Shire's CEO to retire, Q3 misses forecasts
LONDON Oct 25 (Reuters) - Pharmaceutical group Shire said its chief executive Angus Russell would be replaced by Flemming Ornskov, an executive from Bayer, to help steer the acquisitive company to continued growth.
The change in management came after the London-listed company missed market expectations for the third quarter by reporting non-GAAP diluted earnings per ADS (American Depositary Share) of $1.36, up 6 percent, on revenue of $1.1 billion, up 1 percent.
The company, whose drugs portfolios include treatments for hyperactivity and rare diseases, said it remained on track to meet its target for double-digit earnings growth for the year.
Analysts were expecting the group to report group revenue of 1.16 billion pounds and non-GAAP earnings per ADS of $1.46, according to a company compiled consensus.
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