of setbacks, including the failure of a clinical study for a new use of its bowel drug Lialda, and the pulling of its application for rare disease drug Replagal in the United States. The withdrawal of its treatment for Fabry disease, which it was supplying to patients because of a shortfall in supplies from Sanofi-owned rival Genzyme, came when the U.S. regulator said it needed more tests. The regulator, the FDA, said it was "disappointed" by the decision. Analysts expected Shire to post revenue of $1.15 billion and non-GAAP earnings per ADS of $1.46, according to a company-compiled consensus of 16 brokers. Shire's London-listed shares rose 1.45 percent to trade at 2,030 pence at 1132 GMT. Link this Share this Digg this Email Reprints

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