Shire reports 19% third-quarter revenue growth over 2005; cash at $984.8 million

By Jennifer Lanning Drey

Portland, Ore., Oct. 27 - Shire plc reported third-quarter revenues of $449.4 million, demonstrating 19% growth over the comparable quarter in 2005, according to a company news release.

Cash inflow from operations for the third quarter was $82.1 million, compared to $39.1 million during the same period in 2005.

Cash, cash equivalents, restricted cash and short-term investments at Sept. 30 totaled $984.8 million, compared to $694.0 million in 2005, according to the release.

Shire said its attention deficit hyperactivity disorder (ADHD) franchise gained record marketshare during the quarter, and the company expects to see an additional 6% to 8% growth in the ADHD market in 2007, Matthew Emmens, Shire's chief executive officer, said Friday during the company's quarterly earnings call.

Sales of Shire's Daytrana patch, launched three months ago, and a strong performance by Adderall XR contributed to the growth, he said.

Shire has submitted a New Drug Application to the Food and Drug Administration for SPD465, a 16-hour treatment of ADHD in the adult population, and the application has a Prescription Drug User Fee Act date of May 21.

"It's our strategy to have a number of products in the ADHD market to remain a leader in this area going forward and have it contribute while we build other areas of the business to better balance our business beyond ADHD," said Emmens.

In particular, Shire is advancing its pipeline in human genetic therapies and has completed proof of concept studies on enzyme replacement therapies for Sanfilippo syndrome, metachromatic leukodystrophy and Hunter syndrome, according to David Pendergast, president of human genetic therapies at Shire.

"These projects are sizable for our space," said Emmens.

Shire expects to enter the clinic with the Hunter syndrome treatment in 2007 and the other two human genetic therapies in 2008.

The company is also preparing to launch additional products before the end of the year and in the first half of 2007, including Elaprase and Dynepo in Europe, NRP104 in the United States, and Mesavance in both the United States and Europe.

Shire reported GAAP net income of $87.2 million for the third quarter, compared to a GAAP net loss of $630.7 million in the third quarter of 2005, according to the news release.

Shire is a London-based pharmaceutical company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.