The biotechnology company Shire PLC (LON:SHP) has had a label extension approved by the European Commission. The label extension grants a new indication for FIRAZYR, allowing it to be used by adolescents and children aged two and older.
FIRAZYR is used to treat people with hereditary angioedema (HAE), which is a rare genetic diseases that specifically causes attacks of localised oedema. HAE is thought to affect one in 10,000-50,000 people worldwide.
Despite the label extension of FIRAZYR Shire have seen their share price drop 2% to 3517p. This is in anticipation of Shire delivering their third quarter results for 2017 tomorrow (October 27).
Analysts expect revenue for the rare disease specialist to rise 8% and earnings per share to increases by 15% on the previous year. Shire drugs Cinryze and Lialda may however perform worse than expected. Cinryze has suffered from a supply shortage and Lialda has been experiencing competition from Zydus.