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

) R&D (Non GAAP) 235.9 19% 205.2 18%

Non GAAP R&D increased by $30.7 million, or 15%, due to the continued investment in our R&D pipeline, primarily on non-ADHD programs for LDX, on SPD602 for iron overload and the impact of development programs acquired through business development in 2013.

US GAAP R&D increased by $21.5 million, or 9%, a lower rate of increase than on a Non GAAP basis primarily due to lower impairment charges of IPR&D intangible assets acquired through Movetis N.V. ("Movetis"), compared to Q2 2012.

Selling, General and Administrative ("SG&A")

% of % of product product 2013 sales 2012 sales $M $M SG&A (US GAAP) 457.6 37% 511.0 45% Intangible asset amortization (45.8) (51.0) Legal and litigation costs (5.3) (35.9) Depreciation (16.1) (14.5) SG&A (Non GAAP) 390.4 32% 409.6 36%

Non GAAP SG&A decreased by $19.2 million, or 5%, due to our continuing focus on simplifying our business and delivering efficient growth.

US GAAP SG&A decreased by $53.4 million, or 10%, a higher rate of decrease than on a Non GAAP basis primarily due to higher legal and litigation costs incurred in Q2 2012, as compared to Q2 2013.

Gain on sale of product rights

For the three months to June 30, 2013 Shire recorded a gain on sale of product rights of $4.5 million (2012: $3.6 million) following re-measurement of the contingent consideration receivable from the divestment of DAYTRANA®.

Reorganization costs

For the three months to June 30, 2013 Shire recorded reorganization costs of $26.4 million (Q2 2012: $nil) primarily relating to the "One Shire" reorganization as we transition to a new operating structure. The charges in Q2 2013 primarily related to property costs arising from the decisions to not relocate to a new site in Pennsylvania and to limit the site expansion in San Diego
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SOURCE Shire plc
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