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

>Divestments, reorganizations and discontinued operations: Re-measurement of DAYTRANA contingent consideration to higher fair value ($3.6 million), costs relating to the "One Shire" reorganization announced at Q1 2013 and the collective dismissal and closure of Shire's facility at Turnhout, Belgium ($13.7 million), and tax effect of adjustments;
  • Legal and litigation costs: Costs related to litigation, government investigations, other disputes and external legal costs ($8.5 million), and tax effect of adjustments; and
  • Depreciation reclassification: Depreciation of $33.8 million included in Cost of product sales, R&D costs and SG&A costs for US GAAP separately disclosed for the presentation of Non GAAP earnings.


  • Unaudited results for the three months to September 30, 2012

    Non GAAP reconciliation

    3 months to September Non 30, 2012 US GAAP Adjustments GAAP (a) (b) (c) (d) (e) $M $M $M $M $M $M $M Total revenues 1,100.4 - - - - - 1,100.4 Costs and expenses: Cost of product sales 167.9 - - - - (9.4) 158.5 R&D 224.7 - - - - (5.5) 219.2 SG&A 437.4 (50.0) - - (4.5) (14.2) 368.7 Gain on sale of product rights (5.7) - - 5.7 - - - Integration and acquisition costs 2.7 - (2.7) - - - - Depreciation - - - - - 29.1 29.1 Total operating expenses 827.0 (50.0) (2.7) 5.7 (4.5) - 775.5 Operating income 273.4 50.0 2.7 (5.7) 4.5 - 324.9 Interest income 0.9 - - - - - 0.9 Interest expense (9.2) - - - - - (9.2) Other income, net 3.5 - - - - - 3.5 Total other expense, net (4.8) - - - - - (4.8) Income before income taxes and equity in earnings of equity method investees 268.6 50.0 2.7 (5.7) 4.5 - 320.1 Income taxes (41.6) (14.3) (1.1) - (1.5) - (58.5) Equity in earnings of equity method investees, net of tax 0.2 - - - - - 0.2 Net income 227.2 35.7 1.6 (5.7) 3.0 - 261.8 Impact of convertible debt, net of tax 7.5 - - - - - 7.5 Numerator for diluted EPS 234.7 35.7 1.6 (5.7) 3.0 -
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    SOURCE Shire plc
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