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Shire's Replenished Portfolio Drives Excellent Quarterly Performance
Date:4/29/2010
DUBLIN, April 29, 2010 /PRNewswire-FirstCall/ -- Shire plc (LSE: SHP, NASDAQ: SHPGY) the global specialty biopharmaceutical company, announces results for the three months to March 31, 2010.
Financial Highlights
Q1 2010(1)
Product sales $718 million -5%
Product sales from core products(2) $626 million +36%
Total revenues $816 million -
Non GAAP operating income $265 million -19%
US GAAP operating income $218 million -4%
Non GAAP diluted earnings per ADS $1.01 -21%
US GAAP diluted earnings per ADS $0.89 -23%
(1) Percentages compare to equivalent 2009 period.
(2) Core products represent Shire's products excluding ADDERALL XR.
Angus Russell, Chief Executive Officer, commented:
"This was an excellent first quarter performance with our core product sales up 36% and cash generation increasing 19% to $278 million. Despite the impact of authorised generic ADDERALL XR, total reported revenues in the quarter were at 2009 levels, reflecting our success in replenishing our portfolio with products providing strong growth and robust intellectual property. Across the business we saw significant developments: VYVANSE now has approximately a 14% share of the US ADHD market, our two recently launched products VPRIV and INTUNIV are performing well and in the EU REPLAGAL is now the leading Fabry treatment, with an estimated 60% market share.
We are investing in our growing int
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