Our core effective tax rate on Non GAAP income is anticipated to remain in the range of 18-20%.
Taken together, we are increasing our guidance to reflect our expectation of delivering mid-to-high teens Non GAAP earnings growth for the full year in 2013 (previous guidance: double digit Non GAAP earnings growth).
Looking forward, we anticipate continuing operating leverage in 2014 and 2015, from reduced combined Non GAAP R&D and SG&A. We expect this to be around $250 million lower than current consensus in 2014 and $300 million lower than current consensus in 2015.
 Improvements of approximately $250 million for full year 2013, based on the difference between initial guidance for full year 2013 of high single digit growth in combined Non GAAP R&D and SG&A (guidance provided February 14, 2013) and current guidance expectations of combined Non GAAP R&D and SG&A to be 1-3% lower than 2012.
 Based on the most recent consensus estimates compiled by Consensus Forecast Ltd, as of the date of this release, of combined Non GAAP R&D and SG&A of $2,662 million and $2,683 million for the years ending December 31, 2014 and 2015 respectively, available on Shire's website (http://www.shire.com/shireplc/en/investors/forecasts).
THIRD QUARTER 2013 AND RECENT PIPELINE DEVELOPMENTS
ABH001 - for the treatment of Epidermolysis Bullosa
Decision to discontinue the construction of the new manufacturing facility in San Diego
|SOURCE Shire plc|
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