International drug company
Shire Pharmaceuticals Group
was trading up 13% after it beat analysts' first-quarter estimates on the success of its attention deficit hyperactivity disorder drug Adderall XR.
The company said its first-quarter operating income was $72.9 million, or 33 cents a share, up from $52.5 million, or 25 cents a share, in the year-ago period. Analysts polled by Thomson Financial/First Call had been expecting 30 cents a share.
Revenues were up 30% to $243.2 million, from $187.7 million last year, ahead of analyst estimates of $241.97 million.
The company said its ADHD drugs Adderall XR and Adderall had combined sales of $108.0 million, up 54% from last year, and the drugs captured 31% of the ADHD market share. In a press release, Shire said Adderall has "delivered strong first-quarter growth," but the introduction of a generic version in February of this year has reduced sales in the short term. Shire believes the ADHD market is moving to once daily medication, so Adderall XR should continue to sell at record levels.
Looking ahead, the company expects to see 2002 full-year revenue growth in the low to mid-teens and EPS of about $1.37, equal to its 2001 full-year earnings. First Call analysts were expecting full year earnings of $1.26 a share.
Shares of Shire were recently trading up 13.15% to $25.12 after closing at $22.20 Tuesday.