Shire targeting $10B in sales by 2020

Shire plc (LSE:SHP; NASDAQ:SHPG) unveiled on Monday its "10x20" plan in which the company expects to double product sales to $10 billion by 2020. The $10 billion target comprises $7 billion from existing products and $3 billion from products in the pipeline, highlighted by dry eye disease compound lifitegrast. Shire expects to submit an NDA to FDA for the eye drop formulation of a small molecule integrin beta(2) (LFA-1; MAC-1; CD18) antagonist in 1Q15. The pharma projects more than $1 billion in net sales for the drug in 2020. Shire excluded the impact of any additional M&A, licensing and recent acquisitions in its $10 billion target but said business development "remains a core part of its strategy."

Limited by regulatory restrictions, Shire only commented briefly during the conference call on an unsolicited offer from AbbVie Inc. (NYSE:ABBV) to acquire Shire, saying that the full benefits of the company's transformation have yet to be delivered and are not reflected in the current share price in the AbbVie proposal. On Friday, Shire disclosed its board rejected an AbbVie bid which valued Shire for roughly L27.7 billion ($47.2 billion) in cash and stock based on AbbVie's close of $54.03 on May 29, before AbbVie made the offer. Under U.K. takeover rules, AbbVie's proposal will expire on July 18 (see BioCentury Extra, June 20). ...