Shire ups FY earnings view; Q2 profit down on R&D expenses

Ireland-based drugmaker Shire (LSE: SHP) on Thursday raised its full-year earnings outlook while reporting a fall in second-quarter pretax profit on increased expenses.

The company said it now sees full year non generally accepted accounting principles diluted earnings per American depositary share growth in the mid-to-high single digit range.

The pharmaceutical company posted pretax profit of $119.9 million, down 65.6% from $348.8 million a year ago on the back of higher research and development costs. Revenue rose 4% to $1.56 billion from $1.50 billion.