UPDATE: Deutsche Bank Reiterates Buy Rating, Lowers PT on Shire PLC on In-Line Q4
In a report published Friday, Deutsche Bank reiterated its Buy rating on Shire PLC (NASDAQ: SHPG), but lowered its price target from $110.00 to $108.00.
Deutsche Bank noted, “Shire reported largely in line Q4 non-GAAP EPS of $1.58. Total revs of $1.20B were also in-line. Vyvanse sales reached $257M (+18% Y/Y) but would have been $30M higher without a destock. As for other strong performers, Intuniv posted a 24% Y/Y increase to reach $81M (+$4M vs our est) and Elaprase sales reached $139M (+12% Y/Y), $7M better than our est. AXR revs of $82M came in $3M below consensus due to higher gross to net sales deductions. All other key product franchises were largely in-line. On the negative side, after 2 slow launch yrs in Europe, Resolor will no longer be promoted. Second, Dermagraft came in even weaker than expected, missing our $36M est by $17M.”
Shire PLC closed on Thursday at $93.68.
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