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

- - - - (7.5) Income before income taxes and equity in earnings of equity method investees 287.5 45.6 28.3 (7.2) - 354.2 Income taxes (50.0) (13.2) (6.6) - - (69.8) Equity in earnings of equity method investees, net of tax 0.9 - - - - 0.9 Net income 238.4 32.4 21.7 (7.2) - 285.3 Impact of convertible debt, net of tax 8.4 - - - - 8.4 Numerator for diluted EPS 246.8 32.4 21.7 (7.2) - 293.7 Weighted average number of shares (millions) - diluted 595.6 - - - - 595.6 Diluted earnings per ADS 124.2c 16.3c 10.9c (3.5c) - 147.9c

The following items are included in Adjustments:

(a) Amortization and asset impairments: Amortization of intangible assets relating to intellectual property rights acquired ($45.6 million), and tax effect of adjustments;

(b) Acquisition and integration activities: Up-front payments made to Sangamo Biosciences Inc. and for the acquisition of the US rights to prucalopride (marketed in certain countries in Europe as RESOLOR) ($23.0 million), costs associated with the acquisition of FerroKin and the integration of ABH ($5.3 million); and tax effect of adjustments;

(c) Divestments, reorganizations and discontinued operations: Re-measurement of DAYTRANA contingent consideration to fair value ($7.2 million), and tax effect of adjustments; and

(d) Depreciation reclassification: Depreciation of $27.2 million included in Cost of product sales, R&D costs and SG&A costs for US GAAP separately disclosed for the presentation of Non GAAP earnings.


Unaudited results for the three months to March 31, 2013

Non GAAP reconciliation

The following table reconciles US GAAP net cash provided by operating activities to Non GAAP cash generation:

3 months to March 31, 2013 2012 $M $M Net cash provided by operating activities 160.4 257.0 Tax and interest payments, net 97.1 29.8 Up-front payments in respect of in-licensed and acquired
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SOURCE Shire plc
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