Shire PLC (NASDAQ:SHPG) Releases FY17 Earnings Guidance

Reuters

As of 12:36 BST, Shire's share price had added 2.36 percent to 4,328.00p, outperforming the broader United Kingdom market, with the benchmark FTSE 100 index now standing 0.43 percent higher at 7,443.51 points.

For 2017, the company now expects earnings per ADS to be in the range of $5.65 - $6.05, non-GAAP earnings per ADS of $14.80 - $15.20, and Total product sales of $14.3 billion- $14.6 billion. For the next financial year, analysts anticipate that the business will report sales of $16.51 billion per share, with estimates ranging from $15.50 billion to $18.38 billion. Analysts polled by Thomson Reuters expected the company to report earnings of $3.54 per share.

Shire PLC (SHPG) lowered its full-year sales expectations Thursday as it braced for a new low-priced competitor to its ulcerative colitis drug Lialda. The company further lifted its earnings guidance, having generated stronger-than-expected costs savings from its acquisition of blood disease specialist Baxalta past year. Shire PLC had a net margin of 2.14% and a return on equity of 13.05%. The firm had revenue of $3.57 billion for the quarter. During the same quarter in the prior year, the business earned $2.12 EPS. The company noted that it had over-delivered on cost synergies in the first year of Baxalta's acquisition, recognising $400 million in savings versus a $300-million target.

Several brokerages recently commented on SHPG. Finally, Goldman Sachs Group, Inc. HSBC Holdings plc cut shares of Shire PLC from a "hold" rating to a "reduce" rating in a report on Friday, May 19th.

Shire PLC (NASDAQ:SHPG) last issued its earnings results on Tuesday, May 2nd. Piper Jaffray Companies set a $159.00 price objective on Shire PLC and gave the company a "hold" rating in a research note on Wednesday, July 26th. Barclays PLC reiterated an "overweight" rating and issued a GBX 6,500 ($85.74) price target on shares of Shire PLC in a research note on Wednesday, April 12th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and sixteen have issued a buy rating to the company.

Shire Pharma PLC (LON:SHP) said it is mulling a separate listing for its neuroscience franchise as it revealed the cost savings from the US$32bn takeover of USA rival Baxalta were now ahead of forecast.

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A number of other hedge funds have also modified their holdings of the company. HPM Partners LLC bought a new stake in Shire PLC during the first quarter valued at approximately $1,534,000. Laurion Capital Management LP bought a new stake in shares of Shire PLC during the first quarter valued at about $10,611,000. BlackRock Inc. increased its stake in Shire PLC by 4,217.7% in the first quarter. Inc. now owns 640 shares of the biopharmaceutical company's stock valued at $112,000 after buying an additional 19 shares in the last quarter. Finally, Bank of America Corp DE boosted its stake in shares of Shire PLC by 19.7% in the first quarter. FTB Advisors Inc. now owns 749 shares of the biopharmaceutical company's stock valued at $132,000 after buying an additional 75 shares in the last quarter. Hedge funds and other institutional investors own 21.05% of the company's stock.

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Shire PLC (NASDAQ:SHPG) opened at 167.10 on Thursday. The company has a market capitalization of $49.77 billion, a price-to-earnings ratio of 171.38 and a beta of 1.60.

Shire, the London-listed pharmaceutical firm built up by acquisitions, said it might spin off its hyperactivity drugs business into a separate company and focus exclusively on rare disease treatments.

Shire Pharmaceuticals Ireland is involved in the research, development and marketing of prescription medicines.

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