Shire plc (SHPG) Misses Q3 EPS by 4c
- S&P little changed as energy weighs but financials edge up
- Nestle Said Examining Takeover of Mead Johnson (MJN) - Source
- Fed's Yellen says 'makes sense' to gradually raise interest rates
- UPDATE: Fed Beige Book: Wages gain modestly in most areas amid tight job market
- Mallinckrodt (MNK) Announces FTC Settlement
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
Shire plc (NASDAQ: SHPG) reported Q3 EPS of $3.17, $0.04 worse than the analyst estimate of $3.21. Revenue for the quarter came in at $3.45 billion versus the consensus estimate of $3.57 billion.
- Very strong launch results for XIIDRA; 64,732 scripts written through October 21, with a market share of 16%.
- Product sales growth of 110% in Q3 2016 to $3.3 billion, driven by record legacy Shire product sales and the inclusion of legacy Baxalta franchises.
- Underlying growth in Q3 2016 hematology and immunology businesses largely in line with overall market trends; pro forma sales growth of legacy Baxalta products impacted by the timing of large orders.
- Q3 2016 year to date growth for legacy Shire product sales was 15% (16% on a Non GAAP CER basis) and legacy Baxalta was 7% on a pro forma basis (8% on a Non GAAP CER pro forma basis), in line with our expectations.
- Operating expense synergy initiatives ahead of schedule, including manufacturing footprint optimization review.
- Sharp focus on transitioning legacy Baxalta products onto Shire’s commercial platform and operating execution.
- Issued $12.1 billion aggregate principal debt at a weighted average interest rate of 2.6%; net proceeds used to fully repay bridge facility for financing Baxalta transaction.
- Pipeline continuing to deliver with U.S. Food and Drug Administration (FDA) approval of CUVITRU, and European Commission (EC) Marketing Authorization for ONIVYDE accompanied by Orphan Drug Designation.
- Fully enrolled Phase 3 study for SHP643 in prophylaxis of hereditary angioedema with results expected in the first half of 2017.
- FDA resubmission of SHP465 for the treatment of ADHD on track to be made in Q4 2016.
Shire plc sees FY2016 EPS of $12.70-$13.10, versus the consensus of $12.98. Shire plc sees FY2016 revenue of $10.8-11.0 billion, versus the consensus of $11.41 billion.
For earnings history and earnings-related data on Shire plc (SHPG) click here.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Goldman Sachs (GS) Tops Q4 EPS by 26c
- Target (TGT) November/December Comps Fell 1.3%; Lowers Guidance
- Hancock Holding (HBHC) Tops Q4 EPS by 3c
Create E-mail Alert Related CategoriesEarnings, Guidance
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!