Shire 1Q profit grows as ADHD drug sales rise

Shire 1st-quarter profit grows as sales of ADHD and genetic disorder drugs keep improving

Associated Press

NEW YORK (AP) -- Irish drugmaker Shire PLC said Thursday its profit increased 13 percent in the first quarter on greater sales of its attention deficit hyperactivity disorder drugs and treatments for rare genetic ailments.

The Dublin-based company said its income rose to $238.4 million, or $1.24 per American depositary share, from $211.3 million, or $1.11 per ADS. Revenue grew 21 percent, to $1.17 billion from $972.2 million.

Analysts were forecasting a profit of $1.48 per ADS and $1.15 billion in revenue, according to FactSet.

Shire said sales of ADHD drugs grew 24 percent to $447.1 million. Sales of its top seller, Vyvanse, increased 29 percent to $260 million. Revenue from Adderall XR was flat at $111.4 million, and Intuniv sales rose 63 percent to $68.5 million.

Revenue from genetic therapies rose 29 percent to $351.4 million. Shire said revenue from its Fabry disease treatment Replagal sales improved 28 percent to $134.4 million. Fabry disease is a rare inherited disorder caused by the lack of an enzyme needed to break down a certain type of fat. Replagal has been on the market in Europe since 2001, but the drug has not been approved in the U.S.

Shire said the Food and Drug Administration has encouraged it to seek marketing approval in the U.S., but the company said it believes the FDA would have required additional clinical studies that would have significantly delayed approval. It withdrew its application in March.

Sales of the company's Gaucher disease drug Vpriv and Hunter syndrome treatment Elapraise both grew more than 20 percent, to $71.7 million and $125.6 million respectively.

Shire also said its gastrointestinal drug sales edged up 4 percent to $158.2 million.

Shire stock gained $1.71 to $98.75 in afternoon trading.

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