BRITISH drugmaker Shire has raised its earnings outlook after product sales rebounded in the second quarter, marking the success of its efforts to reap profits from its specialist drug portfolio.
Having missed market sales forecasts in May, Shire has returned to higher growth and now expects earnings to increase by a double-digit rate in 2013. Shire posted earnings per American Depositary Share (ADS) of $1.79, on a non-GAAP basis, compared with the $1.66 forecast by analysts in a company-supplied poll.
Revenue of $1.27bn was up six per cent, beating the $1.22bn the market expected.
Shares in the firm jumped to a record high and closed up 5.5 per cent yesterday at 2,339p, valuing Shire at around £12.3bn.
“We are sharpening our focus on commercial execution,” said chief executive Flemming Ornskov, noting the company’s strategy was paying off in better sales for hyperactivity drugs Vyvanse and Intuniv.