Shares in Shire (LON:SHP) have advanced marginally in London in today’s session, as the company posted a rise in second-quarter sales and profits. The results come after the London-listed rare disease specialist agreed to a takeover by Japan’s Takeda Pharmaceuticals earlier this year.
As of 13:23 BST, Shire’s share price had added 0.52 percent to 4,323.50p, marginally underperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.72 percent higher at 7,755.92 points. The group’s shares have added more than one percent to their value over the past year, as compared with an over five-percent gain in the Footsie.
Shire posts Q2 results
Shire announced in a statement today that its product sales had grown six percent to $3.8 billion in the second quarter of the year, driven by its Immunology business, as well as recently launched products, and international expansion. The group’s non-GAAP net income meanwhile rose four percent to $1.19 billion, while non-GAAP diluted earnings per American depository share came in four percent higher at $3.88.
“Shire continued to deliver on its key priorities of commercial execution, pipeline advancement, debt pay-down, and portfolio optimisation during the second quarter,” the pharmco’s chief executive Flemming Ornskov commented in the statement.
Takeda takeover update
The results come amid Shire’s £46-billion tie-up with Takeda announced earlier this year, more than three years after US drugmaker AbbVie scrapped its agreed takeover of the London-listed rare disease specialist.
The FTSE 100 group noted in today’s statement that the deal with the Japanese drugmaker is expected to complete in the first half of 2019, subject to shareholder approval of both companies and additional regulatory approvals. Earlier this month, the United States Federal Trade Commission cleared the deal.