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Shire reports strong growth during second quarter of 2017
Shire has announced its financial results for the second quarter of 2017, during which it generated a three-month sales total of $3.6 billion (2.76 billion pounds).
This represented a year-on-year topline growth rate of seven percent, with the company's immunology franchise growing by 18 percent and significant contributions generated across the firm's portfolio.
During the quarter, Shire generated positive data from a phase III pivotal trial of the new hereditary angioedema therapy SHP643, and will submit regulatory applications for the drug in late 2017 or early 2018, while the ADHD Mydayis is on track to launch in the US in September.
The firm also over-delivered on its first-year Baxalta integration cost synergies, achieving a $400 million saving compared to a $300 million target. This means the company is ahead of schedule to deliver at least $700 million in cost synergies by year three.
Dr Flemming Ornskov, Shire's chief executive officer, said: "We are focused on generating strong organic growth while continuing to deliver on our key priorities – launching more than 80 products globally by leveraging our expanded commercial platform, progressing our late-stage pipeline, integrating Baxalta, and paying down debt."
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