Shire posts major leap in pretax profits, as BioChem integration progresses

Shire Pharmaceuticals of the UK, which recently completed itsacquisition of Canadian drugmaker BioChem Pharma (Marketletter May 14), has reported a 32% rise in revenues for the second quarter of 2001 to $155.6 million, while pretax profits, excluding charges, climbed 72% to $70.7 million. Merger-related charges were $177 million, and the company noted that, including its various charges, net loss for the quarter was just over $124 million. Despite the strong figures, the firm's shares fell 3% to L12.50p.

The revenue increase was driven by the firm's amphetamine-based attention-deficit hyperactivity disorder drug Adderall, which brought in $69.4 million, a rise of 56% compared with the like, year-earlier figure. Shire noted that Adderall had a 32.7% share of the ADHD market in the USA by June 2001, making it the best-selling brand there.

Of its other products, Agrylin (anagrelide), which is the only drug licensed in the USA for the treatment of thrombocythemia, had sales of $25.8 million, a 39% increase, while ProAmatine (midodrine) for orthostatic hypotension leapt 79% to $10.5 million.