Shire Delivers Excellent Growth for the Year, With the new Product Portfolio Achieving Sales of ...(3.0 billion. - Significant cost lever...)

Date:2/19/2009

3.0 billion. - Significant cost leverage has improved Non GAAP operating expenses to 75% of product sales - down from 82% in 2007 (95% on a GAAP basis - down from 176% in 2007); - Excellent earnings growth with Non GAAP diluted earnings up 36% to $3.86 per ADS and GAAP diluted earnings from continuing operations up $8.92 to $0.86 per ADS; - $800 million of cash generated from operating activities, supporting our robust balance sheet. Fourth Quarter 2008 - New product sales were up 34% to $270 million including strong growth for VYVANSE (up 57% to $103 million); - Sales of ADDERALL XR were down 1% compared to Q4 2007 and total prescriptions were down 4%; - Total revenues were up 6% to $766 million (up 12% on a CER basis and after excluding 2007 sales of $15 million from the non-core products sold to Almirall); - Non GAAP Operating Income was up 14% to $241 million. Growth in Non GAAP diluted earnings per ADS at 9% was less than Non GAAP operating income growth due to a lower tax rate in Q4 2007; and - GAAP Operating Income was down 17% to $193 million primarily due to lower gains on the sale of product rights ($nil in Q4 2008; $116 million in Q4 2007). FOURTH QUARTER HIGHLIGHTS AND RECENT DEVELOPMENTS Products - During the fourth quarter our new products continued to perform strongly, with sales from new products up $69 million to $270 million (38% of product sales), driven by the further growth of VYVANSE, LIALDA and ELAPRASE. - In October 2008 FOSRENOL was approved in Japan. Shire's licensee, Bayer Yakuhin Limited, is targeting launch in that market in the first half of 2009. - On January 16, 2009 we announced that we had entered into a license agreement with Mochida Pharmaceutical Co., Ltd to develop and sell LIALDA in Japan. - On Febr
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