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

Non GAAP measure) at December 31, 2012 was $373 million (December 31, 2011: Non GAAP net debt of $488 million) including the impact of share purchases totalling $106 million under the share buy-back program.

  1. LDX, currently marketed as VYVANSE in the US and ELVANSE in certain territories in the EU for the treatment of ADHD.


OUTLOOK


We enter 2013 in a good position following our strong performance in 2012 and the investments we have made in previous years. We anticipate that our highly differentiated portfolio will deliver product sales growth in the low double digits.

We note the recent news of the approval of Barr's ANDA for ADDERALL XR. We derive insignificant income from our authorised generic supply contract with Barr (now owned by TEVA). We believe that branded ADDERALL XR can continue to compete successfully in a generic market as it has done over the last four years.

Royalties and other revenues are expected to be 30-40% lower than 2012. This reflects a full year's impact of the lower ADDERALL XR authorized generic royalty rate receivable from Impax, along with generic competition and patent expiry on other products, and the one-time $38 million of royalty income recorded in Q4 2012 following the resolution of the disagreement with GSK.

Our Non GAAP gross margin is expected to be at a similar level to 2012.

We expect high single digit growth in combined Non GAAP R&D and SG&A costs, with growth significantly weighted towards Non GAAP R&D as we continue to invest in our promising pipeline and progress our late stage clinical trials.

Our core effective tax rate on Non GAAP income is anticipated to remain in the range of 18-20%.

As we look forward to the year ahead, we expect our financial results to show further growth in line with current consensus earnings expectations for 2013(1).

  1. Based on the most recent consensus estimates
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SOURCE Shire plc
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