After an excellent Q1, Shire reported a relatively modest performance in Q2. Revenue was up 4% yoy to $1.6bn, largely boosted by royalty income but severely impacted by Intuniv's generic erosion (-7%) and negative forex (-5%). Higher-than-anticipated R&D expenses and launch costs, as well as the integration of NPS Pharma led to a 3% yoy drop in core operating income to $614m (flat at CER). Net impairment charges of $243m in relation to the failed pipeline drugs, SHP625 and SHP608, further ....