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Broker snap: Human Genetic Therapies to lift Shire
Tue, 06 Jan, 2009
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Broker snap: Human Genetic Therapies to lift Shire
Wed, 19 Nov 2008, 12:09:00
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Name
Value
Percent
Change
Shire Plc
1031.00p
-0.29%
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Broker Charles Stanley is feeling a lot more upbeat about pharmaceuticals company <b>Shire</b> after a Human Genetic Therapies investor day held on 18 November.<br /><br />Shire produced long-term projects for its products which were largely above the broker's expectations.<br /><br />Broadly speaking, Shire intends to drive sales growth in the "mid-teens", supported by an increase in human genetic therapies (HGT) to 30% of group sales, up from 15% currently.<br /><br />Shire also plans to lift EBITDA margins from 30% to 34%, "a target we believe to be achievable as marketing support for recent new product launches falls away as they become more established," says the broker's analyst Jeremy Batstone-Carr.<br /><br />Charles Stanley observes that the benefits of HGT products are the long patent protection, exclusive marketing rights, no alternative therapies and the limited need for marketing support.<br /><br />The broker stopped short of upgrading its recommendation, however.<br /><br />"On the basis of this very upbeat presentation alone we would upgrade our recommendation from Accumulate, however, with investor attention still generally taken up with Vyvanse sales trends and Adderall XR's date with off-patent destiny in April 2009 we retain our stance," Batstone-Carr concluded.
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