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Shire plc: Core Portfolio of Products Delivers 20% Sales Growth
Date:8/5/2009

ffective tax rate on Non GAAP income is 2% (2008: 20%). The Non GAAP effective tax rate in the three months to June 30, 2009 was 18 percentage points lower than the corresponding period in 2008 principally due to the decrease in valuation allowances held in respect of US State tax credits and losses. Following the interpretation and analysis of the implications of new Massachusetts State tax regulations issued in Q2 2009, Shire determined during the second quarter that it was now more likely than not that these State tax credits and losses were realizable.

Equity in earnings/(losses) of equity method investees

Net earnings of equity method investees of $0.5 million were recorded for the three months to June 30, 2009 (2008: $1.9 million loss). This comprised earnings of $1.2 million from the 50% share of the anti-viral commercialization partnership with GSK in Canada (2008: $1.5 million earnings) and losses of $0.7 million, being the Company's share of losses in the GeneChem, AgeChem and EGS Funds (2008: $3.4 million loss).

Discontinued operations

The loss from discontinued operations for the three months to June 30, 2009 was $9.8 million (2008: $nil), relating to net losses on discontinued Jerini businesses which were either divested or closed during the second quarter of 2009, the loss on divestment of Jerini's Peptides business and the write-off of the fair value less costs to sell of assets previously classified as held for sale.

    FINANCIAL INFORMATION
    TABLE OF CONTENTS

                                                          Page

    Unaudited US GAAP Consolidated Balance Sheets           14

    Unaudited US GAAP Consolidated Statements of Income     15

    Unaudited US GAAP Consolidated Statements of Cash
    Flows                                                   17

    Selected Notes to the Unaudited US GAAP Financial       19
    Statements
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SOURCE Shire Plc
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