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Shire Delivers Strong Quarter: Driven by $243m of New Product Sales (+164% YOY Growth). Revenue Guidance Upgrade.
Date:7/31/2008

es mainly relate to the increase in advertising, promotional and marketing spend to support VYVANSE and LIALDA/MEZAVANT.

Gain on sale of product rights

For the three months to June 30, 2008 Shire recognized gains of $9.1 million (2007: $5.0 million) arising from product divestments in 2007, including $8.6 million from the sale of non-core products to Almirall.

These gains were deferred at December 31, 2007 pending the transfer of the relevant consents.

In process R&D charge

During the three months to June 30, 2008 the Company recorded an in-process R&D charge of $135.0 million in respect of the acquisition of the global rights to the clinical candidate arylsulfatase-A currently known as METAZYM (HGT-1111), from Zymenex.

During the three months to June 30, 2007 Shire expensed the portion of the New River purchase price allocated to in-process R&D totaling $1,896.0 million. This amount represented the value of those acquired development projects which, at the acquisition date, had not been approved by the FDA or other regulatory authorities, including the adult indication of VYVANSE.

Interest income

For the three months to June 30, 2008 Shire received interest income of $6.5 million (2007: $14.9 million). Interest income primarily relates to interest received on cash and cash equivalents. Interest income for the three months to June 30, 2008 is lower than the same period in 2007 due to lower average cash and cash equivalent balances and lower average US Dollar interest rates.

Interest expense

For the three months to June 30, 2008 the Company incurred interest expense of $16.8 million (2007: $28.0 million). In the three months to June 30, 2007 interest expense included a $7.9 million write-off of deferred financing charges on repayment of term loans used to fund the acquisition of New River following the issue of the $1.1 billion convertible bonds in May 2007.

In both three month periods to Ju
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SOURCE Shire Ltd
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