Shire plc: First Quarter Results - Strong Start to the Year With Upgraded Guidance Now Including New River 4/25/2007
BASINGSTOKE, England and PHILADELPHIA, Pennsylvania, April 25, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- Shire plc (LSE: SHP, NASDAQ: SHPGY, TSX: SHQ) announces results for the first quarter 2007.
Q1 2007 Financial Highlights - Product sales up 33% to $462 million; - Total revenues up 29% to $528 million; and - US GAAP Diluted EPS up 78% and Non GAAP Diluted EPS up 39%. Matthew Emmens, Chief Executive Officer, commented:
"We've had a strong first quarter with revenue growth of 29%. The ADHD market is growing at 5% by volume and ADDERALL XR has maintained a 26% market share. DAYTRANA continues to be well accepted and to gain share. We completed the acquisition of New River Pharmaceuticals Inc. on April 19, gaining full control of the development and marketing rights for VYVANSE and the CARRIERWAVE technology platform. We are ready to launch VYVANSE and are awaiting final assessment by the Drug Enforcement Agency which we expect during June. We recently conducted in-depth market research analysis of physicians and consumers receptivity to VYVANSE and found that they viewed it as a very attractive next generation ADHD treatment that provides impressive efficacy, extended duration of action and lower abuse potential compared to other ADHD medicines.
"Our recent product launches are progressing well. Initial US marketing efforts with LIALDA for the treatment of ulcerative colitis have been very encouraging. Our treatment for Hunter syndrome, ELAPRASE, continues to grow. Through March, 291 patients worldwide were receiving treatment. In the renal area, the launch of FOSRENOL in Europe continues, and we have gained significant market shares in many countries. DYNEPO was recently launched in Germany as the first step in the staged launch of the product in Europe."