Shire beats expectations, with sales up 34% driven by Adderall XR and Elaprase
UK drugmaker Shire not only beat consensus forecasts with its second-quarter 2007 results, but also upped its guidance for full-year sales growth of not less than 25% versus 20% projected earlier.
The company reported a solid 34% rise in product sales to $504.0 million for the period, with total revenues up 31% to $575.0 million. However, largely due to its $2.6 billion acquisition of US firm New River earlier this year (Marketletters passim), Shire posted a net loss of $1.81 billion, or $0.33 per share.
Shire, the UK's third largest pharmaceutical firm, saw sales of its lead drug, the attention-deficit disorder agent Adderall XR (mixed amphetamine salts) advance 16% to $255.1 million, with an average US market share of 26%.
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