Shire to announce double digit earnings growth for 2012

Irish-based pharmaceuticals company Shire is expected to report 'double digit' earnings growth for 2012 on Wednesday.

Angus Russell, Chief Executive Officer of Shire, will unveil the company's results when he addresses investors at the JP Morgan Healthcare Conference in San Francisco at 11:00 local time.

"Shire is now increasingly confident of meeting current consensus earnings expectations for 2013," the company said in a statement issued yesterday,after the close of trading.

Russell will soon step down after 32 years with the company.

Flemming Ornskov will take over on April 30th following a hand-over period.

"I've enjoyed every day of my time at Shire. I'm very pleased to have been a part of the growth story of this excellent company and to be leaving it in such great shape for further success," Russell had said in last October's announcement of his retirement.

"I'm delighted to hand the leadership over to such a talented and visionary individual. I'll continue to watch the progress of this outstanding organisation in the years ahead."

Shire advanced 1.48% to 1,991.00p ahead of Russell's address and on news the company had acquired Lotus Tissue Repair for an undisclosed sum.

Shire is expected to gain on the acquisition of Lotus, which is focused on developing the first treatment for dystrophic epidermolysis bullosa (DEB), a rare genetic disorder that causes extremely fragile skin and recurrent blister formation.

RD