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Shire Pharma says it may spin out neuroscience division; Q2 results ahead of forecast

09:06 EDT 3 Aug 2017 | Proactive Investors

Shire Pharma PLC (LON:SHP) said it is mulling a separate listing for its neuroscience franchise as it revealed the cost savings from the US$32bn takeover of US rival Baxalta were currently ahead of forecast. In the year since the deal the drug giant has uncovered US$400mln of annual ‘synergies’, US$100mln more than it anticipated. It remains on track to deliver US$700mln of economies. Shire updated on the integration process alongside second-quarter results. Revenues matched consensus forecasts – up 55% at US$3.74bn. Operating income was US$1.49bn, while earnings per share were US$3.73, slightly ahead of forecasts. Strategic review... The company said it would complete a strategic review of the neuroscience business by the end of the year before making the decision of whether to separately list, sell or keep the operation. Chief executive Fleming Ornskov was upbeat on the prospects for the FTSE 100 speciality pharma giant. "As we enter the second half of 2017, we are focused on generating strong organic growth while continuing to deliver on our key priorities - launching more than 80 products globally by leveraging our expanded commercial platform, progressing our late-stage pipeline, integrating Baxalta, and paying down debt,” he said. “We have updated our 2017 full year guidance and remain very confident about Shire's long-term prospects."   The shares responded positively to the results and update, advancing 4% to £43.96.

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