Second quarter revenues up 14 per cent on Vyvanse and Vpriv
Shire's Adderall XR for ADHD
Shire posted a 14 per cent rise in second-quarter revenues to $1.21bn, due to growth in its attention-deficit hyperactivity disorder (ADHD) franchise and Gaucher disease treatment Vpriv.
Vyvanse (lisdexamfetamine dimesylate) for ADHD was the company's strongest riser - with sales up 43 per cent to $266m - while older ADHD drug Adderall XR (mixed amphetamine salts) held up fairly well in the face of US approval of the first non-licensed generic in June, dropping 9 per cent to $134m.
Rounding out Shire's ADHD franchise, Intuniv (guanfacine) continued to gain ground, rising 16 per cent to reach $69m in the quarter thanks to a price increase and greater market share.
Shire chief executive Angus Russell said he believed Adderall XR will remain competitive in 2012 despite the green light for Actavis' rival product, with a greater impact being felt in 2013.
"Whilst there is one generic entrant Shire believes that it will remain competitive in the Adderall XR marketplace," said the firm, adding that it was not aware of any other generic approvals at present.
Investors responded to the positive assessment and the firm's stock gained 7 per cent yesterday, returning to just below the prevailing share price in June, ahead of the announcement of the Actavis generic's approval.
Vpriv (velaglucerase alfa) led the charge for Shire's specialty medicines business, rising 31 per cent to $83m in the quarter despite seeing its ability to supply the US market affected by an FDA decision not to approve an additional manufacturing facility for the drug in Lexington.
Sales of Replagal (agalsidase alfa) for Fabry disease came in at $123m, up 3 per cent, while Firazyr (icatibant) for hereditary angioedema (HAE) is gaining momentum with a near five-fold increase in sales to $32m compared to a year ago, due to US approval towards the end of last year. Hunter syndrome drug Elaprase (idursulfase) was down four points to $122m.
Operating income also showed healthy growth, up 23 per cent to $420m, and Russell said the stage is set for double digit full year earnings growth in 2012, with revenue growth in the low teens.