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

rters in 2012.

US GAAP SG&A decreased by $61.3 million, or 12% primarily due to legal and litigation costs excluded from Non GAAP SG&A in Q1 2013.

Goodwill impairment charges

For the three months to March 31, 2013 Shire recorded an impairment charge for goodwill of $198.9 million (Q1 2012: $nil) relating to Shire's RM business. Following a review of future forecasts for the RM business unit, management determined in Q1 2013 that future sales are now expected to be lower than anticipated at the time of acquisition and consequently in accordance with US GAAP, it has been determined that the goodwill attributable to the RM business unit is impaired. 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.

Gain on sale of product rights

For the three months to March 31, 2013 Shire recorded a gain on sale of product rights of $6.5 million (2012: $7.2 million) following re-measurement of the contingent consideration receivable from the divestment of DAYTRANA®.

Reorganization costs

For the three months to March 31, 2013 Shire recorded reorganization costs of $17.5 million (Q1 2012: $nil) relating to the collective dismissal and closure of Shire's facility at Turnhout, Belgium.

Integration and acquisition costs

For the three months to March 31, 2013 Shire recorded integration and acquisition costs of $4.1 million primarily associated with the acquisition of Lotus and integration of FerroKin Biosciences, Inc. ("FerroKin") in addition to charges related to the change in fair value of deferred contingent consideration. In Q1 2012 integration and acquisition costs ($5.3 million) primarily related to the integration of Advanced BioHealing Inc. ("ABH").

Interest expense

For the three months to March 31, 2013 Shire incurred interest expense of $9.1 m
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SOURCE Shire plc
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