3rd-qtr new product sales deliver for Shire, but the firm posts earnings drop on charges

Shire, the UK's third-largest drugmaker, saw its third-quarter 2008 GAAP earnings per American Depository Receipt slump 62% to $0.07 because of charges taken in the period, but witnessed a 31% surge in product sales to $713.0 million, boosted by new drugs. Total revenues advanced 28% to $779.0 million. Non-GAAP earnings rose 88% to $1.17, the firm noted. The stock advanced 6% to 763.50 pence on the news, which came October 29.

According to Angus Russell, chief executive, "Shire had another very strong quarter across its business...Our new products continued to underpin this growth, generating revenues of $276.0 million, representing 39% of our total product sales and exceeding Adderall XR (mixed amphetamine salts) sales for the first time. The performance of Elaprase (idursulfase), Vyvanse (lisdexamfetamine dimesylate), Lialda (mesalamine) and Fosrenol ROW (lanthanum carbonate) were particularly strong. This quarter, Firazyr (icatibant) was made available in Germany and the UK. We remain confident that these products will continue to deliver strong growth, driven in part by our geographical expansion into the important emerging markets." The company expects generic competition for Adderall during 2009, but still anticipates full-year revenue growth to be at least 20%, resulting in annual turnover of over $3.0 billion.