Shire shares slip as sales miss estimates in first full quarter with Baxalta
Shire (LSE: SHP) has billed its third-quarter results as record-breaking, but markets are less convinced as the Ireland-incorporated company’s share price has dropped by 2.1% since the figures were presented on Tuesday.
Combined product sales increased by 110% compared to the third quarter of 2015, reaching $3.32 million, due to legacy Shire products and the inclusion of drugs from Baxalta in what was the first full quarter since Shire took over the company earlier this year in a $32 billion merger.
This was still 3% below the market consensus, according to analysts at investment bank Jefferies.
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