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LONDON (Thomson Financial) - Shire Ltd. upped its guidance for 2008 revenue growth to at least 20 percent above year ago-levels, as it delivered a 35 percent rise in second-quarter sales.
The biopharma company had earlier forecast full-year revenue growth in the mid to high teens.
CEO Angus Russell told a newswire conference, the upgraded guidance reflected strong product sales in the first half and the momentum that this will carry into the second half. He cautioned that second-half comparisons would be more difficult because the products had done well in the same period in 2007.
Total sales for the June quarter came in at $776 million, with product sales rising 40 percent to $706 million. New product sales contributed $243 million, or 34 percent, of the total. The company reiterated its guidance that Vyvanse sales for the year would be at the lower end of a $350 million to $400 million scale.
Shire will also book costs of around $150 million to cover the discontinuation of its Dynepo kidney disease product. The company said the emergence of biosimilar generics have 'proved challenging' for Dynepo.
Overall spending on research and development will increase to $500 million, compared with guidance of $465 million to $490 million. This reflects the acquisition of its Metzym product and an increased research tempo for core products. TFN.newsdesk@thomson.com ran/jag/jh1/rw/jh1/ra COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.