Shire revenues rise 28 per cent

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Shire Pharmaceuticals, which was one of the first of a string of high profile companies to move its tax domicile away from the UK to a more competitive jurisdiction earlier this year, issued its third quarter update yesterday, saying that revenues were up an impressive 28 per cent to $713m.

Much of the boost in earnings came from sales of the group's new attention deficit disorder treatment Vyvanse, which was launched in July and which has so far generated $96m of revenues. Other treatments also made positive contributions, with sales Adderall, which is used by narcolepsy sufferers, up eight per cent to $268.7m, compared to the same period last year.Angus Russell, the chief executive of the UK's third biggest drugs group, says that he expects Shire to meet its 20 per cent revenue growth target for the full year. Despite drugs companies increasingly being seen as a safe option, Shire has lost 21 per cent of its value in the last month. Yesterday's results however, triggered a rival closing up 43.5p at 763.5p.