Equity Research, Broker Reports, and media content on SHIRE PLC

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Research Tree provides access to ongoing research coverage, media content and regulatory news on SHIRE PLC. We currently have 12 research reports from 3 professional analysts.

Open
4745
Volume
2.2m
Range
4709/4788
Market Cap
43,444,276,967m
52 Week
2707/5377
Date Source Announcement
28Mar17 15:45 PRN Director/PDMR Shareholding
23Mar17 12:00 PRN 2016 Annual Report - DTR 6.3.5 Disclosure
13Mar17 16:00 PRN Director/PDMR Shareholding
10Mar17 12:00 PRN Elections for the interim dividend
03Mar17 12:00 PRN Director/PDMR Shareholding
02Mar17 07:00 PRN Director/PDMR Shareholding
01Mar17 17:20 PRN Total Voting Rights - Amendment
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Latest Content

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Haemophilia fears mask Baxalta integration and strong initial uptake of Xiidra

  • 07 Nov 16

Weakness in the haematology business, arising from the phasing of some large orders, largely dominated the otherwise strong Q3 results of Shire. Total product sales more than doubled to $3.3bn, due to the Baxalta contribution, with the legacy Shire pulling off 13% growth but Baxalta’s heritage business declining by 1% on a pro forma basis. All top-line growth numbers are at CER unless specified otherwise. Business-wise, haematology was down 6% (pro forma), genetic diseases up 6%, neuroscience up 16%, immunology up 5% and internal medicines up 16%. These numbers were below consensus estimates but we see no reason to worry and expect some of the loss due to tender timing to be reversed in the next quarter. The loss totalled 5% in haematology and 6% in biotherapeutics (within immunology). Royalties and other income added another $137m to bring the sales total to $3.4bn. Margins, as expected, showed the full consolidation impact of the lower-margin Baxalta contribution and the high-powered investments behind the Xiidra launch. Additional investments are now likely to go into the launch of Cuvitru. These, we believe, are reflected in the lower guidance for (US-GAAP) net loss per ADS (from 0-40 cents loss to $0.7- $1.10 in 2016). Guidance has been maintained for product sales of $10.8-11bn, other income of $490-530m, the non-GAAP gross margin of 77-79% (vs above 85% historically), non-GAAP net interest expense of $400-500m and a non-GAAP diluted EPS at the higher end of $12.7-13.1 per ADS.

Strong Q4 but biotech and Baxalta angles continue to weigh

  • 11 Mar 16

Shire reported a strong quarter with Vyvanse, HAE portfolio (Cinryze and Firazyr) and GI (Lialda, Gattex and Natpara) driving the 12% CER product revenue growth (all revenue growth numbers at CER unless specified) to $1.6bn, pretty much in line with our expectations. Total revenue was up 13% to $1.7bn during the quarter. For the full year, product sales grew by 9% to $6.1bn, with double-digit growth by Vyvanse (+21%), Lialda (+10%), Cinryze (+24%) and Firazyr (+25%); growth in the US was predominantly driven by volume. 65% growth in royalties and other revenue on the back of $114.5m from Sensipar (NPS acquisition) culminated into 11% growth in total revenue to $6.4bn. Negative fx, which primarily hits the lysosomal storage disease portfolio (Elaprase, Replagal and Vpriv) took away four percentage points of growth both during Q4 as well as the full year. Net profit ($1.3bn) was below our expectation due to higher-than-anticipated exceptionals, primarily associated with re-organisation and acquisition/integration costs. Not much update was given regarding the Baxalta acquisition (mainly on the tax status), while the Dyax acquisition has been completed and Lifitegrast has been re-submitted to the FDA. Management’s outlook for 2016 indicates product sales growth of 13-17% at CER, royalty sales growth of 5-10% and non-GAAP diluted earnings per ADS growth (including dilutive impact of Dyax acquisition) of 9-13%. The top-line guidance is below our previous estimate but so is the guidance on opex, meaning that it balances out at the net level. The cost-base should increase, due to the integration of NPS (which has lower margins currently with both Gattex and Natpara being relatively new) and Dyax (where the R&D cost is heavy). The combined R&D and SG&A are guided to increase by 12-14%. Forex is guided to dent both the top-line as well as bottom-line by 2-3% points.