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New Chief Executive Reports Q1 Results and Sets out Strategy for Growth
Date:5/2/2013

DUBLIN, May 2, 2013 /PRNewswire/ --

Shire delivers 10% increase in Non GAAP earnings; full year EPS guidance in line with consensus(1)

Shire (LSE: SHP, NASDAQ: SHPG) announces results for the three months to March 31, 2013.

Reported Financial Highlights Q1 2013 Growth(2) $1,117 Product sales million +1%(3) $1,162 Total revenues million -1%(3) Non GAAP operating income $393 million +9%(3) US GAAP operating income $129 million -56%(4) Non GAAP diluted earnings per ADS $1.63 +10%(3) US GAAP diluted earnings per ADS $0.35 -72%(3) Non GAAP cash generation $257 million -17%(3) Non GAAP free cash flow $113 million -54%(3) US GAAP net cash provided by operating activities $160 million -38%(3)

(1)    See page 4 for assumptions.

(2)    Percentages compare to equivalent 2012 period.

(3)    Percentage growth on a Constant Exchange Rate ("CER") basis is in line with the reported growth for the quarter.

(4)    US GAAP operating income includes the impact of goodwill impairment, see page 11 for details.

The Non GAAP financial measures included within this release are explained on page 21, and are reconciled to the most directly comparable financial measures prepared in accordance with US GAAP on pages 18 - 20.

Flemming Ornskov, M.D., Chief Executive Officer, commented:

"In Q1 2013 we experienced continued strong performance from VYVANSE, INTUNIV, LIALDA, VPRIV and FIRAZYR offset by the challenge of lower sales of DERMAGRAFT and REPLAGAL which we are actively managing. We generated $257 million of cash during the quarter and delivered 10% Non GAAP earnings growth while investing in our R&D pipeline.  

Shire has consistently delivered growth significantly above the industry levels of mid single digit and we intend that this
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SOURCE Shire plc
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