11th Feb 2016 12:21
LONDON (Alliance News) - Shire PLC Thursday said it expects to see double digit topline growth in 2016, after it reported earnings ahead of its guidance for 2015.
The pharmaceutical giant reported non generally accepted accounting principles diluted earnings per American depositary share growth of 10% to USD11.68, ahead of the USD10.60 it reported the year before, and beating its own guidance of mid-to-high single digit growth.
The company reported a pretax profit of USD1.39 billion, down from USD3.33 billion a year before, mostly as a result of having receiving a break fee of USD1.64 billion the year before as a result of the company's terminated deal with AbbVie Inc.
This was on revenue of USD6.42 billion, up from USD6.02 billion a year before.
Shire proposed a final dividend of 22.16 cents per share, taking its total dividend for the year to 26.37 cents, up from the 22.92 cents it paid in 2014.
For 2016 the company said it expects to report non GAAP earnings per ADS growth in the 7% to 10% range in 2016. This guidance includes the company's acquisition of Dyax, but not its acquisition of Baxalta which is expected to close in mid-2016.
It also expects to see product sales increase by 11% to 14% on a reported basis.
"Our continued focus on innovation has resulted in Shire entering 2016 with the most robust pipeline in its history, now with 14 programs either in Phase 3 or Phase 3 ready, and with the acquisition of Dyax and the planned combination with Baxalta, we are positioned for global leadership in rare diseases," said Chief Executive Officer Flemming Ornskov in a statement.
Shares in Shire were up 1.6% at 3,624.00 pence on Thursday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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