Shire profits increase for quarter

The Shire

British drugmaker Shire, who is currently buying Belgian firm Movetis, has defied analysts' predictions and increased their revenues by 35 percent over the quarter to US$840 million.

The company's success was attributed to its rare disease franchise that has capitalised on production troubles at United States rival Genzyme.

The company, Britain's third largest drug maker, saw sales of its flagship product Replagal, a treatment for rare genetic disease, Fabry, up 84 percent. Sales of the drug reached US$82 million (£51.5 million) as people switched to Replagal following production problems with Genzyme's Fabry medicine, Renagel.

Replagal reportedly costs the company around US$200,000 a year (£125,000).

On top of Replagal's strong sales, Shire's drugs for hyperactivity also sold well with sales of Vyvanse offsetting pressure on former blockbuster Adderall XR from generic competition. The company also revealed sales of Vpriv, a drug for the rare Gaucher disease, were US$28.7 million (£18 million).

However, Shire's success is all the more impressive due to its acquisition of Movetis for £353.3 million, bolstering its gastrointestinal business, the smallest of its three major franchises.

In a statement Angus Russell, Shire Chief Executive, said 320 new patients had started taking Replagal in the second quarter, with around three-quarters of them switching from Renagel.

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