Shire reports 1Q14 earnings, raises guidance

Shire plc (LSE:SHP; NASDAQ:SHPG) reported 1Q14 earnings and raised its 2014 earnings guidance on Thursday. The company reported non-GAAP diluted earnings per ADS of $2.36, up from $1.72 in 1Q13 and beating the Street's estimate of $2.22. Shire said it now expects 2014 non-GAAP diluted earnings per ADS to grow in the mid-to-high 20% range; the company previously expected growth at a "similar level" to the 23% growth in 2013. Shire reported 2013 non-GAAP diluted earnings per ADS of $7.66.

First quarter revenue was $1.3 billion, up 18% from $1.1 billion in the prior year's quarter but below the Street's estimate of $1.4 billion. Shire reiterated 2014 product sales guidance and said it expects product sales to grow in the mid-to-high teens from $4.8 billion in 2013. ...