LONDON (Reuters) - Pharmaceutical firm Shire (L:SHP) raised its guidance for full-year earnings on Friday, underlining its strong prospects as a standalone company after AbbVie Inc (N:ABBV) officially ditched its $55 billion purchase of the group on Tuesday.
Dublin-based Shire, which produces drugs to treat hyperactivity and rare diseases, posted a 60 percent jump in third-quarter earnings per ADS to $2.93 on revenue up nearly a third at $1.6 billion.
It said it now expected to deliver earnings growth in the high 30 percent range for the full year, up from its expectations in July of growth in the low-to-mid 30 percent range.
AbbVie walked away from the deal after the U.S. Treasury department tightened its rules to curtail companies doing deals that would allow them to redomicile overseas to cut corporate tax rates.
In its initial defence against a takeover, Shire had said it planned to double sales to $10 billion by 2020, $7 billion of which would come from its existing products and $3 billion from its pipeline.
(Reporting by Paul Sandle; editing by Kate Holton)