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Shire plc: Strong Third Quarter and Increased Non GAAP Earnings Expectations
Date:10/24/2013

verload and on development programs acquired through business development in 2013, including Lifitegrast. This growth was offset by reduced costs in relation to programs which have been discontinued following our pipeline prioritization review.

US GAAP R&D increased by $4.4 million, or 2%, as compared to Q3 2012.

Selling, General and Administrative ("SG&A")

% of % of product product 2013 sales 2012 sales $M $M SG&A (US GAAP) 441.1 37% 437.4 41% Intangible asset amortization (44.4) (50.0) Legal and litigation costs (8.5) (4.5) Depreciation (16.5) (14.2) SG&A (Non GAAP) 371.7 31% 368.7 35%

Non GAAP SG&A increased by $3.0 million, or 1%, a slower rate than the increase in product sales as we continue to focus on simplifying our business and delivering efficient growth.

US GAAP SG&A increased by $3.7 million, or 1%, as compared to Q3 2013.

For the nine months to September 30, 2013 Non GAAP SG&A decreased by $85.1 million, or 7%[1]; US GAAP SG&A decreased by $111.0 million, or 8%.

[1] For the full year guidance, refer to Outlook statement on page 3.


Gain on sale of product rights

For the three months to September 30, 2013 Shire recorded a gain on sale of product rights of $3.6 million (2012: $5.7 million) following re-measurement of the contingent consideration receivable from the divestment of DAYTRANA®.

Reorganization costs

For the three months to September 30, 2013 Shire recorded reorganization costs of $13.7 million (Q3 2012: $nil) primarily relating to the "One Shire" reorganization as we transition to a new operating structure.

Integration and acquisition costs

For the three months to September 30, 2013 Shire recorded integration and acquisition costs of $18.4 million primarily related to the change in fair value of contingent consideration a
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SOURCE Shire plc
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