Shire earnings down on TKT acquisition

The UK drugmaker Shire saw second-quarter 2006 product sales rise 7% to $376.0 million, with total revenues up 3% to $439.1 million. Net income was $61.3 million ($74.5 million on a non-generally-accepted accounting principles basis), down from $109.9 million in the like quarter of 2005, impacted by costs of some $13.2 million, mostly as a result of the $1.6 billion acquisition and integration of Transkaryotic Therapies (Marketletters passim). Earnings per share were $0.36 versus $0.66).

The results were in line with expectations and the shares moved up 2 pence to 840 pence the day they were released, July 28. Shire said it expects full-year 2006 revenue growth to be in the low double-digit range.

Sales of Shire's attention-deficit hyperactivity disorder agent Adderal XR (mixed amphetamine salts) grew 7% to $220.7 million, while the hyperphosphatemia drug Fosrenol (lanthanum) fell 38% to $6.2 million.