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Shire Delivers Strong 2012 Results and Reiterates Confidence in 2013
Date:2/14/2013

ADDERALL XR in 2012 were significantly impacted by the lower royalty rate payable on sales of authorized generic ADDERALL XR by Impax, following the launch of a new generic version of ADDERALL XR in late Q2 2012.

FOSRENOL royalties increased primarily due to higher royalties received on sales in Japan.

Other royalties decreased primarily due to increased generic competition.

3.    Financial details

Cost of product sales

2012 % of 2011 % of product product $M sales $M sales Cost of product sales (US GAAP) 645.4 15% 588.1 15% Transfer of manufacturing from Owings Mills - (11.3) Unwind of inventory fair value adjustment - (11.0) Depreciation (31.5) (33.2) Non GAAP Cost of product sales 613.9 14% 532.6 13%

Non GAAP cost of product sales as a percentage of product sales increased slightly in 2012 primarily due to slight dilution from DERMAGRAFT following the acquisition of ABH in Q2 2011.

US GAAP cost of product sales as a percentage of product sales remained constant as the impact of lower Non GAAP gross margins in 2012 was offset by the fair value adjustment relating to DERMAGRAFT inventories and costs incurred on the transfer of manufacturing from Owings Mills in 2011 which were not repeated in 2012.

 

Research and Development ("R&D")

2012 % of 2011 % of product product $M sales $M sales R&D (US GAAP) 965.5 22% 770.7 20% Impairment of intangible assets (71.2) (16.0) Payment in respect of in-licensed and acquired products (23.0) - Depreciation (22.5) (25.2) Non GAAP R&D 848.8 19% 729.5 18%

Non GAAP R&D increased by $119.3 million, or 16%, due to our continuing investment in a number of targeted R&D programs, particularly new uses for LDX and recently acquired assets including SPD602 for iron overload (acquired with FerroKin Biosciences Inc. ("FerroKin")). R&D costs also include the first full year
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SOURCE Shire plc
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