Shire Plc (SHPG:US), the world’s biggest maker of drugs for attention deficit disorder, said second-quarter profit rose 7.6 percent, helped by a widening market for its top-selling product, Vyvanse.
Earnings excluding some items climbed to $452 million, or $1.79 per American depositary share, from $420 million, or $1.68, a year earlier, Shire, which has management offices in Basingstoke, England, said today in a statement. Analysts predicted $1.64 per ADS, the average of 12 estimates (SHPG:US) compiled by Bloomberg.
Shire reiterated a forecast for percentage growth in product sales this year to be in the mid-to-high single digits. Earnings will increase by double digits, the company said.
Since taking over in May, Chief Executive Officer Flemming Ornskov has been boosting the company’s sales force in anticipation of a growing market for its best-selling drug, Vyvanse for ADHD. The CEO has said he plans to restore a “significant” portion of the 150 U.S. sales jobs cut last year to cope with demand for Vyvanse as generic copies threaten sales of Shire’s Adderall XR and Intuniv drugs for ADHD.
Shire rose 2 percent to 2,261 pence as of 12:10 p.m. in London. Before today, the stock had gained 25 percent including reinvested dividends since Oct. 25, the day Shire said Ornskov would succeed Angus Russell as CEO.
Revenue, which includes royalties and product sales, climbed 6 percent to $1.28 billion, beating the average estimate of $1.21 billion.
Vyvanse sales climbed 13 percent to $300 million.
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