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

4%, compared to Q2 2010.

Reorganization costs

For the three months to June 30, 2011 Shire recorded reorganization costs of $7.5 million (Q2 2010: $8.6 million) relating to the transfer of manufacturing from its Owings Mills facility and the establishment of an international commercial hub in Switzerland.

Integration and acquisition costs

For the three months to June 30, 2011 Shire recorded integration and acquisition costs of $9.0 million (Q2 2010: $nil), relating to the acquisition and integration of ABH ($6.9 million) and the integration of Movetis ($2.1 million).

Interest expense

For the three months to June 30, 2011 the Company incurred interest expense of $9.9 million (Q2 2010: $8.3 million). Interest expense principally relates to the coupon and amortization of issue costs on Shire's $1,100 million 2.75% convertible bonds due 2014.

Taxation


The effective rate of tax for the three months to June 30, 2011 was 25% (Q2 2010: 25%), and the effective rate of tax on Non GAAP income was 23% (Q2 2010: 25%).

The Non GAAP effective tax rate in Q2 2011 is lower than Q2 2010 due to favourable changes in profit mix, an increase in US tax incentives (notably the domestic production deduction), and the effect of changes to the estimated effective US State tax rate on existing US deferred tax assets following the acquisition of ABH in the quarter.

FINANCIAL INFORMATION

Unaudited US GAAP financial position as of June 30, 2011
Consolidated Balance Sheets

June 30, December 31, 2011 2010 $M $M ASSETS Current assets: Cash and cash equivalents 144.6 550.6 Restricted cash 21.9 26.8 Accounts receivable, net 797.2 692.5 Inventories 336.3 260.0 Deferred tax asset 166.9 182.0 Prepaid expenses and other current assets 198.6 168.4 Total current assets 1,665.5 1,880.3 Non-current assets: Investments 125.7 101.6 Property, plant and equipment, net 905.8 853.4 G
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SOURCE Shire plc
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