Shire Delivers Strong Quarter: Driven by $243m of New Product Sales (+164% YOY Growth). Revenue Guidanc...(updates below we reiterate the guidance ...)

Date:7/31/2008

updates below, we reiterate the guidance given as part of the first quarter 2008 results, including confirmation that we expect VYVANSE sales to be at the lower end of a range of $350 to $400 million. In combination, the updates constitute upgraded guidance following a strong performance in the first half of 2008. This guidance excludes revenues and costs associated with the proposed acquisition of Jerini AG ("Jerini"):

- Revenue growth to be at least 20% (previous guidance: mid to high

teens);

- Capital expenditure to be in the range $300 to $330 million (previous

guidance: $320 to $350 million);

- Depreciation to be approximately $75 million (previous guidance:

approximately $90 million); and

- R&D spend is being increased to approximately $500 million (previous

guidance: $465 to $490 million). This increase reflects Shire's strong

pipeline with the completion during Q2 of the acquisition of

METAZYM(TM) (arylsulfatase-A), and the acceleration of various core

projects including the Phase 3 trials for velaglucerase alfa.

The following items are excluded from net (loss)/income in calculating Non GAAP earnings, all of which are excluded from our financial outlook:

- Intangible asset amortization charges;

- Gains and losses on the sale of non-core assets;

- Upfront payments and milestones in respect of in-licensed and acquired

products, including the payment to Zymenex A/S ("Zymenex") for METAZYM

of $135 million;

- Intangible asset impairment charges, inventory write-downs and exit

costs of $150 million associated with DYNEPO, which Shire has decided

to stop commercializing;

- Costs associated with the introduction of a new holding company,

expected to be approximately $15 million; and

- Taxes associated with these items.

In addition depreciation, which is included in cost of p
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SOURCE Shire Ltd Copyright©2008 PR Newswire. All rights reserved

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