Shire posts top year-end results and expects earnings to rise again in 2014
Ireland-headquartered drugmaker Shire (LSE: SHP) has recorded a rise in sales and earnings to deliver strong full-year 2013 financial results, pushing the firm’s shares up 1.8% to £31.99 in midday trading.
Product sales came in at $4,757 million, up 12% from $4,253 million in 2012, bringing total revenues to $4,934 million, up 9% from $4,527 million in 2012. The growth in product sales was offset by lower royalties and other revenues.
Non GAAP operating income was $1,860 million, up 23% from $1,509 million in 2012, and non GAAP diluted earnings per American Depository Share (ADS) were $7.66, up 23% from $6.21 in 2012. Mick Cooper, an analyst at Edison Investment Research, commented: “Shire’s double-digit sales growth and margin expansion continues to separate it from most pharmaceutical companies.”
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