Shire's 1st-qtr income soars 85% on sales

UK-based drugmaker Shire's net income for the first quarter of 2007, up 84.5% to $112.7 million on a US generally-accepted accounting principles basis, was ahead of the $73.0 million forecast made by analysts at Lehman Brothers. Shire said that the increase was largely due to higher total revenues for the quarter, which grew 29% to $528.0 million. This was also higher than Lehman's estimate of $502.0 million, which said that a significant proportion of Shire's earnings hike was attributable to an unexpected phasing of the company's selling, general and administrative expenses, which were $214.0 versus LB's estimate of $246.0 million.

Product sales up 33% to $462.0 million

Shire also revealed that its revenues from products for the first three months of 2007 had increased 33% to $462.0 million, representing 87% of its total turnover. The firm's best-selling drug was the attention-deficit hyperactivity disorder treatment Adderall XR (mixed amphetamine salts), which contributed $249.1 million, up 21%. The company added that the success of the drug was based on a 5% increase in prescriptions in the USA, where it currently holds a 26% share of the market.