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

l amount of retail pipeline destocking in Q1 2013.

FIRAZYR - Hereditary Angioedema ("HAE")

The significant growth in FIRAZYR sales (up 112%) reflects the continued success of the product in the US market.

DERMAGRAFT - DFU

DERMAGRAFT product sales were down 62%, reflecting the impact of an ongoing restructuring of the RM sales and marketing organization and the implementation of a new commercial model. Whilst our future expectations for long term growth of DERMAGRAFT have been revised downwards, we still expect the product to return to growth over coming quarters.  

ADDERALL XR - ADHD

ADDERALL XR product sales decreased (down 10%) in Q1 2013 primarily as a result of lower US prescription demand (down 20%) following the introduction of a new generic competitor in Q2 2012 and to a lesser extent the effect of higher sales deductions as a percentage of sales in Q1 2013 compared to Q1 2012. These negative factors were partially offset by the benefit of a price increase taken since Q1 2012.

2.    Royalties

Year on year growth Royalties to Product Shire $M Royalties CER 3TC(R) and ZEFFIX(R) 1.00 12.5 -8% -8% FOSRENOL(R) 1.00 9.0 -10% -10% ADDERALL XR 1.00 8.1 -68% -68% Other 1.00 8.9 +20% +18% Total 1.00 38.5 -32% -32%

As expected, royalty income from 3TC and ZEFFIX continued to decline due to increased competition from other products and the expiry of patents in certain territories.

Royalties from ADDERALL XR in Q1 2013 were significantly impacted by reduced sales volume as well as a lower royalty rate payable on sales of authorized generic ADDERALL XR by Impax, since the launch of a new generic version in Q2 2012.

3.    Financial details

Cost of product sales

% of % of product product Q1 2013 sales Q1 2012 sales $M $M Cost of product sales (US GAAP) 155.9 14% 158.4 14% Depreciation (7.8) (7.2) Cost of product sales (Non GAAP) 148.1 13%
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SOURCE Shire plc
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