Shire ups profit forecast on back of positive 2nd-qtr results

2 August 2016

Shares in Anglo-Irish drugmaker Shire Pharmaceuticals (LSE: SHP) rose 2.8% after the company upgraded its profit forecasts on the back of positive second quarter results.

The company reported a 57% increase in total revenue to $2.4 billion, compared to forecasts of $2.23 billion, while product sales grew 58% to $2.3 billion.

The increases were driven largely by Shire’s $32 billion acquisition of Baxalta in June.

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