Shire Posts First-Quarter Profit, Revenue Growth
29 Abril 2016 - 10:20AM
Dow Jones News
Shire PLC said profit and revenue climbed in the first quarter,
thanks to strong sales of several rare disease medicines and its
blockbuster pill for attention-deficit hyperactivity disorder, or
ADHD.
The Dublin-based drugmaker said net income rose 2% to $419
million in the three months to March 31, from $410 million a year
earlier. Revenue climbed 15% to $1.71 billion from $1.49 billion
last year. Analysts expected net income of $487 million and revenue
of $1.7 billion.
Non-GAAP operating income, a measure which strips out one-time
gains or impairments, increased 17% to $797 million. But the strong
dollar cut into Shire's results. Stripping out the effect of
currency movements, revenue increased 17% and non-GAAP operating
income rose 16%.
Revenue growth was driven by a number of Shire's drugs. Sales of
its best-selling ADHD drug Vyvanse increased 22% to $509 million,
in part due to the drug's expansion into newly-recognized
binge-eating disorder. Price increases also contributed to
Vyvanse's higher sales.
Many of Shire's rare disease drugs also notched higher sales.
Although such drugs treat small numbers of patients, they can
command high prices as they often bring about a significant benefit
and have few, if any, competitors.
Firazyr and Cinryze, two drugs that treat a potentially fatal
swelling disease known as hereditary angioedema, grew strongly in
the quarter, with sales up 39% and 11% to $128 million and $164
million respectively. Sales of Gattex, for short bowel syndrome, a
rare disease where the gut's ability to absorb nutrients is
impaired, also grew sharply.
The attractiveness of the rare disease market spurred Shire's
$32 billion acquisition of Baxalta Inc., which specializes in
treatments for hemophilia, a rare condition which impairs the
body's ability to stem bleeding by forming blood clots. Chief
executive Flemming Ornskov said the combined companies could
generate $20 billion in revenue by 2020. He added that Shire had
made "strong progress" in planning for the integration of Baxalta
after the deal closes in early June.
Despite Shire's pivot toward rare diseases, it is showing no
sign of exiting ADHD. Dr. Ornskov said the franchise was a "key
part" of Shire's growth, adding that he had increased investment
into ADHD medicines research since taking charge of the company
three years ago.
Shire confirmed earlier guidance for the year but said it would
update expectations after it completes the Baxalta acquisition.
Shire shares were up 4.4% to £ 43.69 early Friday afternoon.
Write to Denise Roland at Denise.Roland@wsj.com
(END) Dow Jones Newswires
April 29, 2016 09:05 ET (13:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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