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The Guardian - UK
The Guardian - UK
Business
Nick Fletcher

Shire soars after better than expected results

Pharmaceuticals group Shire, best known for its hyperactivity treatments, has shot to the top of the FTSE 100 after forecast-beating figures.

The company reported a 12% rise in third quarter revenues to $1.24bn and a 30% increase in income to $422m, helped by lower than expected research and development costs as it simplified its three previous divisions into one business.

It raised its estimates for the full year and is now looking for mid-to-high-teens earnings growth, compared to the double-digit growth it forecast in July. Chief executive Flemming Omskov said:

We're confident in our prospects for the longer term as we continue to execute on commercial delivery, progress our prioritized pipeline and focus on targeted M&A.

The news has sent its shares soaring 140p to £26.65.

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