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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

e realized a total gain of $139.2 million, of which $114.8 million was recognized during Q4 2007. The remaining deferred gain of $24.4 million will be recognized in 2008 after the transfer of the relevant consents.

Shire received $24.8 million on the sale of other non-core products, realizing a total gain of $17.2 million, of which $13.0 million was recognized during 2007. The remaining deferred gain of $4.2 million relating to these disposals is expected to be recognized in 2008 on the transfer of marketing authorizations.

During the year to December 31, 2006 Shire recognized a gain of $63.0 million on the disposal of ADDERALL to Duramed.

In-process R&D

During the year to December 31, 2007, as required under US GAAP (business combination accounting), the Company expensed the portion of the New River purchase price allocated to IPR&D of $1,866.4 million (2006: $nil). This amount represents the value of those acquired development projects which, at the acquisition date, had not been approved by the FDA or other regulatory authorities, including VYVANSE for use in adult patients. During Q4 2007 Shire reduced the amount assigned to IPR&D by $29.6 million as a result of changes to preliminary estimates of deferred taxes in the purchase price allocation exercise.

Interest income

For the year to December 31, 2007 Shire received interest income of $50.6 million (2006: $50.5 million). Interest income primarily relates to interest received on cash balances. Included in 2006 was interest of $6.5 million received from IDB Biomedical Inc. ("IDB") on repayment of injectable flu development drawings arising on the disposal of the vaccines business in 2004. Excluding this one-off item, interest income in 2007 is higher than in 2006 due to slightly higher average cash balances and higher average US Dollar interest rates.

Interest expense

For the year to December 31, 2007 Shire incurred interest expense of $70.8 million (2006:
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SOURCE Shire plc
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