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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

$26.4 million). The increase in interest expense follows the acquisition of New River which was partly funded by $1.3 billion of term loans, utilized under the $2.3 billion Multicurrency Term and Revolving Facilities Agreement. These term loans were subsequently partially repaid using the proceeds from Shire's $1.1 billion 2.75% convertible bond issued in May 2007. The remaining $200 million of the term loans was also repaid during June 2007. Interest expense for the year to December 31, 2007 includes a $7.9 million write-off of deferred financing costs following the repayment of these term loans.

In the years to December 31, 2007 and 2006 interest expense includes a provision for interest, which may be awarded by the Court in respect of amounts due to those ex-TKT shareholders who have requested appraisal of the acquisition consideration payable for their TKT shares. A trial date for the appraisal rights litigation has been set for May 12, 2008. Further information about this litigation can be found in our filings with the SEC, including our Annual Report on Form 10-K for the year to December 31, 2006 and our most recent Quarterly Report on Form 10-Q for the period to September 30, 2007.

Taxation

The effective tax rate for the year to December 31, 2007 was -4.0% (2006: 26.8%). Excluding the IPR&D charge of $1,866.4 million, which is not tax deductible, and the tax effect of items excluded from non-GAAP income as outlined on page 30, the effective rate of tax on non-GAAP income is 20.7% (2006: 26.8%).

The effective rate of tax under US GAAP in 2007 compared to 2006 benefited from: the tax effect of Shire plc's 2.75% convertible bonds; an increase in R&D tax credits; favorable permanent differences arising on the gain on sale of product rights and a net reduction in valuation allowances. These reductions to the effective rate of tax are partially offset by a net increase to the provision for uncertain tax benefits and associated interest a
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SOURCE Shire plc
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