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

to manufacturing facilities only.

Integration and acquisition costs

For the three months to June 30, 2013 Shire recorded integration and acquisition costs of $17.4 million primarily associated with the acquisitions of SARcode Biosciences Inc. ("SARcode") and Lotus Tissue Repair, Inc. ("Lotus") in addition to charges related to the change in fair value of contingent consideration. In Q2 2012 integration and acquisition costs ($7.1 million) primarily related to the acquisition of FerroKin Biosciences, Inc. ("FerroKin") and integration of Advanced BioHealing Inc. ("ABH").

Interest expense

For the three months to June 30, 2013 Shire incurred interest expense of $8.9 million (Q2 2012: $9.6 million). Interest expense in Q2 2013 principally relates to the coupon on Shire's $1,100 million 2.75% convertible bonds due 2014.

Taxation


The effective rate of tax on Non GAAP income in Q2 2013 was 23% (Q2 2012: 20%), and on a US GAAP basis the effective rate of tax was 22% (Q2 2012: 18%).

The effective rate of tax in Q2 2013 on both a Non GAAP and US GAAP basis is higher than the same period in 2012 due primarily to changes in both profit mix and estimates of the amount of certain tax liabilities following the finalisation of various tax returns. In addition, on a US GAAP basis, the effective rate of tax is further increased by the impact of higher integration and acquisition costs in Q2 2013 which are not deductible for tax purposes. Our core Non GAAP tax rate guidance for 2013 remains at 18% to 20%.

FINANCIAL INFORMATION

TABLE OF CONTENTS

Page Unaudited US GAAP Consolidated Balance Sheets 11 Unaudited US GAAP Consolidated Statements of Income 12 Unaudited US GAAP Consolidated Statements of Cash Flows 14 Selected Notes to the Unaudited US GAAP Financial Statements (1) Earnings per share 16 (2) Analysis of revenues 17 Non GAAP reconciliation 19

Unaudited US GAAP financial posi
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SOURCE Shire plc
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