Shire Plc (SHPG) posted full-year profits that were ahead of analysts' forecasts and said it could see double-digit percentage growth in 2017 earnings per share.
Shire said its 2016 operating income on a non-GAAP basis came in at $4.4 billion, up 59% from the previous year and meeting analysts' estimates. Revenues for the year were $10.886 billion, the company said, a 78% gain from 2015 and again in line with forecasts. Earnings per share on a non-GAAP basis were pegged at a fully-diluted $13.10, firmly ahead of the $12.97 consensus.
"With multiple product launches planned in 2017, we remain focused on execution and expect to generate strong topand bottom-line growth," said CEO Flemming Ornskov. "Our pipeline has never been stronger with multiple programs in Phase 3 or registration. We remain extremely optimistic about Shire's long-term growth prospects."
The U.K.-based biotech said it it forecasting fully-diluted EPS between $15.60 and $15.20 on total product sales of between $14.5 billion and $14.8 billion. It also expects to improve its gross margin by as much as 650 basis points with a 74.5% to 76.5% target for 2017.
Shire shares traded 2.85% higher at 4,713 pence each following the earnings release, trimming the three-month decline to around 2.4%. The benchmark Stoxx Europe TMI Pharmaceuticals Index has risen 5.18% over the same period.