Shire beats expectations with 6 percent rise in second-quarter earnings
LONDON (Reuters) - British drugmaker Shire (SHP.L) beat expectations with a 6 percent rise in second-quarter earnings on Thursday as its drugs for hyperactivity battled generic competition.
New chief executive Flemming Ornskov said the company had returned to higher growth, helped by a strong performance from its Lialda treatment for ulcerative colitis and its hyperactivity drugs Vyvanse and Intuniv.
Shire posted non-GAAP earnings per American Depositary Share (ADS) of $1.79, compared to the $1.66 forecast by analysts in a company poll. Revenue of $1,275 million was up 6 percent, beating the $1,221 million the market expected.
As well as treatments for hyperactivity, London-listed Shire also focuses on drugs for treating rare disease.
Ornskov, who took over in May, is reorganizing Shire into five divisions - rare diseases, neuroscience, gastrointestinal, regenerative medicine and internal medicine - and scaling back early-stage research.
The company said it anticipated delivering full year double digit Non GAAP earnings growth in 2013 and it was confident in its ability to grow operating margins going forward.