Shire's quarterly sales rise on immunology demand

Shire reported healthy sales growth in the second quarter as the biotech company pressed ahead with its acquisition by Takeda of Japan.

Product sales rose 6%, or 4% at constant currency, to $3.8bn (£2.9bn) as immunology sales rose 13% and the FTSE 100 company sold more internal medicine and opthalmics treatments.

Non-GAAP diluted earnings per American depositary share rose 4% to $3.88 as higher sales were partly offset by lower margins. Under GAAP accounting, earnings surged 154% to $2.01 per ADS as costs related to integration and acquisitions and the unwind of inventory fair value adjustments fell.

Flemming Ornskov, the Dublin-based company’s chief executive, said: "Shire continued to deliver on its key priorities of commercial execution, pipeline advancement, debt pay-down, and portfolio optimization during the second quarter. We drove product sales growth of 6% over the prior year period led by the strong performance of our immunology franchise, continued uptake of our recently launched products, and expansion in international markets.”

Shire agreed in May to be bought by Takeda for £46bn in cash and shares. The deal is due to complete in the first half of 2019.