Shire reports record results for Q2 2014

Shire has announced its financial results for the second quarter of 2014, highlighting its double-digit growth during the period.

The company's total revenues for the three months came to a quarterly record of $1.5 billion (878.9 million pounds), which was up by 20 percent year on year. This was attributed to the strong performance of its rare diseases, neuroscience and gastrointestinal business units.

Its newly-acquired product Cinryze, which was purchased as part of Shire's takeover of ViroPharma, showed a particularly strong performance, generating product sales of $130 million.

Shire believes these results represent an important step towards meeting its target of $10 billion in product sales by 2020. Based on the data, it has chosen to raise its earnings growth guidance for 2014 into the low-to-mid thirty percent range.

The announcement coincided with news that AbbVie has agreed a 32 billion pound deal to acquire Shire, with the deal set to be completed before the end of the year.

Dr Flemming Ornskov, Shire's chief executive officer, said: "These results and our increased guidance highlight the benefits of our strategic focus on high-growth areas. This performance is a testament to the value AbbVie sees in our company."