Pharmaceutical giant Shire said Flemming Ornskov will replace Chief Executive Angus Russell when he retires in 2013 as the group continues on course to meet double-digit earnings growth for the year.
The London-listed firm, whose ADHD drugs, Vyvanse and Intuniv, continued to increase their market share during the three months to September 30th 2012, said non-GAAP diluted earnings per ADS (American Depositary Share) rose 6% to $1.36 while revenue increased 1% to $1.1bn.
Chief Executive Officer Angus Russell commented: "Shire's business is progressing well. This quarter we grew Non GAAP earnings per ADS by 6% after increasing our investment in R&D by over 20% to fund our increasingly late stage pipeline. We continue to generate strong cash flows (up 20% to over $350m in the quarter), which will support our future growth."
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"The ADHD market is one of the fastest growing major therapeutic categories in the US and our lead product VYVANSE continues to gain share and generated strong prescription growth in the US despite the entry of additional generics in the ADHD market," he added.
SHP, which also makes hyperactivity drug Adderall XR said while it remains on track for double digit full year earnings growth in 2012, it is also increasingly confident in meeting its target of delivering sound earnings growth in 2013 and delivering increased growth beyond that.
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