Shire Plc announces first quarter sales growth

Source: Exec

Date :28/04/2008 12:16:54

Shire Pharmaceuticals Plc has reported a first quarter revenue increase of 33 percent to $702 million, with new product launches contributing to the strong growth.

The company announced that its Vyvanse product had achieved a 6.9 percent share of the US attention deficit hyperactivity disorder (ADHD) market.

Earlier this month Shire confirmed that US regulators had approved Vyvanse, which will become the first and only once-daily stimulant to treat adults with ADHD.

Predictions

Shire also announced a $135 million acquisition from Zymenex of the global rights to Metazym, and will look at similar deals within human protein and genetics therapy.

The firm is planning to move its tax headquarters from the UK to Ireland, explaining that its tax structure is always under review. Despite the move, Shire has confirmed that the UK Treasury will not lose any tax from UK operations.

The company has predicted positive growth through to 2010 and can reaffirm its financial guidance for this year. CEO Matthew Emmens said, “It’s been a good start to the year, with sales growth from new and established products achieving our expectations.”

April 28, 2008