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Shire's New Product Portfolio Delivers Strong Quarterly Performance
Date:10/29/2008

price could react favorably and the Company may recover some or all of this impairment loss. Any future potential increases in the value of Renovo will be recognized through other comprehensive income.

Taxation

The effective rate of tax for the three months to September 30, 2008 was 82% (2007: -211%). Excluding the tax effect of items excluded from Non GAAP income as outlined on page 24, principally the IPR&D charge in respect of FIRAZYR in non EU markets which is not deductible for tax, the effective rate of tax on Non GAAP income is 20% (2007: 14%). The effective rate of tax on Non GAAP income has increased as a result of higher profits and lower levels of tax deductible expenditure in higher tax territories (principally the US) in 2008 compared to 2007, and reductions to specific tax liabilities in 2007 following tax filings made in Q3 2007.

Equity in earnings of equity method investees

Earnings of equity method investees of $1.6 million were recorded for the three months to September 30, 2008 (2007: $0.5 million). This comprised earnings of $1.6 million from the 50% share of the anti-viral commercialization partnership with GSK in Canada (2007: $1.7 million).

FINANCIAL INFORMATION

Unaudited US GAAP results for the three months to September 30, 2008

Consolidated Balance Sheets

September 30, December 31,

2008 2007

$M $M

--------- ---------

ASSETS

Current assets:

Cash and cash equivalents 473.3 762.5

Restricted cash 31.8 39.5

Accounts receivable, net 489.8 441.5

Inventories, net
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SOURCE Shire Plc
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