views

Shire shrugs off fight from generic rivals

SHIRE yesterday reported second quarter revenues just ahead of expectations, as strong growth from new drugs offset a big hit from the loss of patent protection on hyperactivity pill Adderall XR.<br /><br />Britain&rsquo;s third-biggest drugmaker said quarterly sales of its previous blockbuster Adderall XR fell by 77 per cent to $67m (&pound;39.3m) as it was hit by its first quarter of generic competition in the US market from Israel&rsquo;s Teva. Chief executive Angus Russell said Shire had been braced for the decline. &ldquo;We&rsquo;re absolutely in line in the middle of our expectations for the erosion of XR,&rdquo; he said.<br /><br />New attention deficit hyperactivity disorder (ADHD) drug Vyvanse, which Shire hopes will help replace lost revenue, booked sales up 75 per cent to $114m and sales of the group&rsquo;s core products, excluding Adderall XR, rose 20 per cent.<br /><br />Net income was $44.1m, compared with a loss of $79m, or 44 cents a share, a year earlier.