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Home Industry News Shire Pharmaceuticals spends $624m on R&D as revenues up

Shire Pharmaceuticals spends $624m on R&D as revenues up

4th November 2005

Shire Pharmaceuticals has said it lost $624 million in the third quarter due to a $673 million write-off of the acquired Transkaryotic Therapies’ (TKT) research and development business.

Announcing its unaudited quarterly results up to September 30th the UK pharmaceutical firm said revenues rose nine per cent to $376.1 million while royalties were up seven per cent to $60.2 million

Chief executive officer, Matthew Emmens, said: “Our achievements during this quarter reflect a commitment to grow our underlying business while expanding our portfolio of new products.

“The successful acquisition of TKT expands our therapeutic offerings into the promising area of human genetic diseases, and brings us closer to achieving our objective of rolling out six new products in the US and Europe by the end of 2006.”

A producer of drugs for the treatment of attention deficit hyperactivity disorder (ADHD) Shire said it had made “significant steps” in enhancing its product portfolio and has filed a “Citizen Petition” (a freely made petition to the US Federal Drugs Administration to change or create an Agency policy or regulation) to protect Shire’s US patent ‘768 from infringement.

Looking forward, the company will file the drug NRP104 for ADHD with the FDA by the end of the year and will also file I2S for Hunter syndrome with the FDA and the European Medicines Agency (EMEA).

Fosrenol for hyperphosphatemia will be launched in Europe by the end of the year and this together with six new product launches next year will push up sales, general and administrative (SG&A) costs to $700 million, including new spend on sales representatives.

Based in Basingstoke, Shire focuses its business on central nervous system (CNS), gastrointestinal (GI), general products (GP) and human genetic therapies (HGT) – all being areas in which Shire has a commercial presence.

Shire said it believes a carefully selected portfolio of products with a strategically aligned and relatively small-scale sales force will deliver strong results.

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