| Shire 3Q Profit beat expectations |
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30/10/2009 17:21 (21 Day 19:34 minutes ago) | |||||
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The FINANCIAL -- U.K. drug maker Shire PLC on October 30 swung to a third quarter net profit. The result beat expectations.
The pharmaceutical firm posted a third-quarter net profit of $59.6 million, or 10.9 cents a share. Last year, the firm posted a loss of $34.9 million, or 6.5 cents a share, Market Watch reported. Revenue declined to $667.0 million, from $778.6 million. Shire reiterated adjusted earnings per share guidance for 2009 of $3.00 to $3.40.
According to Reuters, Britain's third-biggest drugmaker, which saw its blockbuster drug Adderall XR face generic competition for the first time at the beginning of the second quarter, reiterated its guidance for the full year.
While Adderall XR sales dropped 74 percent to $71 million, sales of its newer hyperactivity pill Vyvanse grew 34 percent to $129 million and sales of its Hunter syndrome drug Elaprase rose 16 percent to $91 million, the same source reported. It is pinning its hopes on sales of Vyvanse as well as its specialist line of treatments for inherited diseases.
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