Shire beats Street, restructures

Shire (LSE:SHP; SHPGY) reported second quarter earnings per ADS of $0.38, beating the Street estimate by a penny and up 10% quarter over quarter. Second quarter sales were $246.5 million, up from $206.9 million in the same period in 2002. Total second quarter sales of SHP's Adderall and Adderall XR ADHD drugs were $121.6 million, up 17% compared to the second quarter of 2002. Adderall XR, a once daily formulation, posted $102.4 million in sales, which was up 35% from the same quarter last year.

SHP also said it is shifting its R&D focus to later stage products and will close its lead optimization unit. The company said the move will reduce its headcount by 120 people and expects the closure to save it $15 million per year starting in 2004. SHP said it plans to increase its M&A efforts and focus on acquisitions in the U.S. ...