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Shire Q2 results outpace forecasts with 56% revenue growth

pharmafile | August 2, 2016 | News story | Research and Development, Sales and Marketing Baxalta, Shire, financial report 

Shire has announced its fiscal results for Q2 2016, reporting a strong quarter with a 56% growth in total revenues to $2.44 billion. Non-GAAP net income grew 48% to $773 million and the company reported a non-GAAP EPS per ADS of $3.38, a growth of 29% over last year.

The drug firm has outpaced analyst expectations which stood at $2.22 billion for the quarter.

The strong figures were driven by the firm’s £32 billion acquisition of Baxalta on 3 June, 2016 which accounted for 38% of the total revenue growth. Shire has now pins its predicted synergies from the deal at more than $700 million in three years, a significant rise over the $500 million it previously forecast.

The report also detailed developments in the firm’s product pipeline, including the FDA’s fast track designation for the company’s SHP626 (volixibat) for the treatment of nonalcoholic steatohepatitis with liver fibrosis announced earlier this week.

Matt Fellows

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