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Shire revenues increase on ADHD franchise strength

Vyvanse and Adderall XR growth see annual revenues top $4bn for first time

Revenues at Shire topped the $4bn level for the first time in 2011, thanks to a surge in sales of its portfolio of drugs for attention deficit hyperactivity disorder (ADHD).

Fourth-quarter sales came in at $1.1bn, a 23 per cent gain on the same period of 2010, while operating profit was up 55 per cent at $304m as revenue growth outstripped Shire's spending on R&D and other corporate costs.

Leading sales growth at the company were ADHD drugs Vyvanse (lisdexamfetamine dimesylate) and Adderall XR (mixed amphetamine salts).

Vyvanse grew 20 per cent in the quarter to $217m, while its forerunner Adderall XR continued to do well with a 40 per cent advance to $125m despite no longer being patent protected.

Rounding out the ADHD portfolio, Intuniv (guanfacine) for managing the side effects that can occur with stimulant ADHD therapy grew 52 per cent to $65m.

In a statement, Shire chief executive Angus Russell said that Vyvanse and Intuniv "significantly outpaced the 10 per cent growth of the US ADHD market".

Shire also benefited from sales of Gaucher disease therapy Vpriv (velaglucerase alfa) and Fabry disease drug Replagal (agalsidase alfa), both of which have benefited from manufacturing problems affecting rival products from Sanofi's Genzyme unit.

For the full year, Replagal sales grew 35 per cent to $475m, although there are signs that its opportunistic growth may be slowing in the fourth quarter (up 11 per cent) as Genzyme manages to bring additional Fabrazyme capacity online.

Likewise, Vpriv advanced 79 per cent to $256m for the full-year, and was up 17 per cent to $69m in the fourth quarter.

Among Shire's other products, ulcerative colitis drug Lialda/Mezavant (mesalazine) brought in $96m, up 14 per cent, while its recently-acquired Dermagraft bio-engineered skin substitute for the treatment of diabetic foot ulcers contributed $53m, up from $50m in the third quarter.

Shire is expecting sales growth in "low to mid teens range" in 2012, despite some erosion due to patent losses on older products, with a 10-12 per cent increase in spending on R&D and selling, general and administration costs.

"We expect 2012 to be a year of good earnings growth," said Russell.

10th February 2012

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