2/9/2012 8:36 AM ET
(RTTNews) - Specialty pharmaceutical company Shire plc (SHP.L: News ,SHPGY: News ) on Thursday said profit in the fourth quarter increased significantly from last year, amid strong demand for its attention deficiency drugs. Adjusted earnings and revenues topped Wall Street view. The company continues to see earnings growth in 2012 and expects approval for a U.S. plant shortly.
Net income for the quarter increased to $263.7 million from $173.5 million in the same quarter last year. Earnings per ADS climbed to $1.33 from $0.88.
Adjusted earnings per ADS increased to $1.51 from $1.03 last year. On average, 14 analysts polled by Thomson Reuters expected the company to report earnings of $1.37 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues grew to $1.14 billion from $931.2 million in the prior year quarter. Analysts had a revenue consensus of $1.13 billion for the quarter.
During the quarter, attention deficiency disorder drugs Vyvanse and Intuniv increased sales by 20 percent and 52 percent, respectively. For the year, Vyvanse experienced higher prescription demand and increase in its market share.
VPRIV for Gaucher disease saw a sales growth of 17 percent in the quarter while Fabry disease drug
Replagal grew revenues by 11 percent.
Shire benefited from production disruptions at French drugmaker Sanofi's (SNY) Genzyme unit, which also makes drugs for rare diseases. Shire has applied to regulatory authorities for the production of Vpriv in its new manufacturing facility in Lexington, Massachusetts. The company said today that it expects regulatory approval in early 2012.
For the full year, profit increased to $898.6 million from $621.5 million. Earnings per ADS climbed to $4.53 from $3.15. Adjusted earnings per ADS totaled $5.34. Total revenues advanced to $4.26 billion from $3.47 billion. Wall Street expected earnings of $5.22 per share on revenues of $4.25 billion.
For the six months to December 31, 2011, the Board has resolved to pay an interim dividend of 12.59 US cents per ordinary share, compared to 10.85 US cents per ordinary share in 2010.
Shire expects good earnings growth in 2012. Analysts expect the company to report earnings of $6.04 per share for fiscal 2012.
SHPGY, which closed at $103.43, is losing 1.2 percent in pre-market trading.
SHP.L is currently trading at 2,176 pence, up 0.09 percent, on 1 million shares.
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by RTT Staff Writer
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