@@@@@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.
Looks like that $142 prices target could be justified with results like these.
@@@@STRONG RESULTS DEMONSTRATING GOOD PROGRESS
Product sales +13% - with eight of our products delivering double digit growth in the quarter - including VYVANSE® (+21%), LIALDA®/MEZAVANT® (+36%) and FIRAZYR®(+107%)
Non GAAP operating income +30% reflecting strong operating leverage
Non GAAP earnings per ADS +30%
Non GAAP cash generation +36%
Guidance increased to mid-to-high teens Non GAAP earnings growth for the full year in 2013