Shares of Irish pharma Shire (SHPG) dipped Thursday on the firm's mixed third-quarter report as revenue from eye drugs and internal medicine lagged Wall Street's expectations.
XFor the quarter, Shire reported adjusted profit of $3.64 per American depositary share, declining 4% and lagging forecasts from analysts polled by Zacks Investment Research by a penny. But $3.87 billion in sales grew 5% and beat views for $3.86 billion.
RBC Capital Markets analyst Douglas Miehm noted that most of the results were "in line to stronger" than expected.
On the stock market today, Shire stock fell 0.5%, to 180.94. Shire stock has risen nearly 17% this year amid a planned takeover from Takeda Pharmaceutical. If successful, it will be the largest-ever international takeover by a Japanese company.
"If anything, we think the results should continue to alleviate concerns that Takeda holders may still have regarding the transaction," Miehm said in a note to clients.
But $93 million in ophthalmology sales lagged the consensus for $108 million, Miehm noted. Further, internal medicine generated $177 million in sales, missing views for $211 million. On a year-over-year basis, however, sales of eye drugs grew 21% and internal medicine sales rose 10%.
For the year, the drugmaker offered a forecast for adjusted earnings of $14.77-$15.37 per American depositary share and $15.3 billion to $15.8 billion in sales. Analysts estimated adjusted earnings of $15.19 a share and $15.57 billion in sales.
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The post Pharma Giant Shire Dips On Mixed Third Quarter, Light Guidance appeared first on Investor's Business Daily.
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