13th Feb 2014 12:32
LONDON (Alliance News) - Pharmaceutical company Shire PLC said Thursday that it expects its strong growth to continue in 2014 after reporting a 23% rise in earnings for 2013, driven by double-digit product sales growth.
The company also announced the departure of Chief Financial Officer Graham Hetherington, who will step down from the board March 1. Senior Vice President and Group Financial Controller James Bowling will be appointed as interim financial officer as the company searches for Hetherington's successor.
Shire posted revenues of USD4.93 billion for 2013, up from USD4.53 billion in 2012. Product sales rose to USD4.76 billion, from USD4.25 billion in the previous year, although royalties dropped to USD153.7 million, from USD241.6 million.
The company posted a pretax profit of USD1.69 billion, up from USD1.00 billion in the previous year. Its closely watched operating income and diluted earnings per American Depositary Receipt on a non-GAAP accounting basis came in at USD1.86 billion and USD7.66, respectively, both figures up by 23% on the year.
It raised its total dividend for 2013 to 19.93 cents per share, up from 17.33 cents per share in 2012.
Shire said that it expects Non GAAP earnings to grow at a similar level in 2014. It expects mid-to-high teens product sales growth this year, including product sales from newly acquired ViroPharma.
The company said that it expects 2014 royalties and other revenues to be around 10% to 15% lower than in 2013.
Shares in Shire were trading up 1.5% at 3,187.00 pence Thursday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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