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Shire plc: Strong Third Quarter and Increased Non GAAP Earnings Expectations

Q3 2012.


The strong growth in INTUNIV product sales (up 17%) in Q3 2013 was driven by a combination of increased US prescription demand (up 8%) and the effect of price increases taken since Q3 2012. The benefit of these increases was partially offset by higher sales deductions in Q3 2013 as compared to Q3 2012.

PENTASA - Ulcerative Colitis

PENTASA product sales (up 5%) benefited from price increases taken since Q3 2012 partially offset by higher sales deductions in Q3 2013 as compared to Q3 2012.

FIRAZYR - Hereditary Angioedema

FIRAZYR product sales growth (up 107%) was primarily driven by the US market, where the number of new patients on therapy continues to grow strongly.

DERMAGRAFT - Diabetic Foot Ulcers

DERMAGRAFT product sales were down 29% compared to Q3 2012.

2.    Royalties

Year on year growth Royalties to Product Shire $M Royalties CER FOSRENOL(R) 1.00 13.8 -1% -2% 3TC(R) and ZEFFIX(R) 1.00 10.1 -5% -5% ADDERALL XR 1.00 6.2 -45% -45% Other 1.00 7.5 +25% +23% Total 1.00 37.6 -10% -10%

3.    Financial details

Cost of product sales

% of % of product product Q3 2013 sales Q3 2012 sales $M $M Cost of product sales (US GAAP) 197.1 16% 167.9 16% Depreciation (11.0) (9.4) Cost of product sales (Non GAAP) 186.1 16% 158.5 15%

Cost of product sales as a percentage of product sales remained broadly constant in Q3 2013 as compared to Q3 2012.

Research and Development ("R&D")

% of % of product product Q3 2013 sales Q3 2012 sales $M $M R&D (US GAAP) 229.1 19% 224.7 21% Depreciation (6.3) (5.5) R&D (Non GAAP) 222.8 19% 219.2 21%

Non GAAP R&D increased by $3.6 million, or 2%[1], due to the continued investment in our R&D pipeline, primarily on non-ADHD programs for LDX, on SHP602 (formerly known as SPD602) for iron o

SOURCE Shire plc
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