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Shire shares fall 13% as rival drug gets US approval

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Market Data

Share Prices

Markets

UK markets
UK markets % change Value
Change
-1.49%
7497.87
-113.77
-0.92%
20320.35
-189.41
Europe markets
Europe markets % change Value
Change
-1.56%
552.70
-8.78
-1.82%
5305.22
-98.19
-1.58%
12163.01
-195.86
-1.48%
3359.08
-50.36
-1.26%
9386.80
-120.20
US markets
US markets % change Value
Change
-0.54%
25162.41
-137.51
-1.23%
7774.12
-96.78
-0.76%
2818.37
-21.59
Asia markets
Asia markets % change Value
Change
0.00%
37852.00
0.00
-0.41%
27212.22
-111.37
+0.14%
22234.19
+29.97
As of 03:02 16 Aug 2018

Currencies

GBP
% change One £ buys
Change
GBP against Euro
-0.10%
€1.1180
-0.0010
GBP against Yen
+0.22%
¥140.9350
+0.3100
GBP against USD
+0.17%
$1.2718
+0.0020
USD
% change One $ buys
Change
USD against Euro
-0.26%
€0.8791
-0.0020
USD against GBP
-0.16%
£0.7863
-0.0010
USD against Yen
+0.08%
¥110.8300
+0.0850
Euro
% change One € buys
Change
Euro against GBP
+0.10%
£0.8945
+0.0010
Euro against Yen
+0.32%
¥126.0650
+0.4000
Euro against USD
+0.30%
$1.1380
+0.0030
Yen
% change One ¥ buys
Change
Yen against Euro
-0.32%
€0.0080
0.0000
Yen against GBP
-0.22%
£0.0070
0.0000
Yen against USD
-0.08%
$0.0090
0.0000
As of 03:05 16 Aug 2018

Commodities

Oil
Commodity % change dollars per barrel
Change
Brent Crude Oil Futures
+0.48%
71.10
+0.34
WTI Crude Oil Futures
+0.05%
65.04
+0.03
Gold
Commodity % change dollars per ounce
Change
Gold (Forex Index am fix)
-0.72%
1186.70
-8.60
Gold (Forex Index pm fix)
-1.25%
0.00
-15.00
Natural Gas
Commodity % change dollars per million BTU
Change
Natural Gas (Henry Hub Futures)
-1.01%
2.93
-0.03
As of 03:02 16 Aug 2018

Shares in pharmaceutical company Shire fell almost 13% after US regulators approved a rival's cut-price version of its drug Adderall XR.

The US Food and Drug Administration had approved Actavis Group's generic version of Shire's hyperactivity disorder drug on Saturday.

Despite the news, Shire said it would deliver good full-year earnings growth.

Shire's shares fell 12.7% in early trading, making it the biggest faller on the FTSE 100.

Adderall XR is Shire's second-biggest selling drug. Until now, Shire has been the sole producer of the two forms of Adderall XR, and analysts said the arrival of a new competitor would increase pricing pressure.

Deutsche Bank cut its 2012-2013 earnings forecast by 5-6% to reflect the new competition, but said it still expected double-digit growth from the drugmaker.

Shire said that it would remain competitive in the Adderall XR marketplace, and "continues to believe that it will deliver good, full year 2012 earnings growth".

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