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Shire Reports 7% Product Sales Growth: Anticipating Double Digit Non GAAP Earnings Growth in 2013
Date:7/25/2013

ER basis) in Q2 2013, reflecting the relatively strong quarterly sales seen in Q2 2012 which benefited from higher US volumes and the timing of orders to Latin America. The number of patients on therapy continues to grow.

PENTASA - Ulcerative Colitis

PENTASA product sales (up 15%) benefited from both price increases taken since Q2 2012 and the impact of moderate stocking in Q2 2013 compared to a small amount of pipeline destocking in Q2 2012.

FIRAZYR - Hereditary Angioedema

FIRAZYR product sales (up 56%) showed strong growth reflecting the continuing global growth of the product, particularly in the US market.

DERMAGRAFT - Diabetic Foot Ulcers

DERMAGRAFT product sales grew by 21% compared to Q1 2013 but were down 57% compared to Q2 2012.  

2.    Royalties

Year on year growth Royalties to Product Shire $M Royalties CER 3TC(R) and ZEFFIX(R) 1.00 11.3 +7% +8% FOSRENOL(R) 1.00 10.8 -17% -17% ADDERALL XR 1.00 4.9 -81% -81% Other 1.00 9.3 +33% +29% Total 1.00 36.3 -36% -35%

Royalties from ADDERALL XR in Q2 2013 were significantly impacted by both reduced sales volume and a lower royalty rate being payable to Shire by Impax Laboratories, Inc. for its authorised generic product following the launch of a new generic product in June 2012.

3.    Financial details

Cost of product sales

% of % of product product Q2 2013 sales Q2 2012 sales $M $M Cost of product sales (US GAAP) 175.7 14% 152.5 13% Depreciation (10.0) (7.0) Cost of product sales (Non GAAP) 165.7 13% 145.5 13%

Cost of product sales as a percentage of product sales remained broadly constant in Q2 2013 as compared to Q2 2012.

Research and Development ("R&D")

% of % of product product Q2 2013 sales Q2 2012 sales $M $M R&D (US GAAP) 260.1 21% 238.6 21% Impairment of intangible assets (19.9) (27.0) Depreciation (4.3) (6.4
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SOURCE Shire plc
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