Shire posts strong quarter results
pharmafile | August 2, 2012 | News story | Sales and Marketing | ADHD, Adderall XR, Pfizer, Q2, Shire, results
Shire has posted a set of healthy financials for the second quarter, buoyed by its ADHD and rare drug portfolio.
The Irish-based biotech posted a 16% increase in product sales, reaching $1.15 billion.
This growth came from ADHD drug Vyvanse, which grew an impressive 43% at constant exchange rates, up to $266.2 million.
Its newer ADHD drug Intuniv also did well, racking up $69.1 million in sales, growing 16% on last year.
But Shire’s ageing ADHD drug Adderall XR was down 9% to $134 million – this would soon be further eroded as the drug succumbs to generic pressure in the US.
Gaucher’s disease drug Vpriv saw 31% growth to reach $82.7 million, as Shire continues to capitalise on competitor Genzyme’s long-standing manufacturing issues with its drug Cerezyme.
But there is now increased competition in the Gaucher disease market, despite being aimed at a very rare disease.
Pfizer entered the market earlier this year with its Gaucher disease drug Elelyso, which is priced lower than its rivals – this could see Shire engage in a pricing war Pfizer, or start to lose market share.
Angus Russell, Shire’s chief executive, said: “The ADHD market in the US is maintaining healthy growth; our lead products Vyvanse and Intuniv both increased share and we’re advancing our plans for the continued international rollout of both these products.
“Although of decreasing importance in our ADHD portfolio [as it loses patent protection], we believe that branded Adderall XR will remain competitive in the US marketplace despite the approval of a new generic product.”
Russell said that his firm would continue its ‘disciplined approach’ to invest in a range of late-stage opportunities in its pipeline, as well as other business development opportunities to help increase its future revenue stream.
He added that Shire was on track to deliver double-digit full year earnings growth in 2012.
“Our objective is to deliver sound earnings growth in 2013, and increased growth beyond that, driven by our young and diversified product portfolio and the significant market opportunities we have identified,” he concluded.
Ben Adams
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