Shire Builds Confidence In $20bn Revenue Target
Shire's first investor R&D day after its major acquisition of Baxalta earlier this year saw management keen to "bring confidence to the $20bn revenue target figure that we have stated," said CEO Flemming Ornskov. Shire's hemophilia focus, in particular, is facing some scrutiny.
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Positive data from the HAVEN 1 Phase III study of Genentech's emicizumab put pressure on the hemophilia franchises of both Shire and Novo Nordisk.
Terminating a pair of biosimilar partnerships inherited from Baxalta will better enable Shire to focus on core strengths, CEO Ornskov says. The firm will use Baxalta assets to gradually develop a cancer franchise.
Launched in August for dry eye disease, Xiidra already has seen nearly 65,000 prescriptions written and has captured 16% market share in the US. Overall quarterly sales came in below Wall Street expectations for Shire, but the firm says it was a strong quarter of execution.