Days after AbbVie pulled out of its proposed $55 billion acquisition bid, Shire has shown what the US firm is missing out on by posting record quarterly revenues, up 32% to $1.60 billion.
Operating income jumped 60% to $717 million and Shire expects full-year earnings growth in the high-30% range, up from the low-to-mid-30% forecast made in the summer. Turnover was again driven by the attention-deficit hyperactivity disorder drug Vyvanse (lisdexamfetamine dimesylate), which climbed 19% to $354.9 million.
Its off-patent predecessor Adderall XR (mixed amphetamine salts) was up 17% to $95.3 million, while another ADHD drug, Intuniv (guanfacine), had sales of $96.7 million (+20%). As for Shire's rare diseases portfolio, Replagal (agalsidase alfa) for Fabry disease climbed 25% to $135.9 million, Vpriv (velaglucerase alfa) for Gaucher's disease rose 10% to $96.4 million, while the Hunter Syndrome therapy Elaprase (idursulfase) soared 31% to $168.8 million.
Pentasa (mesalamine) was up 11% to $78.3 million but the firm’s newer ulcerative colitis drug Lialda/Mezavant jumped 24% to $176.6 million. Shire also benefited from the hereditary angioedema drug Cinryze (C1 inhibitor [human]), acquired through its purchase of ViroPharma. It contributed $145.1 million, up 36%, while Shire's other HAE drug Firazyr (icatibant) leapt 57% to $98.4 million.
Top ten drugs deliver double-digit growth
Chief executive Flemming Ornskov noted that “we have seen strong sales performance across our portfolio with all of our top ten products delivering double digit growth in the quarter”. He added that the results “are a testament to our ability to drive top-line growth and our continued emphasis on operational discipline”.
Earlier this week, AbbVie walked away from its merger with Shire, blaming the US Treasury's changes to rules designed to stop American companies using foreign takeovers as a means to lower their taxes. However the Ireland-domiciled group received a $1.64 billion break-up fee to soften the blow.
Mick Cooper, an analyst at Edison Investment Research, said the results highlight that the firm “has a bright future without Abbvie, there are few pharma companies that can boast the level of growth that Shire consistently delivers”.