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Drugmaker Shire's 2Q profit climbs more than 8 pct

The Associated Press

Shire PLC's second-quarter earnings climbed more than 8 percent, as the Irish drugmaker beat expectations and reaped double-digit percentage increases in revenue from several of its top products.

The company said Thursday it earned $258.1 million, or $1.36 per American Depositary Share, in the three months that ended June 30. That compares to net income of $237.8 million, or $1.24 per ADS, in last year's quarter.

Adjusted earnings were $1.79 per ADS.

Total revenue climbed 6 percent to $1.27 billion.

Analysts surveyed by FactSet expected, on average, earnings of $1.65 per ADS on $1.22 billion in revenue.

Shire's U.S.-traded shares climbed 3.8 percent, or $3.93, to $106.45 in Thursday morning trading.

The company said revenue from its top-selling drug, the attention deficit hyperactivity disorder medication Vyvanse, climbed 13 percent to $300 million in the quarter. Sales of its Hunter syndrome treatment Elaprase rose 22 percent to $149 million.

Revenue from the ulcerative colitis drugs Lialda rose 46 percent to $138 million due in part to new U.S. managed care contracts.

That growth helped balance the continued decline in sales from the Fabry disease drug Replagal. Its revenue slipped 7 percent to $114 million in the quarter.

For the full year, Shire expects double-digit growth in adjusted profit and product sales growth in the mid-to-high single digits.

Analysts expect earnings per share of $6.71, up 10 percent from last year's $6.10 per share. Full-year sales are estimated to hit $4.92 billion, according to FactSet, up 5 percent from 2012.