Shire, a pharmaceutical group created by acquisition, soundly beat expectations for first-quarter earnings and raised its outlook on Thursday, underlining its own appeal as a target in the merger frenzy gripping the sector.The London-listed group, which has franchises in drugs to treat hyperactivity and rare diseases, reported earnings per share of $2.36, by its preferred non-GAAP measure, on revenue of $1.35 billion, boosted by strong sales of its ADHD (attention deficit hyperactivity disorder) drug Vyvanse.The group raised its outlook for earnings growth this year to a percentage in the mid-to-high twenties from its previous prediction of similar growth to the 23 percent recorded in 2013.Shire, a perennial subject of takeover speculation, has attracted interest from Botox maker Allergan Inc in recent months. Allergan, which itself has received an unsolicited bid from Valenta Pharmaceuticals, is preparing an approach for Dublin-based Shire, Reuters reported on Tuesday.
Allergan, Inc. is a multi-specialty health care Company focused on developing and commercializing pharmaceuticals, biologics, medical devices and over-the-counter products. Shares of AGN traded higher by 0.68% or $1.13/share to $166.97. In the past year, the shares have traded as low as $81.33 and as high as $169.29. On average, 3933970 shares of AGN exchange hands on a given day and today's volume is recorded at 361797.
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