Shire reports 164% new products sales growth

Shire has published its financial statement for the second quarter of the 2008 fiscal year.

The company reported strong figures, driven by a 164 per cent rise in new product sales to $234 million (120 million pounds).

New product sales comprise those of Daytrana (methylphenidate ), Elaprase (idursulfase), Fosrenol (lanthanum carbonate ), Lialda/Mezavant (mesalamine) and Vyvanse (isdexamfetamine).

Total product sales for the year rose by 40 per cent to $706 million and total revenues rose by 35 per cent to $776 million.

US GAAP earnings per adjusted diluted share were equal to a loss of $0.44, compared to a loss of $9.93 per share during the comparable quarter in 2007.

The company reports it has acquired seven new products since the start of last year to aid the delivery of its long-term strategy.

It has upgraded its full-year total revenue growth guidance up to at least 20 per cent from the mid-to-high teens.

Angus Russell, chief executive officer of the company, said: “Shire continues to deliver strong growth and broaden its business in speciality biopharmaceuticals.”

He added that the company’s sales figures reflect the success of its strategy to construct a product portfolio and pipeline for the future growth of the firm.

Last week, Shire announced the appointment of Tatjana May as the chair of its corporate responsibility committee.