Shire says 2013 earnings to hit upper end of forecasts

Tue Jan 14, 2014 10:21am EST

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LONDON Jan 14 (Reuters) - British drugmaker Shire said on Tuesday it expects 2013 earnings growth to hit the upper end of its forecasts, helped by the company's shift in strategy and efforts to make its operations more efficient.

Shire, which makes drugs to treat hyperactivity and expensive medicines for rare diseases, said it expects to deliver annual profit growth - in its preferred measure of non-GAAP earnings per American Depositary Share - at the upper end of the mid-to-high teens guidance range that it gave in October.

The update comes as the firm's chief executive speaks to investors at a conference in San Francisco. Shire also said it was confident of delivering profits for 2014 in line with its November 2013 consensus forecast.

In October, the company upgraded its 2013 earnings forecast for the second time to mid-to-high teens growth, from the double digit growth it had predicted in July.

Analysts expect the company to report non-GAAP earnings per American Depositary Share of $7.16 for 2013, according to a company-compiled consensus of 20 brokers.

Shares in the company were trading up 1.9 percent at 2,967 pence at 1519 GMT.

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