Shire highlights positives of Q1 2013 performance

Shire has announced its financial results for the first quarter of 2013, during which it achieved a revenue total of $1.16 billion (746.55 million pounds).

This represented a slight decline of one percent on Q1 2012, although product sales rose by one percent over the same time frame, thanks to increased demand for drugs such as Vyvanse, Intuniv, Lialda, Vpriv and Firazyr.

During the period, the company expanded its business capabilities with the acquisitions of Lotus Tissue Repair, Premacure and SARcode BioSciences, while it is also streamlining the structure of the business.

The firm will also be prioritising investment in innovative late-stage pipeline assets and expanding its presence in emerging markets in order to deliver a level of growth in 2013 that exceeds the industry average.

Dr Flemming Ornskov, chief executive officer at Shire, said: "I am excited by the potential opportunities for delivering even greater value to Shire's patients and shareholders and I look forward to updating you in the many quarters to come."

This represents Dr Ornskov's first fiscal quarter at the head of Shire, having succeeded Angus Russell as chief executive on January 2nd.