Shire Q1 Results Beat View; Backs 2018 Profit View

(RTTNews) - Shire plc (SHPG, SHP.L) reported that its net income for the first-quarter rose to $550.6 million from $375.0 million last year. Earnings per American Depository Share increased 47% to $1.81 from $1.23 in the prior year. The increase was primarily driven by operating income, combined with lower expense related to the unwind of inventory fair value adjustments.

Non GAAP earnings per ADS increased 6% to $3.86 from the prior year's $3.63 as the latest-quarter benefited from higher product sales and a lower tax rate partially offset by a lower gross margin. Analysts polled by Thomson Reuters expected the company to report earnings of $3.54 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly total revenues were $3.766 billion, representing growth of 5% from last year. Wall Street analysts had a consensus revenue estimate of $3.72 billion.

Looking ahead for 2018, the company still expects earnings per ADS to be in the range of $7.30 - $7.90, Non-GAAP earnings per ADS of $14.90 - $15.50. Analysts expect annual earnings of $15.20 per share for 2018.

For 2018, the company expects total revenue to be in the range of $15.4 billion - $15.9 billion. Wall Street expects revenues of $15.53 billion.