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Further Upgrade to 2007 Financial Guidance Based on Strong Revenue Growth; VYVANSE Demand on Track
Date:11/1/2007

three months to September 30, 2007 Shire incurred interest expense of $18.0 million (2006: $7.0 million). The increase in interest expense was mainly due to the interest payable on the $1.1 billion convertible bond issued in May 2007 as part of the long term funding for the acquisition of New River.

In the three months to September 30, 2007 and 2006 interest expense includes a provision for interest, which may be awarded by the Court in respect of amounts due to those ex-TKT shareholders who have requested appraisal of the acquisition consideration payable for their TKT shares. A trial date for the appraisal rights litigation has been set for May 12, 2008. Further information about this litigation can be found in our filings with the SEC, including our Annual Report on Form 10-K for the year to December 31, 2006.

Taxation

The effective tax rate for the three months to September 30, 2007 was -211% (2006: 28%). The negative effective tax rate in the third quarter was primarily due to a higher than forecast level of tax deductible expenditure in that quarter in high-tax territories (principally the US) and reductions in specific tax liabilities relating to tax reviews and tax filings, all of which were finalized in the third quarter. When these changes arose in the three months to September 30, 2007, they caused a reversal of certain tax charges that had been expensed in the six months to June 30, 2007. Excluding the IPR&D charge of $1,896.0 which is not tax deductible, the effective tax rate was reduced from 26% for the six months to June 30, 2007 to 16% for the nine months to September 30, 2007.

At September 30, 2007 net deferred tax liabilities of $87.6 million (December 31, 2006: net deferred tax asset of $261.0 million) were recognized. Shire has moved from a net deferred tax asset to a net deferred tax liability position following the recognition of a deferred tax liability of $433.6 million at acquisition in respect of intangible assets a
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SOURCE Shire plc
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