Shire edges higher on better-than-expected earnings, though sales miss

Ireland-headquartered Shire (LSE: SHP) saw its shares close up 1.5% at 3,576.57 pence on Friday, after the company posted third-quarter 2017 earnings that beat expectations.

The rare diseases specialist said product sales rose 7% to $3.5 billion in the three months, due largely to the 32% sales growth in the immunology franchise, but still falling short of Street forecasts. Four analysts surveyed by Zacks expected $3.76 billion. Total revenues were $3.7 billion, also up 7%.

Non-generally accepted accounting principles (GAAP) net income was $1.16 billion, a rise of 20%, and net income came in at $551 million for the quarter, after reporting a loss in the same period a year earlier. Non-GAAP earnings per share of $3.81 were up 20%, and well ahead of the $3.69 a share analysts had expected on average.