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

ax rate on Non GAAP income of 19% (Q1 2012: 20%).
  • On a US GAAP basis, diluted earnings per ADS decreased 72% to $0.35 (Q1 2012: $1.24), due to lower US GAAP operating income and a higher US GAAP effective tax rate of 46% (Q1 2012: 17%) both of which reflect the impact of the impairment of RM goodwill.
  • Cash generation, a Non GAAP measure, decreased by 17% to $257 million (Q1 2012: $310 million) as higher cash receipts from gross product sales were more than offset by the payment to settle the litigation with Impax ($48 million), lower royalty receipts and higher sales deduction payments in the quarter.

    Free cash flow, also a Non GAAP measure, decreased by 54% to $113 million (Q1 2012: $248 million) primarily due to the lower cash generation and the effect of higher cash tax payments in Q1 2013 as compared to Q1 2012.

    On a US GAAP basis, net cash provided by operating activities was down 38% to $160 million (Q1 2012: $257 million).
  • OUTLOOK


    We reiterate our confidence in delivering Non GAAP earnings growth in line with consensus earnings expectations for 2013(1).

    For the full year we now anticipate product sales growth in the mid-to-high single digits. The rate of growth in total product sales will improve from that seen in the first quarter as our portfolio continues to deliver growth and we benefit from an easing of comparatives over the second half of the year.

    Specifically we expect ELAPRASE to post double digit growth for the full year and we expect REPLAGAL sales to recover from the first quarter decline to be more in line with 2012 for the full year. We expect DERMAGRAFT to return to growth in the second half but sales for the full year will still be lower than in 2012.

    We continue to expect Royalties and other revenues to be 30-40% lower than 2012, and our Non GAAP gross margin is expected to remain at a similar level to 2012.

    We expect low-to-m
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    SOURCE Shire plc
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