Shire PLC income declines on rising expenses

The third-quarter net income of the British pharmaceutical company Shire PLC, the maker of the attention deficit hyperactivity disorder drug Adderall, more than halved as expenses rose.

Net profit for the three months through Sept. 30 dropped to US$34.7 million (US$24 million) from US$87.2 million in the same period a year earlier. Sales rose 35 percent to US$608.7 million (US$421.4 million), Shire said in a statement.

The company also raised its forecast for full-year revenue growth of 30 percent. Shire had previously forecast growth of "at least 25 percent."

"We have continued to execute on our strategy as a specialty biopharmaceutical company and made significant progress with all of our product launches," said Chief Executive Matthew Emmens.

The company makes other drugs to treat attention deficit hyperactivity disorder, such as Vyvanse and Daytrana, as well as human genetic therapies and gastrointestinal and renal disease treatments.

Shire shares gained 0.3 percent to 1,205 pence (US$24.97; €17.28) on the London Stock Exchange.

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Author`s name Angela Antonova