Shire Swings to 3Q Profit, Backs Full-Year Guidance

By Maryam Cockar Features Dow Jones Newswires

Shire PLC (SHP.LN) said Friday that it swung to a profit in the third quarter of 2017 and that it backs its full-year guidance.

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For the quarter ended Sept. 30, the Dublin-based biopharmaceutical company reported net income of $551 million, compared with a $386.8 million loss in the same period a year earlier. However this was lower than the consensus estimate of $771 million net income provided by FactSet.

Total revenue increased to $3.69 billion compared with $3.45 billion last year, but this was also below the consensus forecast of $3.73 billion. Total revenue included a 7% increase in product sales of $3.53 billion from $3.32 billion last year.

Non-GAAP diluted earnings per American Depository Receipt, which strips out exceptional and one-off items, was $3.81, ahead of the consensus forecast of $3.66.

FTSE 100-listed Shire reiterated its full-year guidance of revenue between $14.3 billion to $14.6 billion and diluted earnings per share between $14.80 to $15.20.

Shares in Shire were up 9.50 pence, or 0.27%, to 3,532.50 pence at 1129 GMT.

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Write to Maryam Cockar at maryam.cockar@dowjones.com

(END) Dow Jones Newswires

October 27, 2017 08:01 ET (12:01 GMT)