Shire makes strong start to 2011

Shire has posted a 22 per cent increase in first-quarter operating income, under Generally Accepted Accounting Principles, to $267m.

The company reported that total revenues for the period were up by 19 per cent to $972m in Q1, but increased sales were partially offset by lower royalties, due to lower royalty income from Impax Laboratories' authorised generic version of ADDERALL XR.

The company said: "For the full year 2011 we continue to expect good product sales growth, in line with the growth rate achieved in 2010, driven by our young product portfolio, offsetting the impact of the sale of DAYTRANA last year. We expect total royalty and other revenues to be down 10 per cent compared to 2010. Gross margins we anticipate being at a similar percentage of product sales for the full year 2011 as seen in the first quarter."

It said that it has identified opportunities for future growth both by advancing its pipeline and continuing the international expansion.