Shire Announces Reorganization; Sets $17 Billion-$18 Billion Revenue Target
09 January 2018 - 2:29AM
Dow Jones News
By Carlo Martuscelli
Shire PLC (SHP.LN) said Monday that it plans to operate as two
separate division going forward and estimates that the group's
total revenue will reach $17 billion to $18 billion by 2020.
The U.K. pharmaceutical company said the decision to split the
company into a rare-diseases business and a neuroscience business
was the result of a strategic review initiated in August. The
reorganization will allow Shire to increase its focus on its
neuroscience business, which it said needs additional
investment.
"Each division will benefit from sharper management focus,
greater strategic clarity, and an increased ability to deploy
resources to key growth priorities," Shire said.
The company said that revenue in its immunology franchise--part
of its rare-disease division--grew 21% in the first three quarters
of 2017 on a pro-forma basis, adding that it has a pipeline of 15
programs in phase 3 trials.
Shire said that it is targeting a Non-GAAP net-debt-to-EBITDA
ratio of below 2.5x by the end of 2018.
Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com
(END) Dow Jones Newswires
January 08, 2018 10:14 ET (15:14 GMT)
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