Shire ups forecast on strong 2nd qtr

Shire, the UK's third-largest drugmaker, revealed a strong set of second-quarter 2008 results, which were better than consensus forecasts, and increased its sales growth projections for the full year to at least 20% compared with its previous mid-teens forecast.

Group revenues were up 35% at $776.0 million, with product turnover advanced 40% to $706.0 million for the reporting period, up 40% on the like 2007 quarter. The firm reduced its US GAAP loss from $1.81 billion last year to just $79.0 million, or $0.44 per American Depositary Shares versus $9.93. Shire recently moved its headquarters to Ireland for tax reasons (Marketletter June 2) and says it believes there is little that the UK government can do to tempt it back.

Sales of Adderall XR (amphetamine salts) jumped 16% to $296.4 million, while recently-launched follow-up attention-deficit hyperactivity disorder drug Vyvanse (lisdexamfetamine) generated $65.2 million.