Shire Pharmaceuticals has posted a solid set of results for the third quarter, with its old and new attention-deficit hyperactivity disorder treatments and rare disease drugs once again driving growth.
Net income more than doubled to $192.9 million, up 28%, while revenues increased 24% to $1.09 billion. Turnover was driven by the ADHD drug Vyvanse (lisdexamfetamine dimesylate), which grew 32% to $199.7 million, and its off-patent predecessor Adderall XR (mixed amphetamine salts) brought in $149.9 million, up 50% and well ahead of analyst estimates. Another ADHD drug, Intuniv (guanfacine), had sales of $56.1 million (+50%).
Shire’s rare diseases portfolio also fared particularly well, with Replagal (agalsidase alfa) for Fabry disease rocketing 40% to $129.0 million. Vpriv (velaglucerase alfa) for Gaucher’s disease, brought in $64.6 million, up 31%, and both these treatments are still benefitting from Sanofi-owned Genzyme Corp’s manufacturing problems with its rival therapies Cerezyme (imiglucerase) and Fabrazyme (agalsidase beta). The Hunter Syndrome therapy Elaprase (idursulfase) rose 13% to $109.6 million.
As for Shire’s other products, Pentasa (mesalamine) slipped 2% to $55.9 million, and the firm’s newer ulcerative colitis drug Lialda/Mezavant brought in $89.7 million, up 18%. Shire recently completed the acquisition of the USA’s Advanced BioHealing for $750 million and the latter’s Dermograft, a regenerative bio-engineered skin substitute for the treatment of diabetic foot ulcers, contributed $50 million.
Shire’s R&D spend was up 21% on the like, year-earlier quarter and last week the company posted positive data from a European Phase III trial of Vyvanse and the ADHD drug should be filed with the continent’s regulator by the end of the year. Also, a late-stage trial has been initiated for Vyvanse as adjunctive therapy in major depressive disorder,
The figures were hurt by a disagreement with GlaxoSmithKline over patent expiries for two drugs – Epivir/3TC and Zeffix (lamivudine), so Shire’s royalties from the products fell 57% to 17.3%. The companies “continue to hold discussions in order to clarify this issue”, Shire noted.
Despite this, the company noted that it expects second-half revenue growth to be in line with the first half, ie a 22% rise.
