Shire of the UK has posted a 35% rise in revenues to $608.7 million for the third quarter with its old attention deficit hyperactivity disorder drug Adderall XR and its follow-up Vyvanse showing much promise.
Net income fell 60.2% to $34.7 million, though the decline was principally due to $75.0 million paid out to Renovo in order to seal the rights to Juvista (human recombinant transforming growth factor beta-3), which will go into Phase III next year as an anti-scarring treatment.
Back to the sales and Adderall XR (mixed amphetamine salts) beat analysts’ estimates and rose 20% to $249.0 million, while the latter’s heir-apparent, Vyvanse (lisdexamfetamine dimesylate), launched in July, brought in $10.6 million. Chief executive Matthew Emmens said that there has been “a very positive response to Vyvanse from physicians and patients who have commented on the benefits this new chemical entity offers” and its “consistent and effective control of ADHD symptoms throughout the day”.
On a conference call, Mr Emmens said that Vyvanse is not only taking market share from Adderall XR, which will face generic competition in 2009, but also from competitors “which is very encouraging''. Shire’s shares fell sharply recently amid fears that the switch to Vyvanse was a bit slow but analysts at Morgan Stanley issued a note saying that the firm is making good progress in terms of positioning Vyvanse as a new drug with significant advantages over Adderall XR and other ADHD products, adding that “we are comfortable with the launch progress”.
As for Shire’s other treatments, the ADHD patch product Daytrana (methylphenidate), fell 5% to $9.4 million, due in part to a provision made for returns following the voluntary market withdrawal of a limited quantity of the patches. Sales of Elaprase (idursulfase) for Hunter syndrome, launched in August 2006, reached $55.1 million, while turnover from Fosrenol (lanthanum carbonate) for high blood phosphate levels soared 135% to $28.7 million, benefiting from new launches in Europe. Replagal (agalsidase alfa), for the treatment of Fabry disease, contributed $40.7 million to the coffers, up 26%, while the ulcerative colitis therapy Pentasa (mesalamine) was up 18% to $43.7 million.
Mr Emmens concluded by noting that the Basingstoke-based firm has raised its forecast for 2007 revenues, which are now expected to grow at least 30%, compared with an earlier estimate of 25% growth.