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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

rate ("CER") basis, which is a Non GAAP measure, product sales were up 25%.

Product sales in the quarter benefited from higher ADDERALL XR® sales, in part due to significantly lower sales deductions following a lowering of the estimate of inventory in the US retail pipeline.

  • The strong product sales growth more than offset declines in 3TC® and ZEFFIX® royalties, both of which are now affected by the disagreement with GlaxoSmithKline ("GSK"), to give growth in total revenues of 24%, to $1,086 million in the quarter (Q3 2010: $874 million).


 

  • As expected, research and development ("R&D") was up 21% on a Non GAAP basis compared to Q3 2010, as we continue to invest in both early and late stage programs across our business to enable us to deliver future growth. On a US GAAP basis, R&D expenditure increased 2% compared to Q3 2010.


 

  • Non GAAP operating income was up 15% to $341 million (Q3 2010: $298 million). As expected, Non GAAP operating expenses increased at broadly the same rate as the increase in product sales compared to Q3 2010. This increase was due to increased investment in our R&D program and higher selling, general and administrative ("SG&A") expenditure as we absorb the operating costs of Advanced BioHealing Inc. ("ABH") and Movetis, neither of which were incurred in Q3 2010, in addition to supporting product launches and our continued growth.


 

Non GAAP diluted earnings per American Depositary Share ("ADS") were up 10% to $1.28 (Q3 2010: $1.16), due to the higher Non GAAP operating income, partially offset by higher Non GAAP Other Expenses.

  • On a US GAAP basis, operating income was up 64% to $255 million (Q3 2010: $156 million). Q3
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SOURCE Shire plc
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