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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

2010 included the up-front payment to Acceleron Pharma Inc. ("Acceleron") and impairment charges relating to the divestment of DAYTRANA®.


 

US GAAP diluted earnings per ADS were up 96% to $1.02 (Q3 2010: $0.52), due to both higher US GAAP operating and Other Income (which for US GAAP includes the gain on disposal of shares held in Vertex Pharmaceuticals Inc. ("Vertex")).

  • Cash generation, a Non GAAP measure, was up 9% to $296 million (Q3 2010: $271 million). Higher cash receipts from gross product sales were partially offset by lower royalty receipts and higher cash payments on the increased investment in R&D and SG&A, as well as higher sales deduction payments in the quarter.


 

Free cash flow, also a Non GAAP measure, was up 56% to $138 million compared to Q3 2010.  Free cash flow in Q3 2010 ($89 million) included the impact of the $45 million upfront payment to Acceleron.

On a US GAAP basis, net cash provided by operating activities was $179 million (Q3 2010: $142 million).

2011 OUTLOOK


 

After these third quarter results we remain on track to meet current market expectations for 2011 earnings.

For the full year we expect to see continued strong product sales growth. Royalty and other revenues combined are expected to continue to decline but now by around 17% for the full year (previous expectation, 10%) compared to 2010. Taken together, we expect year on year growth in total revenues in the second half to be broadly in line with the rate of 22% seen in the first half.

We continue to expect gross margins to be marginally diluted in the second half as a result of the inclusion of ABH, although gross margins for the full year should be in line with those recorded in 2010.

As previously indicated, we have significant opportunities for future growth. During the year we h
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SOURCE Shire plc
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