29th Apr 2016 11:15
LONDON (Alliance News) - Shire PLC reiterated its guidance for 2016, saying it had seen a "strong start" to the year as it reported a rise in pretax profit in the first quarter.
The FTSE 100 drugmaker reported a pretax profit of USD491.7 million for the first quarter, up from USD471.3 million the year before, as total revenue rose to USD1.71 billion from USD1.49 billion.
Within this, product sales rose to USD1.63 billion from USD1.42 billion.
Sales were boosted by a strong performance from Shire's key product, Vyvanse, for attention deficit hyperactivity disorder and binge eating, which saw sales of USD509.2 million in the quarter.
Shire continues to expect its product sales to increase 11% to 14% on a reported basis for 201, and between 13% and 17% on a non generally accepted accounting principles, constant currency basis.
This guidance excludes the effect of its acquisition of Baxalta Inc, expected to close in June, subject to shareholder approval. Shire said it is begun integration planning with Baxalta, and that this planning is on track.
"While we maintain our sharp focus on Shire's business, we closed the acquisition of Dyax during the quarter and we are making excellent progress with the Baxalta integration planning. Our shareholder vote is scheduled for May 27 and the closing is anticipated to follow in early June. We look forward to officially welcoming our Baxalta colleagues to Shire, and creating a global biotechnology leader focused on rare diseases and other highly specialised conditions," said Chief Executive Officer Flemming Ornskov in a statement.
On Thursday, the company a rebellion over its executive pay, as just shy of half its shareholders voted against its remuneration report at its annual general meeting. The results from Shire's meeting showed 49% of shareholders voted to reject the report, covering the pay of Ornskov and other senior Shire executives, with 51% voting in favour, meaning the resolution passed by the slimmest of margins.
Shares in Shire were up 0.1% at 4,189.00 pence Friday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Shire