The following items are included in Adjustments:
a)Amortization and asset impairments: Amortization of intangible assets relating to intellectual property rights acquired ($31.2 million), impairment charges to record DAYTRANA assets at fair value less costs to sell ($42.7 million) and tax effect of adjustments;
b)Acquisitions and integration activities: Upfront payment to Acceleron ($45.0 million), acquisition costs are principally costs associated with the acquisition of Movetis ($5.8 million) and tax effect of adjustments;
c)Divestments, reorganizations and discontinued operations: Accelerated depreciation ($6.2 million) and dual running costs ($1.1 million) on the transfer of manufacturing from Owings Mills and reorganization costs ($9.7 million) on the transfer of manufacturing from Owings Mills and establishment of an international commercial hub in Switzerland, and tax effect of adjustments; and
d)Depreciation: Depreciation of $22.8 million included in Cost of product sales, R&D costs and SG&A costs for US GAAP separately disclosed for the presentation of Non GAAP earnings.
Unaudited results for the nine months to September 30, 2011
Non GAAP reconciliation
US GAAP Adjustments Non GAAP Acquis Divestments, Amorti itions & reorgan September -zation integr -izations & Reclas September 9 months to, 30, & asset -ation discontinued -sify 30, 2011 impairments activ operations deprec 2011 -ities -iation (a) (b) (c) (d) $M $M $M $M $M $M Total revenues 3,121.2 - - - - 3,121.2 Costs and expenses: Cost of product sales 434.7 - (9.0) (9.0) (22.4) 394.3 Research and development 556.3 (16.0) - - (16.4) 523.9 Selling, general and administrative 1,295.3 (119.1) - - (46.4) 1,129.8 Loss on sale of product rights 3.8 - - (3.8) - - Reorganization costs 18.0 - - (18.0) - - Integration & acquisition costs 7.9 - (7.9) - - - Depreciation
|SOURCE Shire plc|
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