Shire jumps after 3Q13 earnings beat Street

Shire plc (LSE:SHP; NASDAQ:SHPG) jumped on both the LSE and NASDAQ on Thursday after reporting 3Q13 earnings that beat the Street. Non-GAAP diluted earnings for the quarter were $1.77 per ADS, beating the Street's estimate of $1.65 and up from $1.36 in 3Q12. Revenues for the quarter were $1.24 billion, up 12% from $1.1 billion in 3Q12 and above the Street's estimate of $1.23 billion. Shire also increased its non-GAAP earnings guidance for the year and said it now expects mid-to-high teens growth. The company previously expected double-digit non-GAAP earnings growth. Shire said it continues to expect 2013 product sales growth in the mid-to-high single digits.

Shire said it raised its full-year non-GAAP guidance in part to lowering operating costs resulting from Shire's ongoing reorganization. In May, Shire's new CEO Flemming Ornskov unveiled a plan to consolidate the company's business units into a single pipeline structure while maintaining the commercial units (see BioCentury, May 20). ...