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Shire Delivers Excellent Growth for the Year, With the new Product Portfolio Achieving Sales of $1 Billion
Date:2/19/2009

ate of tax on Non GAAP income is 23% (2007: 18%).

The effective rate of tax on Non GAAP income is higher in 2008 compared to 2007 due to adverse foreign exchange impacts on deferred tax assets in 2008 and lower tax deductible expenditure in high-tax territories (principally the US) in 2008 over 2007. These increases to the effective rate of tax on Non GAAP income are partially offset by a lower increase in the provision for uncertain tax benefits and associated interest and penalties of $5.1 million in the year to December 31, 2008 (2007: $38.2 million).

Equity in earnings of equity method investees

Net earnings of equity method investees of $2.4 million were recorded for the year to December 31, 2008 (2007: $1.8 million). This comprised earnings of $5.8 million from the 50% share of the anti-viral commercialization partnership with GSK in Canada (2007: $6.5 million), offset by losses of $3.4 million being the Company's share of losses in the GeneChem, AgeChem and EGS Healthcare Funds (2007: losses of $4.7 million).

Discontinued Operations

Losses from discontinued operations of $17.6 million (2007: $ nil) relate to those Jerini businesses that met the criteria for held-for-sale and discontinued operations at December 31, 2008, which Jerini announced in October 2008 that it intended to divest.

    FINANCIAL INFORMATION
    Unaudited results for the year to December 31, 2008
    Consolidated Balance Sheets

                                                      December 31,   December
                                                              2008   31, 2007
                                                                $M         $M
                                                           _______    _______
    ASSETS
    Current assets:
    Cash and cash equivalents                                218.2      762.5
    Restricted cash                       
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SOURCE  Shire Plc
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