LONDON May 1 Shire, a pharmaceutical
group created by acquisition, soundly beat expectations with a
38 percent rise in first-quarter earnings, underlining its own
appeal as a target in the latest wave of deal making in the
Shire, which has franchises in drugs to treat hyperactivity
and rare diseases, reported earnings per share-ADS of $2.36, its
preferred measure, on revenue of $1.35 billion, boosted by
strong sales across its portfolio.
The group raised its outlook for earnings growth this year
to mid-to-high 20 percent growth from its previous prediction of
similar growth to the 23 percent it recorded in 2013.
Allergan Inc, the botox maker, is preparing a
takeover approach for Dublin-based Shire, Reuters reported on
Shire, which has a market capitalization of $33 billion, has
long outpaced its big pharma rivals growing revenues and
profits. Its base in Dublin, which has a lower rate of
corporation tax than many countries including the United States,
adds to its appeal.
Analysts expected Shire to post revenue of $1.38 billion and
non-GAAP earnings per ADS of $2.22, according to a company
compiled poll of 19 brokers.
(Reporting by Paul Sandle; editing by Kate Holton)