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Shire plc: Excellent Performance Across All Areas of the Business and Accelerating New Product Sales Drive Revenue Growth of 36%
Date:2/21/2008

$1,120 million (or $1,125 to $1,165 million including FAS123R charge);

- Business expansion including new and enlarged manufacturing and research facilities for HGT, the enlargement of other facilities and the global roll out of new and upgraded IT infrastructures, will see a significant cash investment in capital projects in 2008 in the range of $320 to $350million (2007: $110 million);

- Due to the higher capital expenditure, the depreciation charge for 2008 is expected to increase by approximately 50% compared to 2007 (2007: $59 million);

- The effective tax rate on non GAAP income from ongoing operations for 2008 is expected to be approximately 23%; and

- Fully diluted share capital (inclusive of options and convertible bonds) will be approximately 590 million shares, with $13 million of convertible bond interest (after tax) added back to net income for the purpose of calculating fully diluted EPS.

From 2008, Shire will report its non GAAP earnings based on net income/(loss) adjusted for the following items, all of which are excluded from the financial outlook for the full year as stated above:

- Intangible asset amortization charges, which are expected to rise approximately 25% over the 2007 charge of $95 million primarily due to a full year's amortization of the VYVANSE pediatric intangible asset;

- Release of deferred gains on the sale of non-core products, (including Almirall and other non-core product right gains), of $29 million; and

- Upfront payments and milestones in respect of in-licensed products.

In contrast to 2007, no adjustment will be made to exclude FAS123R charge from non GAAP earnings in 2008.

Dividend

In respect of the six months to December 31, 2007 the Board has resolved to pay a second interim dividend of 6.4690 US cents per ordinary share (2006: 5.2455 US cents per share). Together with the first interim payment of 2.147 US cents per ordinary share (2006: 1.935
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SOURCE Shire plc
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