Record results from Shire (2016)

Shire, a company specialized in rare disease treatments, reported today its 2016 financial results. 2016 was a highly positive year for Shire. It started with the $32bn acquisition of Baxalta, which contributed 78% of 2016 total sales. Total revenues were $11.39bn, which slightly exceeded analysts’ expectations and propels Shire to the elite of the top-20 pharma companies.. In announcing the results, CEO Flemming Ornoskov noted that Shire’s priority is now to settle the debt, that totals $22bn. The star among Shire’s drugs is undoubtedly Cinryze (hereditary angioedema), whose sales increased by 10% to $680m. Also Firazy reported an excellent performance: it increased by 33% to $578m. Ornoskov added that the integration of Baxalta has already delivered approximately $300m in price cut, consistently with the objective of generating savings of at least $700m per year within the next three years. Shire’s shares rose over 5% after the announcement. (Source Shire)