Shire announces 29% increase in first-quarter revenues

Shire has announced its results for the first quarter of the 2007 fiscal year, with the firm reporting a 29 per cent increase in total revenues to $528 million (263.57 million pounds) compared to the same quarter in 2006.

This revenue growth was driven by a 33 per cent rise in product sales to $462 million, while net income for the quarter increased from $61.1 million last year to $112.7 million in 2007, with diluted earnings per ordinary share rising from $0.12 to $0.213.

During the quarter, Shire completed its acquisition of New River Pharmaceuticals for a total cost of approximately $2.6 billion, with this purchase funded by the private placement of new ordinary shares, a loan and the company’s cash resources.

Matthew Emmens, chief executive officer at Shire, said: “We’ve had a strong first quarter with revenue growth of 29 per cent.

“We completed the acquisition of New River Pharmaceuticals on April 19th, gaining full control of the development and marketing rights for Vyvanse and the Carrierwave technology platform.”

He added that the company’s analysis of market receptivity to Vyvanse found that physicians and patients saw the potential efficacy, longer duration of action and reduced possibility of abuse as “attractive” for an attention deficit hyperactivity disorder treatment.

In February 2007, Shire reported that its acquisition of New River Pharmaceuticals would facilitate the realisation of the full economic value of Vyvanse.