Shares in pharmaceutical company Shire have shot to the top of the FTSE 100 gainers after it posted 2009 results ahead of expectation and highlighted a strong demand outlook for its drugs in 2010.
Shire, whose annual results start with the modest opening line "Excellent results in a transformational year", said revenues in 2009 were unchanged at $3bn. That was ahead of a Reuters forecast for $2.8bn.
The company claimed to have "excellent" growth prospects and that its core product portfolio "currently has robust exclusivity protection."
Chief executive Angus Russell adds:
"We look forward to growing revenues and earnings in 2010 and re-iterate our aspirational target of mid-teen revenue growth on average between 2009 and 2015."
The shares are up 62p, or 4.7%, at £13.72 in late afternoon trading, having earlier hit a nine-year high.
