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

es. Additionally, the tax rate in 2007 compared to 2006 has benefited from a reduced charge in respect of tax contingencies of US$34.0 million (2006: US$187.0 million) and an increase in favourable permanent differences, relating to R&D tax credits and the tax effect of the gain on disposal of product rights. These benefits were partially offset by the adverse impact of the movement in deferred taxes not recognised of US$7.0 million (2006: US$91.0 million favourable).

Principal Differences: IFRS and US GAAP Net Income for the year to December 31, 2007 and 2006.

The primary differences between net (loss) / income as reported under US GAAP and net income as reported under IFRS for the years ended December 31, 2007 and 2006 related to:

(a) In-process research and development ("IPR&D")

IPR&D arising on the acquisition of New River relating to VYVANSE for non-paediatric patients in the US and VYVANSE in the rest of the world ("RoW"), which has been capitalised as an intangible asset under IFRS. As required under US GAAP the value ascribed to these IPR&D projects of US$1,866.4 million (2006: US$nil) has been expensed as research and development costs as of the acquisition date.

(b) Goodwill impairment

The impairment of goodwill of US$133.7 million (2006: US$271.9 million) under IFRS, not recorded under US GAAP. The impairment principally relates to the goodwill recognised under IFRS in respect of the acquisition of BioChem Pharma Inc: this goodwill was not recorded under US GAAP as the treatment of the combination as a pooling of interests under US GAAP resulted in no goodwill arising.

(c) Intangible asset impairment

An impairment charge of US$256.8 million (2006: US$1.1 million) was recorded under IFRS, primarily relating to the impairment of IPR&D in respect of the oncology indication of DYNEPO. These assets are not recognised on the US GAAP balance sheet as they were expensed as research and development costs at t
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SOURCE Shire plc
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