Shire posts "best ever" results

Acquisitive UK drug company Shire has posted third-quarter 2007 results which its chief executive, Matthew Emmens, described as "probably the best...in our history," and indicated that the firm would be looking to buy up smaller rivals, and thus spreading its net into more specialized medical areas.

Shire's product sales for the three-month reporting period increased 41% to $543.1 million, with total revenues up 35% at $608.7 million, and the firm projects turnover growth of 30% or more for the full year compared with a previous forecast of "at least 25%." However, net income plunged to $34.7 million versus $87.2 million in the like, year-earlier period, largely due to its purchase earlier this year of US pharmaceutical firm New River (Marketletters passim).

Sales of Shire's lead product, the attention-deficit hyperactivity disorder drug Adderall XR (mixed amphetamine sales), reached $249.0 million, a rise of 20% on the like, 2006 period. The firm noted that its ADHD franchise continues to grow, capturing 30% of the US market by September 30 following the launch of Vyvanse (lisdexamfetamine dimesylate). However, the latter achieved turnover of just $10.6 million for the quarter, which was well below consensus forecasts of $29.0 million, although the company explained this was "net of $20.5 million sales deductions, primarily coupons, wholesaler discounts and rebates."