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Shire Delivers Record Quarterly Revenues and Non GAAP Diluted Earnings per ADS up 42%
Date:7/18/2014

uct product Q2 2014 sales Q2 2013 sales $M $M SG&A (US GAAP) 496.2 34% 410.0 34% Intangible asset amortization (61.2) (35.9) Legal and litigation costs (2.2) (1.8) Costs incurred in connection with the recommended combination of Shire and AbbVie (19.1) - Depreciation (21.1) (15.6) SG&A (Non GAAP) 392.6 27% 356.7 30%

Non GAAP SG&A increased by $35.9 million, or 10%. The inclusion of ViroPharma SG&A in Q2 2014 and commercial spending in advance of anticipated product launches for certain products, offset lower overheads following the One Shire reorganization. Non GAAP SG&A as a percentage of product sales was 3 percentage points lower than Q2 2013 as we continue to see benefits from the One Shire reorganization and the focus on operational discipline in Q2 2014.

US GAAP SG&A increased by $86.2 million, or 21%, as compared to Q2 2013, primarily due to higher intangible asset amortization as a result of new assets acquired with ViroPharma and costs incurred in connection with the recommended combination of Shire and AbbVie.

Gain on sale of product rights 

For the three months to June 30, 2014 Shire recorded a net gain on sale of product rights of $3.8 million (2013: $4.5 million) following the re-measurement of the contingent consideration receivable from the divestment of DAYTRANA®.

Reorganization costs 

For the three months to June 30, 2014 Shire recorded reorganization costs of $45.8 million (Q2 2013:  $17.7 million), primarily related to the One Shire reorganization as we continue the implementation of our new operating model.

Integration and acquisition costs 

For the three months to June 30, 2014 Shire recorded integration and acquisition costs of $112.1 million, comprising $80.6 million relating to the change in fair value of contingent consideration liabilities and $31.5 million primarily related to the acquisition and integration of ViroPharma.
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SOURCE Shire plc
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