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Shire plc the global specialty biopharmaceutical company, announces results for the three months to March 31, 2010.
Product sales $718million -5%
Product sales from core products(2) $626million +36%
Total revenues $816million –
Non GAAP operating income $265million -19%
US GAAP operating income $218million -4%
Non GAAP diluted earnings per ADS $1.01 -21%
US GAAP diluted earnings per ADS $0.89 -23%
(1) Percentages compare to equivalent 2009 period.
(2) Core products represent Shire’s products excluding ADDERALL XR.
Angus Russell, Chief Executive Officer, commented:
“This was an excellent first quarter performance with our core product sales up 36% and cash generation increasing 19% to $278 million. Despite the impact of authorised generic ADDERALL XR, total reported revenues in the quarter were at 2009 levels, reflecting our success in replenishing our portfolio with products providing strong growth and robust intellectual property. Across the business we saw significant developments: VYVANSE now has approximately a 14% share of the US ADHD market, our two recently launched products VPRIV and INTUNIV are performing well and in the EU REPLAGAL is now the leading Fabry treatment, with an estimated 60% market share.
We are investing in our growing international presence and building on our recent product launches. We are also progressing our pipeline and we expect to deliver further newsflow on our early projects later this year. Our core products are leveraging our existing infrastructure and we will continue to expand our operating margins.
Our performance in the first quarter reinforces our confidence in growing both revenue and earnings in the full year 2010 compared to 2009, and we re-iterate our aspirational target of mid-teens revenue growth on average between 2009 and 2015.”
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