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

of RM's R&D expenditure.

US GAAP R&D increased by $194.8 million, or 25%, a higher rate of increase than on a Non GAAP basis as 2012 included higher in-process R&D ("IPR&D") impairment charges relating to RESOLOR EU intangible assets and up-front payments in respect of in-licensed and acquired products.

 

Selling, General and Administrative ("SG&A")

2012 % of 2011 % of product product $M sales $M sales SG&A (US GAAP) 2,114.0 48% 1,751.4 44% Intangible asset amortization (194.1) (165.0) Impairment of intangible assets (126.7) - Legal and litigation costs(1) (102.6) - Depreciation (59.8) (63.1) Non GAAP SG&A 1,630.8 37% 1,523.3 39% (1) In Q2 2012 Shire amended its Non GAAP policy to exclude costs related to the settlement of litigation, government investigations and other disputes, together with related external legal costs. Non GAAP SG&A in 2011 has not been restated as the amounts incurred in that period were not significant.

Non GAAP SG&A increased by $107.5 million, or 7%, as we continue to invest in our business to support our growth objectives. Non GAAP SG&A also included the first full year of RM's SG&A expenditure. Reported costs benefited (by 2 percentage points) from the stronger US Dollar in 2012.

US GAAP SG&A increased by $362.6 million, or 21%, a higher rate of increase than on a Non GAAP basis, as 2012 included higher intangible asset amortization, the impact of impairment charges and higher legal and litigation costs, which included a charge of $57.5 million in relation to the agreement in principle with the US Government and settling the litigation related to the termination of co-promotion agreement for VYVANSE.

Impairment charges relate to RESOLOR intangible assets as the actual and projected performance for RESOLOR has been adversely affected by the challenging European reimbursement environment. Shire has evaluated alternative sales
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SOURCE Shire plc
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