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DRUG COMPANIES PROFITS RISE SHARPLY ON THE BACK OF PSYCHOSTIMULANTS FOR VULNERABLE CHILDREN + % of U.S. GDP ON PHARMACEUTICALS INCREASES EXPONENTIALLY - COURTESY OF THE TELEGRAPH ON LINE
Hyperactivity drugs fuel Shire's revenues
Sales at Shire shot up by almost a quarter last year, fuelled by strong demand for its hyperactivity medicine in the US.
By Rachel Cooper
11:12PM GMT 09 Feb 2012
Britain's third-biggest drug maker saw sales of Vyvanse, its treatment for attention deficit hyperactivity disorder (ADHD), rise 27pc to $805m (£508m) in 2011.
"In ADHD, our key products gained good market share, outpacing a US market which is estimated to have grown by 10pc," said Angus Russell, Shire chief executive.
Shire is eyeing international growth for Vyvanse, having recently launched it in Brazil and filed an application to sell the drug in Europe.
"Given we are the only branded company left in this marketplace now, I think the landscape looks really good for us," added Mr Russell.
Shire's total revenues jumped 23pc to $4.3bn and profits rose to $1.3bn from $1bn last time.
Sales were also helped by demand for its rare diseases medicines, including treatments for Fabry and Gaucher disease, which have been boosted by production problems at rival Genzyme that prompted patients to switch to Shire products. There are signs that Genzyme is on the road to recovery, having recently had a new plant approved.
Shire hopes to soon get approval for its own new manufacturing plant, allowing it to up capacity and meet growing demand. The shares rose 6p to £21.80.