Shire hikes Q3 profits and voices confidence
Shire Pharmaceuticals posted higher third quarter profit and said it was confident of prospering as an independent company after US group Abbvie dropped its takeover bid.
AbbVie Inc
$160.45
10:57 08/05/24
FTSE 100
8,354.05
16:50 08/05/24
Shire Plc
4,690.00p
16:39 08/01/19
Shire said non-GAAP operating income rose 60% to $717m on a 32% lift in revenue to $1.6bn and a 33% increase in product sales to $1.55bn. Non GAAP diluted earnings per share also lifted 60% to $2.93.
Abbvie dropped its bid for Shire earlier this month after deciding that new US regulations stopping companies moving their bases abroad to cut their tax bills had made the deal unattractive.
Chairman Susan Kilsby said: "Shire is well-positioned for future growth as we implement our plan to double product sales to $10bn by 2020.
"I am confident that Shire, as an independent company, will deliver long-term value to our shareholders and improved results for patients."
Chief executive Flemming Ornskov said: ""Our third quarter results demonstrate our exceptional track record of delivering value and growth."
Shares rose 85p to 3,980p by 12:14 in London.