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

increased guidance for 2013

Flemming Ornskov, M.D., Chief Executive Officer, commented:

"This has been a strong quarter with good growth in revenues, earnings and cash generation.

We're demonstrating execution of our strategy, which is putting Shire on a path of sustainable growth. Our focus on commercial excellence is improving product sales and we're excited about the opportunities in our pipeline.

We're confident in our prospects for the longer term as we continue to execute on commercial delivery, progress our prioritized pipeline and focus on targeted M&A. The benefits of our 'One Shire' reorganization are already evident in our year to date performance, we have a simpler, more efficient business and now expect Non GAAP R&D and SG&A spend to be lower than current consensus expectations for this year and in 2014 and 2015[1].

I am delighted to be increasing our 2013 full year earnings guidance to delivering mid-to-high teens Non GAAP earnings growth and guiding to continuing operating leverage for 2014 and 2015[1]. This strong performance has been overseen by a management team with long term tenure at Shire, supplemented by some recent new senior appointments."

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

FINANCIAL SUMMARY

Third Quarter 2013 Unaudited Results

Q3 2013 Q3 2012 Non Non US GAAP Adjustments GAAP US GAAP Adjustments GAAP $M $M $M $M $M $M Total revenues 1,237 - 1,237 1,100 - 1,100 Operating income 341 81 422 273 52 325 Diluted earnings per ADS $1.46 $0.31 $1.77 $1.19 $0.17 $1.36

  • Product sales in Q3 2013 grew strongly (up 13% to $1,195 million). On a Constant Exchange Rate ("CER") basis, which is a Non GAAP measure, product sales were up 13%.

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SOURCE Shire plc
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