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Shire Delivers Strong First Quarter Performance and Reiterates its Expectation of Good Full Year Earnings Growth
Date:4/26/2012

oes not include the up-front payments in respect of in-licensed and acquired products made in Q1 2012.
  • Net debt at March 31, 2012 was $214 million (December 31, 2011: $468 million), a reduction of $254 million, principally due to the strong free cash flow generated in Q1 2012.

  • 2012 OUTLOOK


    Having made a strong start to the year, we reiterate our confidence in good earnings growth for 2012, while investing in our business to support sustained future growth.

    For the full year we now expect product sales growth in the mid teens range. Combining this with lower royalties and other revenues, which are expected to be 15% to 25% lower year on year, we are forecasting revenue growth in the low teens range.

    We anticipate the marginal dilution in gross margins seen this quarter will continue, reflecting the full year impact of our acquisition of ABH.

    We will continue to advance our promising pipeline of early and late stage programs, and we will be investing in our recent pipeline acquisitions and in the treatment of binge eating disorder, following recent positive data. The rate of increase in operating costs seen in the first quarter will not continue through the full year, but as we invest in our pipeline, continue to expand our international commercial activities and absorb a full year of ABH's operating costs, we now expect combined Non GAAP R&D and SG&A spending to increase by 12% to 14% compared to 2011.

    We expect our tax rate for 2012 to be in the range of 20% to 22%.

    FIRST QUARTER 2012 AND RECENT PRODUCT AND PIPELINE DEVELOPMENTS


    Products


    VPRIV manufacturing update

    • On February 22, 2012 Shire announced that the European Medicines Agency's ("EMA") Committee for Medicinal Products for Human Use had approved the production of VPRIV in its new biologics manufacturing facility in Lexington, Massachusetts and this decision
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