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

Non GAAP $M $M $M $M $M $M Total revenues 4,681 - 4,681 4,263 - 4,263 Operating income 949 525 1,474 1,109 248 1,357 Diluted earnings per ADS $3.93 $2.17 $6.10 $4.53 $0.81 $5.34

  • Product sales in 2012 were up 12% to $4,407 million (2011: $3,950 million). On a Constant Exchange Rate ("CER") basis, which is a Non GAAP measure, product sales were up 13%.

    Product sales excluding ADDERALL XR® grew strongly and were up 16%, driven particularly by growth from VYVANSE® (up 28% to $1,030 million), VPRIV® (up 20% to $307 million), INTUNIV® (up 29% to $288 million) and FIRAZYR® (up 252% to $116 million).

    ADDERALL XR product sales were down 19% to $429 million primarily due to lower prescription volumes following the approval of a new generic version of ADDERALL XR in Q2 2012. Reported product sales were also impacted by the accounting for the settlement of the Impax Laboratories, Inc. ("Impax") litigation (see page 6 for further details).
  • Total revenues increased by 10% (up 12% on a CER basis) as the growth in product sales was partially offset by lower royalties and other revenues (down 12%), primarily ADDERALL XR royalties following the launch of a new generic competitor in Q2 2012. The decline in ADDERALL XR royalties was partially offset by the recognition of one-time royalty income of $38 million following resolution of a disagreement with GlaxoSmithKline ("GSK") and ViiV Healthcare ("ViiV") relating to royalty payments for 3TC® and ZEFFIX®.
  • On a Non GAAP basis:
    Operating income was up 9% to $1,474 million (2011: $1,357 million), as we invested in our promising pipeline leading to total operating expenses increasing at a slightly higher rate than total revenues. Research and Development expenditure was up 16% particularly due to investment in new us
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SOURCE Shire plc
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