Shire 4Q Profit Up 23% As Drug Sales Offset Generic Losses
February 19 2010 - 7:52AM
Dow Jones News
U.K. drug maker Shire PLC (SHP.LN) Friday reported a 23% rise in
fourth quarter profit, as strong sales of newer drugs offset a
decline in sales of a big seller now losing ground to generic
competition.
The company, the U.K.'s third biggest pharmaceutical company by
market capitalization, said it expects to grow revenue again in
2010, when it is scheduled to launch six new drugs in the U.S.,
Europe and elsewhere.
The company reported a fourth quarter net profit of $174.3
million, compared to a profit of $141.3 million a year earlier.
Revenue increased 17% to $893.3 million, helped by higher royalty
income from sales of authorized generics of hyperactivity drug
Adderall XR and a 36% rise in sales of core products including
Vyvanse, also for hyperactivity, and rare disease medicines
Elaprase and Replagal.
The company said U.S. regulators are scheduled to give their
verdict on approval for velaglucerase alfa, a drug for Gaucher
disease now known as Vpriv, at the end of February.
At 1214 GMT, Shire shares were 19 pence or 1.5% higher at 1,329
pence, outperforming a 0.2% lower FTSE 100 index.
-By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272;
jason.douglas@dowjones.com
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