LONDON (Reuters) - Shire (L:SHP), the London-listed drugmaker buying Baxalta (N:BXLT) International for $32 billion, reported a better-than-expected 13 percent rise in fourth-quarter earnings on Thursday, helped by strong sales of its ADHD treatment Vyvanse.
The London-listed company clinched its biggest acquisition to date in January, with a cash and shares deal to buy the specialist in rare blood conditions, cancers and immune system disorders.
Chief Executive Flemming Ornskov said the deal, which is forecast to close mid-2016, would make Shire the leading company in rare diseases and propel annual sales to more than $20 billion by 2020.
For the fourth quarter, Shire reported non-GAAP earnings per share of $2.97 on revenue up 9 percent to $1.72 billion, both beating analysts' consensus of $2.87 and $1.70 billion, respectively.
The earnings-beat sent shares in the company up 1.5 percent to 3,615.5 pence, reversing earlier losses of as much as 2 percent.
Excluding the contribution from Baxalta, Shire said it expected to generate double digit top-line growth and a 7 to 10 percent increase in earnings in 2016.