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Shire's Q3 net profit doubles

Net profit for Shire recovers from payment to Acceleron and impairment charges relating to the divestment of Daytrana

Shire has recorded a net profit of $192.9m for the third quarter of 2011 – an increase from 2010 of 100 per cent.

Last year, the Ireland-based pharmaceutical company made $96.3m after being hit by payments to Acceleron Pharma and impairment charges related to the divestment of ADHD treatment Daytrana (methylphenidate).

Discounting the one-off charges, as well as other measures specified by the company, net profit was still up, increasing from $220.3m in 2010 to $244.7m in 2011.

This was bolstered by a strong sales performance, with total revenues for Shire increasing 24 per cent to $1.09bn.

Products that performed particularly well in the quarter included ADHD treatments Vyvanse (lisdexamfetamine) and Adderall XR (amphetamine, dextroamphetamine mixed salts).

Vyvanse made $199.7m, an increase in sales of 32 per cent, while Adderall XR made $149.9m, an increase of 50 per cent.

Angus Russell, CEO of Shire, said: "The investment in our product portfolio is already delivering benefits and we believe our R&D pipeline will provide important therapies to patients around the world.

"Overall, we've increased investment in our R&D programmes by 21 per cent compared to Q3 2010, and still generated good earnings growth and strong cashflows."

31st October 2011

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