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Shire plc: IFRS Results for the Year Ending December 31, 2007
Date:3/25/2008

Italy, Spain and Ireland. This sale will realise a total gain of US$109.7 million, of which US$89.9 million was recognised during Q4 2007. The remaining deferred gain of US$19.8 million will be recognised in 2008 after the transfer of the relevant consents.

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

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

Investment revenues

For the year to December 31, 2007 Shire received investment revenues of US$50.6 million (2006: US$50.5 million). Investment revenues primarily relate to interest received on cash balances. Included in 2006 was interest of US$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, investment revenues in 2007 are higher than in 2006 due to slightly higher average cash balances and higher average US Dollar interest rates.

Finance costs

For the year to December 31, 2007 the Group incurred finance costs of US$93.1 million (2006: US$27.0 million). The increase in finance costs in 2007 over 2006 follows the acquisition of New River which was partly funded by US$1.3 billion of term loans, utilised under Shire's US$2.3 billion banking facility (see Note 8). These term loans were subsequently partially repaid using the proceeds from Shire's 2.75% convertible bond issued in May 2007. The remaining US$200 million of the term loans was also repaid during the year to December 31, 2007. Finance costs for the year to December 31, 2007 included an US$11.9 million write-off of deferred financing cos
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SOURCE Shire plc
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