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

nd the costs of integrating SARcode Biosciences Inc. ("SARcode") and Premacure AB ("Premacure"). In Q3 2012 integration and acquisition costs ($2.7 million) primarily related to the acquisition of FerroKin Biosciences, Inc. ("FerroKin") and the integration of Advanced BioHealing Inc. ("ABH").

Interest expense

For the three months to September 30, 2013 Shire incurred interest expense of $9.0 million (Q3 2012: $9.2 million), which principally relates to the coupon on Shire's $1,100 million 2.75% convertible bonds due May 2014.

Taxation


The effective rate of tax on Non GAAP income in Q3 2013 was 19% (Q3 2012: 18%), and on a US GAAP basis the effective rate of tax was 16% (Q3 2012: 15%).

The effective rate of tax in Q3 2013 on both a Non GAAP and a US GAAP basis is higher than the same period in 2012 due primarily to adverse changes in profit mix and changes in provisions for uncertain tax positions, partially offset by changes in estimates of the amount of certain tax liabilities following the finalisation of various tax returns.

FINANCIAL INFORMATION

TABLE OF CONTENTS

Page Unaudited US GAAP Consolidated Balance Sheets 11 Unaudited US GAAP Consolidated Statements of Income 12 Unaudited US GAAP Consolidated Statements of Cash Flows 14 Selected Notes to the Unaudited US GAAP Financial Statements (1) Earnings per share 16 (2) Analysis of revenues 17 Non GAAP reconciliation 19

Unaudited US GAAP financial position as of September 30, 2013
Consolidated Balance Sheets

September 30, December 31, 2013 2012 $M $M ASSETS Current assets: Cash and cash equivalents 1,686.1 1,482.2 Restricted cash 16.6 17.1 Accounts receivable, net 1,037.8 824.2 Inventories 480.5 436.9 Deferred tax asset 210.6 229.9 Prepaid expenses and other current assets 282.3 221.8 Total current assets 3,713.9 3,212.1 Non-current assets: Investments 36.7 38.7 Property, plant and equipment ("PP&E"), net 965.1 955.
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SOURCE Shire plc
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