Shire sales increase by 13% in Q3
Shire has had a strong third quarter and in response, has increased its Non GAAP earnings expectations. Product sales increased by 13% to $1,195 million, with eight products delivering double digit growth this quarter, including ADHD treatment Vyvanse (lisdexamfetamine), ulcerative colitis drug Lialda (mesalamine) and rare disease drug Firazyr (icatibant injection) for Hereditary angioedema (HAE).
Total revenues were up 12% to $1,237 million, compared to the third quarter of 2012 when it was $1,100 million, as the growth in product sales was partially offset by lower royalties.
“This has been a strong quarter with good growth in revenues, earnings and cash generation.
“We’re confident in our prospects for the longer term as we continue to execute on commercial delivery, progress our prioritized pipeline and focus on targeted M&A. The benefits of our ‘One Shire’ reorganization are already evident in our year to date performance, we have a simpler, more efficient business and now expect Non GAAP R&D and SG&A spend to be lower than current consensus expectations for this year and in 2014 and 2015.
“I am delighted to be increasing our 2013 full year earnings guidance to delivering mid-to-high teens Non GAAP earnings growth and guiding to continuing operating leverage for 2014 and 20151. This strong performance has been overseen by a management team with long term tenure at Shire, supplemented by some recent new senior appointments.”
Flemming Ornskov, M.D., Chief Executive Officer, Shire.
During this quarter, Shire announced that Dominic Blakemore will join the Shire Board of Directors effective January 1, 2014. Blakemore is currently Group Finance Director of Compass Group plc and on joining the Board, will become a member of the Shire Audit, Compliance & Risk Committee.
For the future, Shire says it is continuing to focus on its strategic priorities of growing sales of the existing portfolio and bring new innovative treatments to market through R&D and business development. The company will continue its efforts on four core therapeutic areas: neuroscience, rare diseases, gastrointestinal and regenerative medicine.
Shire results beat Q3 forecasts (Financial Times)
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