Shire reports 24 percent revenue growth
31 October 2011 00:00 in Pharmaceutical Company Financials
Shire's revenues increased by 24 percent to $1.09 billion (680.8 million pounds) in the third quarter, according to the firm's latest financial results.
Product sales went up by 28 percent to $1.02 billion during the three months to September 30th, with chief executive Angus Russell hailing a strong quarter for the biopharmaceutical company.
"We're on track to deliver significant 2011 earnings growth," he said.
Shire reported strong sales of its rare disease treatments during the period, while its Dermagraft product for diabetic foot ulcers contributed sales of $50 million.
In addition, the company's ADHD treatments gained market share in the US as children returned to school.
Mr Russell added: "We anticipate that this will be another very good year for Shire as we deliver strong sales and continue our investment programme."
The chief executive said third-quarter investment in the firm's research and development programmes was 21 percent higher than in the corresponding period last year.
Commenting on the results, analysts at Morgan Stanley told Reuters that the figures were evidence of Shire's "robust earnings power".
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