BASINGSTOKE, England and PHILADELPHIA, November 1 /PRNewswire-FirstCall/ -- Shire plc (LSE: SHP, NASDAQ: SHPGY, TSX: SHQ) the global specialty biopharmaceutical company announces results for the third quarter 2007.
Q3 2007 Financial Highlights
- Product sales up 41% to $543.1 million;
- Total revenues up 35% to $608.7 million;
- Net cash provided by operating activities up 51% to $123.7 million; and
- 2007 revenue growth now expected to be at least 30% (Q2 guidance: at least 25%).
Matthew Emmens, Chief Executive Officer, commented:
"We've delivered another strong set of financial results with product sales up 41%, reflecting good performance across all areas of our business. We have continued to execute on our strategy as a specialty biopharmaceutical company and made significant progress with all of our product launches.
Our leading ADHD franchise continues to grow, capturing over 30% of the US market by September 30 following the success of our VYVANSE launch. There has been a very positive response to VYVANSE from physicians and patients who have commented on the benefits this new chemical entity offers and in particular, the consistent and effective control of ADHD symptoms throughout the day. The launch is in line with our expectations and we remain confident about the long term potential of VYVANSE.
We also continue to see good results in other areas of our portfolio. ELAPRASE, for the treatment of Hunter syndrome, continues to benefit more patients and enter new markets. LIALDA, our once-daily ulcerative colitis medicine is progressing very well in the US, capturing market share both through new patients and from competitor products. Shire's GI franchise now has more than 23% of the US oral 5-ASA market. We are now preparing for the first European launches of this product.
Earlier this year we gave revenue guidance of at least 25% growth. With
another strong quarter behind us we now anticipate
|SOURCE Shire plc|
Copyright©2007 PR Newswire.
All rights reserved