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Friday, October 24, 2014

Jilted Shire raises guidance again after earnings jump, (NYSE: ABBV)

Pharmaceutical firm Shire raised its guidance for full-year earnings on Friday, lauding its strong prospects as a standalone company after AbbVie Inc this week officially ditched its $55 billion bid for the group.Shire's shares, which had fallen back to the levels they were trading at before AbbVie's interest, were up 3.2 percent to 4,020 pence by 1229 GMT, making them the biggest gainer on the FTSE 100 Index.The Dublin-based group, which produces drugs to treat hyperactivity and rare diseases, posted a 60 percent rise in third-quarter earnings per American depository share to $2.93 on revenue up nearly a third at $1.6 billion."Our performance this quarter demonstrates that Shire is resilient and we have not lost our focus," said Chief Executive Flemming Ornskov.

AbbVie Inc. (AbbVie) is a research-based pharmaceuticals company. Shares of ABBV traded higher by 0.74% or $0.44/share to $59.96. In the past year, the shares have traded as low as $45.50 and as high as $60.02. On average, 14244500 shares of ABBV exchange hands on a given day and today's volume is recorded at 2425070.