NEW YORK (AP) -- Shire PLC said Thursday its net income rose 18 percent in the third quarter, even though increased generic competition cut into sales of its attention deficit hyperactivity disorder drug Adderall XR.
Shire also said CEO Angus Russell will retire next year. The company said Russell will be replaced by Flemming Ornskov, the chief marketing officer of Bayer. Ornskov will become Shire's CEO-designate on Jan. 2 and will take over as CEO on April 30.
Russell was promoted to CEO in June 2008. He had been Shire's chief financial officer since December 1999.
The company said its net income grew to $227.2 million, or $1.19 per American Depositary Share, from $192.9 million, or $1.02 per U.S. share. Excluding one-time items Shire said it earned $1.36 per ADS.
It said its U.S. taxes decreased compared to a year ago. Revenue rose 1 percent, to $1.1 billion from $1.09 billion.
Analysts, on average, expected the company to report net income of $1.44 per share and $1.16 billion in revenue, according to FactSet.
Shire said revenue from Adderall XR dropped fell 32 percent to $102.2 million, as sales of low-cost generic versions made by other companies grew. Revenue from a newer ADHD drug, Vyvanse, gained 24 percent to $247.1 million. Sales of the Fabry disease treatment Replagal fell 6 percent to $121.7 million and revenue from the Hunter syndrome treatment Elaprase rose 1 percent to $110.5 million.
Shire said it now expects product sales to increase about 12 percent in 2012, down from its previous estimate of growth in the mid-teens. Shire stock rose $1.27 to $86.33 in midday trading.
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