29 Oct 2010
Continued excellent performance in Q3. Full year earnings expectations increased. New value in pipeline emerging
October 29, 2010 – Shire plc (LSE: SHP, NASDAQ: SHPGY) the global specialty biopharmaceutical company, announces results for the three months to September 30, 2010.
|Product sales(1)||$794 million||+32%|
|Total revenues||$874 million||+31%|
|Non GAAP operating income||$298 million||+123%|
|US GAAP operating income||$156 million||+70%|
|Non GAAP diluted earnings per ADS||$1.16||+138%|
|US GAAP diluted earnings per ADS||$0.52||+59%|
(1) Product sales excluding ADDERALL XR (“Core Product Sales”) were up 31% to $694 million. Core Product Sales at constant exchange rates (“CER”), computed by restating 2010 results using average 2009 foreign exchange rates, were up 34%.
(2) Percentages compare to equivalent 2009 period.
Angus Russell, Chief Executive Officer, commented:
“We delivered another outstanding set of results this quarter with strong revenue growth and operating leverage driving increases in Non GAAP earnings. This continued excellent performance demonstrates the overall strength of Shire’s business and the sustained execution of our strategy.
In ADHD, VYVANSE sales are up 17% and the number of new physicians prescribing INTUNIV continues to increase.
Sales of REPLAGAL have increased by 91% as we respond to the great need of our Fabry patients; we estimate that our global market share now exceeds 60%. Only seven months into the initial launch of our treatment for Gaucher patients, around 1,000 patients are now on VPRIV, representing a 16% global market share.
We’ve made progress in several significant programs in our research and development pipeline, including investigative uses of VYVANSE for adjunctive therapy in patients with Major Depressive Disorder (“MDD”). We’ve also recently completed our acquisition of Movetis NV, bringing the approved product RESOLOR to our gastro-intestinal (“GI”) portfolio, and announced the in-licence from Acceleron of a Phase 2 orphan drug for Duchenne Muscular Dystrophy.
Alongside delivery of these outstanding quarterly results, we’re building our business for the future. We’re investing to enhance the value of our product pipeline, building our international structure to maximise the global reach of our products and using our strong cash generation to complete value enhancing acquisitions and in-licenses.
We now expect to see Non GAAP earnings of up to $4.20 per ADS for the full year. This includes the financial effect of the Movetis acquisition and the DAYTRANA disposal. Looking ahead, we re-iterate our aspirational target of mid-teens sales growth on average between 2009 and 2015.”