Shire says 2013 earnings to hit upper end of forecasts

Reuters - UK Focus

LONDON, Jan 14 (Reuters) - British drugmaker Shire (Dusseldorf: S7E.DU - news)said on Tuesday it expects 2013 earnings growth to hit the upperend of its forecasts, helped by the company's shift in strategyand efforts to make its operations more efficient.

Shire (LSE: SHP.L - news) , which makes drugs to treat hyperactivity andexpensive medicines for rare diseases, said it expects todeliver annual profit growth - in its preferred measure ofnon-GAAP earnings per American Depositary Share - at the upperend of the mid-to-high teens guidance range that it gave inOctober.

The update comes as the firm's chief executive speaks toinvestors at a conference in San Francisco. Shire also said itwas confident of delivering profits for 2014 in line with itsNovember 2013 consensus forecast.

In October, the company upgraded its 2013 earnings forecastfor the second time to mid-to-high teens growth, from the doubledigit growth it had predicted in July.

Analysts expect the company to report non-GAAP earnings perAmerican Depositary Share of $7.16 for 2013, according to acompany-compiled consensus of 20 brokers.

Shares in the company were trading up 1.9 percent at 2,967pence at 1519 GMT.

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