For a drug designed to combat hyperactivity, sales of Vyvanse – the successor to Shire Pharmaceutical’s best-selling Adderall XR treatment – have proved somewhat sluggish.

Shire confirmed yesterday that full-year sales of the remedy, launched last summer, would be at the low end of the $350 million (£175 million) to $400 million range given by the company at the start of the year. Sales of Vyvanse were only $120 million in the first six months of this year, meaning the company requires a second-half surge in prescriptions to meet its numbers.

This is significant given that Adderall XR faces generic competition from Barr Laboratories in April next year, followed by other cheaper versions next autumn. In this, Shire should be helped by the launch of an adult version of Vyvanse backed by a consumer advertising campaign, the introduction of three new dosage strengths of the medicine and, most important, the imminent start of the US school year: dips in sales of attention deficit hyperactivity disorder drugs typically coincide with academic holidays, when children are less likely to be taking medicine that helps them to focus on school work.

But if it was concern over Vyvanse that has recently undermined Shire’s shares – they have fallen by nearly a third since January – it was the strong performance of its antecedent that helped them to bounce nearly 4 per cent yesterday. Although prescription volumes for Adderall XR fell overall, that effect was more than offset by the two big price rises over the past year. Further, Shire’s growing portfolio of newer non-ADHD treatments are beginning to make a meaningful contribution to sales.

Revenues from the five big new drugs that Shire has launched in the past two years were up 164 per cent in the second quarter to $243 million – or roughly $1 billion on an annualised basis. The upshot is that Shire yesterday raised its full-year sales forecast from “mid to high teens” to “at least 20 per cent”.

That in itself would appear to provide validation of Shire’s business model: whereby it has eschewed expensive R&D in favour of buying in early-stage products from smaller rivals. Its broader shift towards higher-margin drugs which enjoy strong patent protection is also serving it well. Uncertainty surrounding the take-up of Vyvanse means the shares are likely to remain volatile. However, 831½p, or 14 times this year’s earnings, provides an attractive point of entry for first-time investors. A speculative buy.

Anglo American

Anglo American is not known for making bold economic forecasts. So the fact that Cynthia Carroll, chief executive of the £39 billion miner, took it upon herself to predict Chinese GDP growth of 10 per cent both this year and next – higher than consensus estimates – might be taken as a measure of frustration with her company’s share price.

Like other leading miners, Anglo has lost nearly a quarter of its value over the past three months on fears that the economic slowdown in Europe and the United States would harm Chinese growth. Not so, says Mrs Carroll – a view that is likely to be echoed by BHP Billiton and Rio Tinto over the next couple of weeks.

For now, the strength of Asian demand is not in doubt. Its effect on commodity prices helped to lift first-half reported underlying earnings by 14 per cent to $3.5 billion, enabling the interim dividend to be raised 16 per cent to 44 cents a share. Strong cashflows also mean Anglo will step up its share repurchase programme – it is less than halfway through a $4 billion buyback.

The company has accelerated the development of big projects and its pipeline increased in value by $3 billion to $15 billion this year. That emphasis on organic growth provides further evidence that Anglo is more interested in delivering big production increases from next year than seeking a mega-merger.

However, this rapid growth has led to an above-forecast 16 per cent increase in costs, which is a concern.

For those convinced by China’s resilience, £29.21, or less than eight times earnings, a discount to its peers, is a clear buying opportunity. However, the danger that copper prices could track recent weakness in platinum should keep more diffident investors on the sidelines for now.

William Hill

Ralph Topping, the newish chief executive of William Hill, is not usually one to moan. But yesterday, after announcing a 16 per cent decline in first-half profits, the straight-talking Scot was not in the mood to hold back on the way he believes growth is being stifled by the Government. Given that the company contributed £125.4 million to the Treasury’s coffers in the first half, he is entitled to his say.

Mr Topping believes that the lack of a joined-up strategy between the Treasury and the Department for Culture, Media and Sport has created huge uncertainty around gambling deregulation and tax rates. He is particularly critical of the decision to launch a fresh review of high-stakes machines in betting shops.

That is not his only problem, however. He has had to fork out an extra £10 million to get Turf TV’s racing coverage in Hill shops, while telephone betting continues to suffer from declining usage. Many punters have decamped to the internet but until Hills relaunches its online sports book in November it will not be able to capture the full benefits.

At least the consumer downturn has yet to hit trading, with the gross win from its retail arm rising by 4 per cent, despite a poor Royal Ascot and Euro 2008. But recent racing results have been unfavourable and Mr Topping admitted that the new football season would test the robustness of consumer spending. At 314½p, or less than eight times earnings, and yielding 7 per cent, the shares are no more than a hold.

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