Shire falls by over 5% on reduced revenue targets

Shares in Dublin-based drugmaker Shire yesterday fell more than 5% after it reined in its medium-term revenue targets, writes Geoff Percival.

The biotech giant, which is headquartered in Ireland for tax purposes, expects total revenues to reach $17bn-$18bn by 2020; a downgrade from its previous target of $20bn by that date. The latter aim was set out when Shire acquired biopharmacutical firm Baxalta two years ago.