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Shire plc: Continued Strong Product Sales Performance in Q3: On Track to Deliver Significant 2011 Earnings Growth
Date:10/28/2011

as compared to Q3 2010.

2.    Royalties

Year on year growth Royalties to Product Shire $M Royalties CER ADDERALL XR 1.00 22.9 27% 27% 3TC and ZEFFIX 1.00 17.3 -57% -58% FOSRENOL 1.00 10.9 56% 56% Other 1.00 11.7 7% 0% Total 1.00 62.8 -18% -19%

Royalty income decreased in Q3 2011 compared to Q3 2010 as higher royalties on ADDERALL XR and FOSRENOL were more than offset by lower royalties from 3TC and ZEFFIX.

Royalty income from 3TC and ZEFFIX continues to be adversely impacted by increased competition from other products. Additionally, in Q3 2011 Shire has continued to not recognize royalty income for 3TC for certain territories due to a disagreement between GSK and Shire about how the relevant royalty rate should be applied given the expiry dates of certain patents. In Q3 2011 this disagreement extended to ZEFFIX, and accordingly Shire has not recognized ZEFFIX royalty income for the affected territories. GSK and Shire continue to hold discussions in order to clarify this issue.

3.    Financial details

Cost of product sales

% of % of product product Q3 2011 sales Q3 2010 sales $M $M Cost of product sales (US GAAP) 166.5 16% 112.7 14% Unwind of DERMAGRAFT inventory fair value step-up on acquisition (9.0) - Transfer of manufacturing from Owings Mills (3.4) (7.3) Depreciation (8.6) (2.3) Cost of product sales (Non GAAP) 145.5 14% 103.1 13%

Non GAAP cost of product sales as a percentage of product sales increased in Q3 2011 compared to the same period in 2010 due to the inclusion of DERMAGRAFT and the impact of a $10.0 million inventory write down of expired ELAPRASE unpurified bulk material, which was not prioritised for purification as capacity was directed towards meeting demand for REPLAGAL and VPRIV.

US GAAP cost of product sales as a percentage of product sales was two percentage points higher than the same period in 2010 due to the ELAPRASE write dow
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SOURCE Shire plc
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