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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

ose from the $1,866.4 million write-off of in-process research and development ("IPR&D") acquired as part of the $2.6 billion acquisition of New River; this amount represents the value of the acquired development projects, including VYVANSE for use in adult patients. Excluding IPR&D, operating income rose by $204.1 million compared to 2006, primarily due to revenue growth.

Cash inflow from operating activities for the year to December 31, 2007 decreased by 11% to $474.7 million (2006: $531.9 million). Excluding upfront payments and milestones in respect of in-licensed technology of $155.9 million in 2007 and $80.5 million in 2006 (see section 4 - R&D below for details), cash inflow from operating activities for the year to December 31, 2007 increased by 3% to $630.6 million (2006: $612.4 million). This increase is lower than the increase in operating income (excluding IPR&D) of $204.1 million primarily as a result of increased receivables generated by higher sales in December 2007 over December 2006 and increases in inventory to support new products.

Cash, cash equivalents and restricted cash at December 31, 2007 totaled $802.0 million (December 31, 2006: $1,156.7 million). The decrease of $354.7 million was primarily due to the acquisition of New River in April 2007 being partly funded from Shire's pre-acquisition cash resources.

Summary of Q4 2007

Revenues from continuing operations for the three months to December 31, 2007 increased by 46% to $724.5 million (2006: $497.0 million).

Operating income for the three months to December 31, 2007 was $232.2 million (2006: $80.4 million). The increase primarily resulted from higher revenues and related earnings in Q4 2007 (compared to Q4 2006) and gains on disposal of non-core products of $115.7 million (2006: $nil), which were partially offset by upfront payments for in-licensed technology totaling $75.0 million (2006: $nil).

Cash inflow from operating activities for the three mo
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SOURCE Shire plc
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