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

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Flemming Ornskov, M.D., Shire's Chief Executive Officer, commented: 

"We have again delivered record quarterly results, with product sales growing by 22%, Non GAAP diluted earnings per ADS growth of 42% and Non GAAP cash generation of $659 million. We have also again increased our expectations for earnings growth in 2014.

These results and our increased guidance highlight the benefits of our strategic focus on high-growth areas.

This performance is a testament to the value AbbVie sees in our company. Today, in a separate announcement, the Boards of Directors of AbbVie and Shire have reached an agreement on the terms of a recommended combination of our two companies. 

We have driven strong sustainable growth in our Rare Diseases, Neuroscience and GI business units. CINRYZE, which came to us from our recent ViroPharma acquisition, performed very strongly this quarter generating product sales of $130 million and we believe shows our ability to integrate assets while driving growth.

Our 2014 performance to date means that we are taking an important early stride towards meeting our target of $10 billion in product sales by 2020 - a target which excludes revenues from our two latest acquisitions, Lumena and Fibrotech. Our confidence in our plan is reinforced by raising our 2014 Non GAAP diluted earnings per ADS guidance to growth in the low-to-mid thirty percent range."

FINANCIAL SUMMARY 

Second Quarter 2014 Unaudited Results 

Q2 2014 Q2 2013 US GAAP Adjustments Non GAAP US GAAP Adjustments Non GAAP $M $M $M $M $M $M Total revenues 1,502 - 1,502 1,252 - 1,252 Operating income 338 292 630 391 88 479 Diluted earnings per ADS $2.66 $0.01 $2.67 $1.36 $0.52 $1.88

  • Product sales grew strongly in Q2 2014 (up 22% to $1,470 million from $1,208 million in Q2 2013). Product sales in Q2 2014 included $141 million for products acquired with Vi
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SOURCE Shire plc
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