Pharma company Shire cuts its 2020 revenue targets
Shire has projected its total revenues to reach between $17bn-$18bn by 2020.
The pharma company, which last year announced an additional 150 jobs at its Dublin office, had previously projected its total revenues to reach $20bn by 2020 when it acquired Baxalta in 2016.
In an update yesterday the company said that it expects continued revenue growth driven by a diverse brand portfolio, including those within its immunology franchise, which grew 21pc in the first three quarters of 2017 on a pro forma basis.
In addition, the London-listed company said that it continues to have a promising late stage pipeline with fifteen programs currently in Phase 3 clinical trials.
Shire said that it was continuing with a strategic review of its neuroscience business.
Following the first stage of the review, the board of Shire concluded that the neuroscience business warranted additional focus and investment, and that there was a strong business rationale for creating two distinct business divisions within Shire – a rare disease division and a neuroscience division.
Each division would benefit from sharper management focus, greater strategic clarity, and an increased ability to deploy resources to key growth priorities, Shire said.
The company will give an update on the second stage of the review in the second half of 2018.
In addition, Shire confirmed that its debt repayment schedule remains on track.
"Shire has established a strong track record of growth and execution. Our new rare disease and neuroscience divisions will be well positioned for growth, profitability, innovation, and serving the needs of patients," Flemming Ornskov, M.D., M.P.H., CEO, Shire said.