 ended 2016 on a high, reporting record levels of revenue and pushing shares up nearly 5 percent.){kind=link}
Biotech company Shire (LON:SHP) ended 2016 on a high, reporting record levels of revenue and pushing shares up nearly 5 percent.
Total revenues saw a 78 percent increase to $11,397 million, with net income up 75 percent to $327 million. The year to December 2016 delivered record product sales, with strong cash generation in the fourth quarter leading to a $0.9 billion reduction in net debt.
Shire’s chief executive officer, Flemming Ornskov, called the past year “transformational”, bringing the company to the forefront in the rare diseases sector.
“Our innovative portfolio and sharp focus on commercial excellence enabled us to generate double digit pro forma top-line growth, with reported sales of $10.9 billion, while materially advancing the pipeline, successfully integrating Dyax and progressing the Baxalta integration ahead of schedule,” he continued.
The company’s operating results fared slightly worse, with operating income decreasing 32 percent to $963 million, down from $1,420 million in 2015. Shire attributed this to “the impact of acquisition accounting, including higher amortization of inventory fair value adjustments and acquired intangible assets”.
Diluted earnings per American Depositary Shares also decreased by 81 percent to $1.27, down from $6.59 in 2015.
Originally a British company, Shire is currently registered in Jersey and has its headquarters in Dublin. Its shares were trading up 4.47 percent at 4,788.03 as of 1510GMT.