Shire reports strong momentum in second quarter of 2016

Shire has reported year-on-year total revenue growth of 56 percent during the second quarter of 2016.

The company was able to achieve a revenue total of $2.43 billion (1.82 billion pounds) thanks to a 19 percent year-on-year increase in sales of legacy Shire products, as well as a 12 percent rise in legacy Baxalta product sales.

During the quarter, Shire achieved significant progress on the integration of Baxalta and has updated its operating cost synergy expectations, which have been revised upwards by 40 percent to at least $700 million by the third year after the deal's closure.

The company was also able to achieve regulatory milestones for a number of important new therapies, including Xiidra, Onivyde and Cuvitru.

Dr Flemming Ornskov, chief executive officer of Shire, said: "We remain resolutely focused on achieving our goals, and I am very confident that Shire will continue to deliver strong growth as we integrate Baxalta and advance our combined portfolio of products."

The merger of Shire and Baxalta was completed in June 2016, with the combined business ranking as the world's leading biotechnology company focused on rare diseases and other highly specialised conditions.