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Shire's Quarterly Revenues Grow by 25% to $1 Billion for the First Time
Date:7/28/2011

tion (8.3) (3.8) Cost of product sales (Non GAAP) 132.6 13% 107.9 14%

Cost of product sales as a percentage of product sales decreased in Q2 2011 compared to the same period in 2010, due to product sales growth from higher margin products and improved margins from Shire's ADHD products.

R&D

% of % of product product Q2 2011 sales Q2 2010 sales $M $M R&D (US GAAP) 176.9 18% 147.0 19% Depreciation (6.1) (3.5) R&D (Non GAAP) 170.8 17% 143.5 19%

Non GAAP R&D costs increased by $27.3 million, or 19%, due to continued increased investment in a number of targeted R&D programs, including Sanfilippo A and other early stage development programs, continued investment in new uses for VYVANSE and the inclusion of a full quarter's spend on RESOLOR which was not incurred in Q2 2010. Non GAAP R&D costs in Q2 2011 were also impacted by adverse foreign exchange compared to 2010 of approximately $7 million. On a CER basis Non GAAP R&D costs increased by approximately 15%.

On a US GAAP basis, R&D costs in Q2 2011 increased by $29.9 million, or 20% compared to Q2 2010.

SG&A

% of % of product product Q2 2011 sales Q2 2010 sales $M $M SG&A (US GAAP) 440.3 44% 354.4 46% Intangible asset amortization (36.7) (33.8) Depreciation (15.1) (16.6) SG&A (Non GAAP) 388.5 39% 304.0 40%

Non GAAP SG&A increased by $84.5 million, or 28%, as we support our continued growth and planned product launches. Additionally, Non GAAP SG&A increased in Q2 2011 due to the inclusion of costs for Movetis and our international commercial hub in Switzerland which were not incurred in Q2 2010. Non GAAP SG&A costs in Q2 2011 were also impacted by adverse foreign exchange compared to 2010 of approximately $20 million. On a CER basis Non GAAP SG&A increased by approximately 21%.

On a US GAAP basis, SG&A costs in Q2 2011 increased by $85.9 million, or 2
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SOURCE Shire plc
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