Drugmaker Shire's 2Q profit climbs more than 8 pct
Shire's 2nd quarter profit climbs more than 8 pct, boosted by revenue from several drugs
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.
