U.S.-traded shares of Shire PLC jumped Wednesday morning after the Irish drugmaker said its second-quarter net income climbed 16 percent as sales growth from drugs like Vyvanse pushed revenue.
The Dublin-based company said revenue from Vyvanse, an attention deficit hyperactivity disorder treatment and Shire's top seller, climbed 43 percent to $266 million in the three months that ended June 30 due to growth in the U.S. market and price increases.
Sales of an older treatment, Adderall XR, fell 9 percent to nearly $134 million, but Shire said the drug should remain competitive in the U.S. market despite new competition from cheaper generic drugs. Revenue from another ADHD treatment, Intuniv, grew 16 percent to $69.1 million in the quarter.
The company also reported $52 million in revenue from Dermagraft, a treatment for diabetic foot ulcers that it acquired at the end of last year's second quarter.
Overall, Shire earned $237.8 million, or about $1.24 per American Depositary Share, or ADS, in the quarter. That compares to net income of $205.5 million, or $1.08 per ADS, in last year's quarter. Adjusted earnings were $1.68 per share in this year's quarter.
Total revenue rose 14 percent to $1.21 billion.
Analysts surveyed by FactSet expected, on average, earnings of $1.50 per share on $1.19 billion in revenue.
The company also said its operating expenses rose 16 percent to $905.6 million in the second quarter, as research and development and selling, general and administrative expenses grew.
Shire's American Depositary Shares climbed 7.4 percent, or $6.41, to $92.59 Wednesday morning, while broader trading indexes edged up less than 18 percent.