Shire posts sharp rises in sales and earnings for third-qtr

Ireland-headquartered Shire (LSE: SHP) has delivered a strong set of financials for the third-quarter of 2014, validating its strong prospects as a standalone pharma company following the termination of the planned $54 billion acquisition by the USA’s AbbVie (NYSE: ABBV).

Shire stated that total revenues had increased 32% to $1.60 billion for the quarter, a rise of 32%, and product sales grew 33% to 1.55 billion. Wall Street expected revenues of $1.46 billion for the quarter. Non-GAPP (generally accepted accounting principles) leapt 60% to $717 million, with non-GAPP diluted earnings per American Depositary Share up 60% to $2.93, beating the average analyst estimate of $2.49, and US GAAP diluted earnings per ADS rising 66% to $2.43. Shire’s shares rose 2.6% to £39.88 shortly after the figures were released.

Few drugmakers match Shire’s level of growth, says analyst