Shire increases 2013 earnings forecast after strong Q3

LONDON Thu Oct 24, 2013 7:15am EDT

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LONDON Oct 24 (Reuters) - British drugmaker Shire raised its full-year earnings growth forecast on Thursday after lower-than-expected research and development costs helped it to beat forecasts for the third quarter.

The company, which makes drugs to treat hyperactivity and expensive medicines for rare disease, reported a 12 percent rise in revenue to $1.24 billion and earnings measured in non-GAAP EPS per ADS of $1.77, up 30 percent.

Analysts were expecting the company to report revenue of $1.2 billion and non-GAAP EPS per ADS of $1.63, according to a company-compiled poll of 20 brokers.

It said it now expected to deliver mid-to-high teens growth in Non GAAP earnings for 2013, up from double-digit growth it predicted in July.

Shares in Shire, which have risen by a third since the start of the year, hitting an all-time of 2,602 pence last month, extended earlier gains to trade up 5 percent at 2,655 pence at 1112 GMT on Thursday.

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