Shire Plc flags existing and new drugs in defence to AbbVie

LONDON: Shire said on Monday it expected to generate annual sales of $7 billion from current products and a further $3 billion from medicines in its pipeline, as it fleshed out a defence strategy for the group.

The London-listed drugmaker is seeking to convince shareholders that a $46 billion takeover offer from US group AbbVie - rejected as inadequate - undervalues the business.

Shire, which said on Friday it was targeting product sales of at least $10 billion by 2020 without giving details, also said that in the medium term it expected sales of $6.5 billion by 2016.