UK 100 equity research

Explore the most viewed and latest equity research and media content for the top 100 largest listed companies in the UK.


 

UK 100 Equity Research

Broker research, valuations, & analysis on the UK 100

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Shire

Neuroscience review takes the centre-stage as results come in strong

Shire’s Q2 sales were marginally ahead of AV and the consensus estimates, showing growth of 54% (CER) to $3.7bn. Shire’s legacy products grew by 7% – genetic disease +3%, neuroscience -2% and internal medicine +16% (all at CER), while the legacy Baxalta (proforma) products rose by 8% – hematology +2% and immunology +20%. The softness in neuroscience (-2%) was expected because of flat Vyvanse – a function of $20m of destocking this quarter vs ~$10m of stocking in Q2 16; according to management, Vyvanse would have been up 6% without this impact. An increase in prescriptions for both Gattex (70%) and Natpara (+73%) drove a strong growth in internal medicine. The Baxalata integration activity has been outperforming – $400m has been achieved in the first year vs the company’s target of $300m (target of $700m by the third year on track). In effect, adjusted operating profit (as per our calculation) grew by 64% to $781.3m. The company also seemed confident of achieving the non-GAAP net debt to EBITDA ratio of 2-3x, having reduced net debt by $900m. The guidance has been revised – product sales guidance has been downgraded from $14.5-14.8bn to $14.3-14.6bn, while the non-GAAP EPS outlook has been upgraded from $14.6-15.2 to $14.8-15.2. Bigger news than the strong results was the announcement of a strategic review of the neuroscience business (23% of 2016 sales) to be completed by the year end. A separate listing has been mentioned several times, so it may be construed as the option of choice.

  • 10 Aug 17
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