REFILE-UPDATE 1-Shire raises outlook after forecast-beating quarter
(Corrects typo in spelling of Valeant Pharma in para 4)
* First-quarter earnings up a forecast-beating 38 pct
* Raises 2014 growth target percentage to mid-to-high twenties
* CEO declines to comment on M&A speculation
* Shares up 1.7 pct
By Paul Sandle
LONDON, May 1 (Reuters) - Shire, a pharmaceutical group created by acquisition, soundly beat expectations for first-quarter earnings and raised its outlook on Thursday, underlining its own appeal as a target in the merger frenzy gripping the sector.
The London-listed group, which has franchises in drugs to treat hyperactivity and rare diseases, reported earnings per share of $2.36, by its preferred non-GAAP measure, on revenue of $1.35 billion, boosted by strong sales of its ADHD (attention deficit hyperactivity disorder) drug Vyvanse.
The group raised its outlook for earnings growth this year to a percentage in the mid-to-high twenties from its previous prediction of similar growth to the 23 percent recorded in 2013. Continued...