By Denise Roland
LONDON--Shire PLC Thursday said it has appointed investor
relations head Jeff Poulton as chief financial officer, bringing to
an end a search that has lasted more than a year.
The company's previous finance boss, Graham Hetherington,
stepped down in March last year. Mr Poulton, a 12-year Shire
veteran, had been acting CFO since December, following the
departure of previous interim finance boss, James Bowling, for
water company Severn Trent.
Susan Kilsby, company chairman, said Mr Poulton's "expertise and
extensive knowledge of Shire's business and markets set him apart
as CFO" during an "extensive search of both internal and external
candidates."
The announcement came as the company reported an increase in
revenue and profits for the first quarter of the year thanks to the
expansion of its hyperactivity pill into binge-eating disorder and
strong sales of its treatments for hereditary angioedema, a rare
and potentially life-threatening condition.
Net income increased 21% to $561 million as revenue climbed 11%
to $1.488 billion. Analysts surveyed by FactSet had expected net
profit of $509 million and revenue of $1.467 billion.
Non-GAAP diluted earnings per ADS, Shire's preferred measure of
profit, increased 20% to $2.84. Stripping out the effect of the
strong U.S. dollar, revenue increased 15% while non-GAAP diluted
earnings per ADS grew 24%.
Flemming Ornskov, chief executive, said he was "very encouraged"
by sales of Vyvanse, an ADHD drug which was launched in
binge-eating disorder earlier this year.
Available data don't distinguish between prescriptions for
hyperactivity and binge-eating. But Vyvanse sales beat the broader
market by around 3%, suggesting that doctors have started
prescribing it for binge-eating. The drug made $417 million in the
quarter to March 31, a 19% increase on the corresponding period a
year earlier.
Shire's treatments for hereditary angioedema, a disease which
causes sudden and dangerous swelling, also made a strong
contribution to sales growth. Revenue from Cinryze, a preventative
treatment, increased 73% to $148 million. Firazyr, which is used to
reduce swelling following an attack, made $93 million in the
quarter, 23% higher than a year earlier.
Shire maintained full-year guidance of delivering non-GAAP
diluted earnings per ADS growth in the mid-single digits.
Write to Denise Roland at denise.roland@wsj.com