Shire delivers Q1 earnings beat on strong product sales
LONDON May 2 (Reuters) - British pharmaceutical firm Shire beat expectations with a 10 percent rise in first-quarter earnings on Thursday after a strong performance from its drugs that treat hyperactivity.
In the first set of results with new chief executive Flemming Ornskov at the helm, Shire posted non-GAAP earnings per ADS of $1.63, beating analyst forecasts of $1.59.
Revenue of $1,162 million was down 1 percent, falling short of the $1,221 million the market expected, as growth in product sales was offset by lower royalties, particularly for hyperactivity drug Adderall XR from Impax Laboratories Inc .
As well as treatments for hyperactivity, London-listed Shire focuses on niche rare disease areas.
The company said it was confident it would deliver earnings growth in line with market expectations for the full year.
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