Shire Q2 profits up 16%
Shire is on track to deliver double digit full year earnings growth, according to its recently released second quarter report. Product sales rose by 16% to US $1.14 million, while total revenues rose 14% from a year earlier to US $1.2 billion.
Shire’s growth in sales was driven by ADHD treatments, Vyvanse (lisdexamfetamine dimesylate), which attributed to a 43% rise in sales, and Intuniv (guanfacine) as well as hereditary angioedema treatment, Firazyr (icatibant injection).
“Based on the market dynamics we are anticipating and the actions we have taken, Shire is on track to deliver double digit full year earnings growth in 2012. Our objective is to deliver sound earnings growth in 2013, and increased growth beyond that, driven by our young and diversified product portfolio and the significant market opportunities we have identified.”
Angus Russell, Chief Executive Officer at Shire.
However, Shire expects full-year product sales growth to be in the low teens, not in the mid-teens as previous guidance suggested. This reflects the impact of foreign exchange movements on some of its products.
Shire Q2 profit up, helped by ADHD treatments (Market Watch)