Shire posts strong 3rd-qtr 2011 results, with sales beating expectations

The UK’s third largest drugmaker, Shire (LSE: SHP), reported third-quarter 2011 total revenues of $1.09 billion, up 24% and product sales of $1.02 billion, a rise of 28%, with non-GAPP operating income of $341 million (+15%) and US GAAP operating incoming leaping 64% to $255 million.

Respective earnings per share were $1.28 (+10%) and $1.02 (+96%). Sales beat analysts’ consensus forecast, but earnings fell slightly short, pushing the firm’s shares down 1.2% to £19.40 in London trading on Friday. Ireland-headquartered Shire has seen benefits for sales of its rare diseases franchise due to manufacturing problems at rival Genzyme (now part of Sanofi).

Angus Russell, Shire’s chief executive, commented: “Shire has delivered another strong set of quarterly results. Total product sales were up 28% to $1,018 million, with our newly acquired regenerative medicine product, Dermagraft for diabetic foot ulcers, contributing sales of $50 million in the quarter. We’re on track to deliver significant 2011 earnings growth.