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news.Shire has posted improved revenues but lower profits for the second quarter of 2006, on the back of increased operating costs.
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For the three months to June 30, 2006 product sales increased by 7% to
$376 million, compared to $351.6 million in Q2 2005. This was driven by Adderall XR sales, which reached $220.7 million for the three months to June 30 2006, representing an increase of 7% compared to the same period in 2005.
However, operating income fell from $109.9 million, or 22 cents a share, in Q2 2005 to $61.3 million, or 12 cents a share, in Q2 2006.
The company reiterated that its earnings for 2006 are expected to be affected by costs associated with the continued development and launch of five new products, including Daytrana, in 2006 and H1 2007, in addition to the roll-out of Fosrenol across Europe and the new higher strengths of Fosrenol in the US.
Shire said it expects 2006 revenue growth to be in the low double-digit range, based on the assumption that a generic version of Adderall XR will not be launched onto the market during 2006.