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Shire boosted by Vyvanse

UK firm outperforms expectations on strong sales of new ADHD drug

Shire, the UK's third-largest pharmaceutical company, outperformed expectations for the second quarter on strong sales of Vyvanse, its new treatment for attention deficit hyperactivity disorder (ADHD).

Revenue for the quarter hit $630m with product sales falling 21 per cent to $558m as figures for the company's older ADHD drug Adderall XR fell 77 per cent to $67m on first-quarter generic competition in the US. The company hopes that sales of Vyvanse, which rose 75 per cent to $114m in the quarter, will replace revenues for Adderall XR.

"Our core portfolio has made good progress in the quarter. We are pleased with the performance of Vyvanse as it has retained market share during the historically quieter summer vacation season in contrast to other branded ADHD treatments that have lost market share," said Angus Russell, Shire, CEO.

"We are anticipating the benefits of the back to school season for Vyvanse and are looking forward to increased sales momentum from our co-promote agreement with GSK for adult ADHD. We are also expecting further positive news flow from our pipeline during the second half of this year," he added.

Shire is starting phase II clinical trials to assess the efficacy and safety of Vyvanse in non-ADHD indications. The company's pipeline has been further strengthened by positive results from the initial trial of velaglucerase in naïve Gaucher patients. The US Food and Drug Administration (FDA) has approved a treatment protocol for early access and given the drug fast track designation.

The company has reiterated its guidance for 2009 and going forward Shire is confident that sales, bolstered by Vyvanse, will grow in the mid-teens range on average between 2009 and 2015.

5th August 2009

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