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

151.2 14%

Non GAAP cost of product sales as a percentage of product sales decreased slightly in Q1 2013, due to improved margins in the ADHD portfolio which were only partially offset by lower margins on other products.

Research and Development ("R&D")

% of % of product product Q1 2013 sales Q1 2012 sales $M $M R&D (US GAAP) 224.2 20% 220.3 20% Payments in respect of in-licensed and acquired products - (23.0) Depreciation (4.6) (6.4) R&D (Non GAAP) 219.6 20% 190.9 17%

Non GAAP R&D increased by $28.7 million, or 15%, due to our increased investment in a number of targeted R&D programs including non-ADHD programs for LDX, and spend on SPD602 for Iron Overload and SRM003 for Acute Vascular Repair, acquired since Q1 2012.

US GAAP R&D increased by $3.9 million, or 2%, a lower rate of increase than on a Non GAAP basis as Q1 2012 included payments in respect of acquired and in-licensed products, not repeated in Q1 2013.

Selling, General and Administrative ("SG&A")

% of % of product product 2013 sales 2012 sales $M $M SG&A (US GAAP) 438.7 39% 500.0 45% Intangible asset amortization (45.9) (45.6) Legal and litigation costs(1) (4.2) - Depreciation (16.7) (13.6) SG&A (Non GAAP) 371.9 33% 440.8 40%

  1. In Q2 2012 Shire amended its Non GAAP policy to exclude costs related to the settlement of litigation, government investigations and other disputes, together with related external legal costs. Non GAAP SG&A in Q1 2012 has not been restated as the amounts incurred in that period were not significant.

Non GAAP SG&A decreased by $68.9 million, or 16%, partly due to the benefit of actions taken during last year, in addition to careful management of our cost base. The rate of decline in SG&A in Q1 2013 was accentuated by the high level of SG&A in Q1 2012 relative to the level of spend in subsequent qua
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SOURCE Shire plc
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