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

V® (up 121% to $63 million).
  • Product sales in Q2 2011 benefited from an exceptionally strong quarterly performance from ADDERALL XR, up $67 million (or 83%), to $147 million, principally due to significantly lower sales rebates (as a percentage of sales) in Q2 2011 compared to Q2 2010, primarily driven by the mix of customer sales.

  • Non GAAP operating income was up 26% to $342 million (Q2 2010: $270 million). As expected Non GAAP operating expenses increased as we continue to invest in our targeted research and development ("R&D") programs and incur higher selling, general and administrative ("SG&A") expenditure to support our continued growth and planned product launches. On a US GAAP basis, operating income was up 26% to $283 million (Q2 2010: $224 million).

  • Non GAAP diluted earnings per American Depositary Share ("ADS") were up 29% to $1.33 (Q2 2010: $1.03), due to the higher Non GAAP operating income and a lower quarterly Non GAAP effective tax rate of 23% (Q2 2010: 25%). On a US GAAP basis, diluted earnings per ADS were up 26% to $1.08 (Q2 2010: $0.86).

  • Cash generation, a Non GAAP measure, was up 7% to $440 million (Q2 2010: $411 million). Higher cash receipts from gross product sales were partially offset by significantly higher sales deduction payments in Q2 2011, due to higher rebate levels in 2011 and timing delays for rebate payments in 2010 following US Healthcare Reform, together with higher payments on operating expenditure.

  • Free cash flow, also a Non GAAP measure, was down 1% to $235 million (Q2 2010: $239 million) as higher cash generation was offset by higher capital expenditure and cash tax payments in Q2 2011 compared to Q2 2010.

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SOURCE Shire plc
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