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Shire Delivers Strong First Quarter Performance and Reiterates its Expectation of Good Full Year Earnings Growth
Date:4/26/2012
Royalty income decreased as lower royalties from 3TC, ZEFFIX and other products more than offset higher royalty income from ADDERALL XR and FOSRENOL.
Royalty income from 3TC and ZEFFIX continues to be adversely impacted by increased competition from other products. Also, since Q2 2011 Shire has not recognized royalty income for 3TC and ZEFFIX for certain territories due to a disagreement between GlaxoSmithKline ("GSK") and Shire about how the relevant royalty rates should be applied given the expiry dates of certain patents. GSK and Shire are holding discussions in order to seek to resolve the disagreement.
3. Financial details
Cost of product sales
% of % of product product Q1 2012 sales Q1 2011 sales $M $M Cost of product sales (US GAAP) 158.4 14% 124.5 14% Transfer of manufacturing from Owings Mills - (2.8) Depreciation (7.2) (5.5) Cost of product sales (Non GAAP) 151.2 14% 116.2 13%
Non GAAP cost of product sales as a percentage of product sales increased due to slight dilution from DERMAGRAFT following the acquisition of ABH in Q2 2011.
R&D
% of % of product product Q1 2012 sales Q1 2011 sales $M $M R&D (US GAAP) 220.3 20% 177.9 20% Payments in respect of in-licensed and acquired products (23.0) - Depreciation (6.4) (4.7) R&D (Non GAAP) 190.9 17% 173.2 19%
Non GAAP R&D increased by $17.7 million, or 10%, due to increased investment in a number of targeted R&D programs, including new uses for VYVANSE, HGT 2310 for the treatment of Hunter Syndrome with CNS symptoms, as well as our other development programs. Non GAAP R&D in Q1 2012 also included ABH's R&D expenditure ($3.0 million) which was not incurred by Shire in Q1 2011.
US GAAP R&D increased by $42.4 million, or 24% over Q1 2011 as the up-front payments made to Sangamo and on acquisition of the US rights for prucalopride (marketed in certain countries in Europe as RESOLO
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