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Shire announces strong results for Q2 2010

Biopharma company Shire has announced product sales of $764m for Q2 2010 – an increase of 37 per cent compared with Q2 2009
Global biopharmaceutical company Shire has announced product sales of $764m for Q2 2010. An increase of 37 per cent compared with the same period last year.

Sales of core products (all products excluding Adderall XR (mixed salts of a single-entity amphetamine)) increased by 39 per cent, while total revenues reached $849m – a 35 per cent increase.

Adderall XR, Shire' attention deficit hyperactivity disorder (ADHD) treatment, accounted for $80m of sales in the second quarter of 2010.

Growth was also seen across several core products including:
Vyvanse (lisdexamfetamine dimesylate) for ADHD, with sales of $148m (an increase of 30 per cent compared with the same period in 2009)
Elaprase (idursulfase) for Hunter Syndrome, with sales of $100m (an increase of 17 per cent compared with the same period in 2009)
Replagal (agalsidase alfa) the enzyme replacement therapy for patients with Fabry disease, with sales of $82m (an increase of 84 per cent compared with the same period in 2009)
Lialda/ Mezavant (mesalazine) for ulcerative colitis, with sales of $70m (an increase of 27 per cent compared with the same period in 2009)
Intuniv (guanfacine) a newly-launched product for ADHD, with sales of $51m
Vpriv (velaglucerase alfa) a new product for patients with type 1 Gaucher disease, with sales of $29m.

"This was another excellent quarter with strong performance from core product sales, up 39 per cent, driving increases in operating income and earnings per American Depositary Share (ADS). Shire is performing well on all fronts," said Shire's CEO Angus Russell.

He continued: "With cash generation of $416m during the quarter and excellent growth prospects ahead, we continue to invest in our marketed products, our pipeline and our international presence.

"This year, the pharmaceutical sector has faced the challenges of US healthcare reform, European pricing pressures and fluctuating foreign exchange levels. Shire is, however, well placed to absorb these macro factors. Our strong performance in the second quarter reinforces our confidence in growing both revenue and earnings in the full year 2010 compared to 2009 and we now see non GAAP earnings trending towards $4.00 per ADS for the full year. This includes the financial effect of the proposed acquisition of Movetis. We also re-iterate our aspirational target of mid-teens sales growth on average between 2009 and 2015."

5th August 2010

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