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

PRASE® (down 9% to $114 million) due to uneven ordering patterns in Latin America.

The rate of growth in total product sales (Q1 2013: +1%) is expected to improve to mid-to-high single digit growth for the full year as our portfolio continues to deliver growth and we benefit from easing comparatives over the second half of the year.
  • Total revenues decreased 1% to $1,162 million (Q1 2012: $1,172 million) as growth in product sales was offset, as expected, by lower royalties, particularly ADDERALL XR® royalties received from Impax Laboratories Inc. ("Impax") due to both lower volumes and a lower royalty rate payable since the launch of a new generic product.
  • On a Non GAAP basis:

    Operating income was up 9% to $393 million (Q1 2012: $362 million), as combined total operating costs decreased at a higher rate (down 5%) than total revenues, driven by lower Selling, General and Administrative ("SG&A") expenditure (down 16% reflecting both lower SG&A this year and comparison to high SG&A in Q1 2012). The effect was moderated by higher R&D expenditure, which was up 15% as we continue to progress a number of early and late stage pipeline programs expected to drive future growth.

    On a US GAAP basis:

    Operating income was down 56% to $129 million (Q1 2012: $295 million) primarily due to an impairment charge for goodwill ($199 million) 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.
  • Non GAAP diluted earnings per ADS increased 10% to $1.63 (Q1 2012: $1.48) due to higher Non GAAP operating income and a lower effective t
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  • SOURCE Shire plc
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