30th Apr 2015 11:20
LONDON (Alliance News) - Shire PLC Thursday reiterated its guidance for 2015 as it posted higher earnings and an 11% rise in revenue for its first quarter to end-March, and announced the promotion of Interim Chief Financial Officer Jeff Poulton to a permanent position.
Poulton has acted as interim chief financial officer since last December.
The pharmaceutical company continues to expect non generally accepted accounting principles diluted earnings per American depositary share growth in the mid-single digits for 2015. At actual exchange rates it continues to expect low-to-mid single digit product sales growth, due to the strengthening of the US dollar.
It expects to see a lower rate of product sales growth throughout the remainder of 2015 than it saw in the first quarter due to stronger comparatives.
Its non GAAP diluted earnings per ADS rose 20% to USD2.84 in the first quarter, as revenue rose and its earnings before interest, tax, depreciation and amortisation margin, excluding royalties and other revenue, improved by one percentage point to 46%.
Revenue rose to USD1.49 billion in the first quarter, from USD1.35 billion a year before, despite a significant reduction in sales of its attention deficit hyperactivity disorder treatment Intuniv after it lost exclusivity last December. Revenue was bolstered by growth in Intuniv royalties and Sensipar, which it acquired with NPS Pharmaceuticals Inc.
The acquisition of NPS has been completed, and its integration is progressing according to plan, Shire said.
"Our continued financial performance driven by the strength of our commercial operations, focus on efficiency, and breadth of our innovative pipeline are indicators of our bright future," said Chief Executive Flemming Ornskov in a statement.
Shares in Shire are trading up 2.8% at 5,440.00 pence Thursday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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