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

simplified 'One Shire' organization to create operating leverage, drive fast decisions and focus on growth-driving products

Flemming Ornskov, M.D., Chief Executive Officer, commented:

"We are pleased with our Q2 results, have made good progress and have returned to higher growth.

We're successfully executing our strategy, which is to grow by focusing on innovation-driven specialty products through both R&D and M&A. We've sharpened our focus on commercial excellence and we're enhancing our pipeline productivity. Our late Phase 3 projects lifitegrast and LDX for BED are progressing well and are programs in which we have increasing confidence.

Our strategy has been designed to deliver further enhanced growth. We anticipate delivering full year double digit Non GAAP earnings growth in 2013 and are confident in our ability to grow operating margins going forward."

FINANCIAL SUMMARY

Second Quarter 2013 Unaudited Results

Q2 2013 Q2 2012 Non Non US GAAP Adjustments GAAP US GAAP Adjustments GAAP $M $M $M $M $M $M Total revenues 1,275 - 1,275 1,208 - 1,208 Operating income 342 110 452 302 118 420 Diluted earnings per ADS $1.36 $0.43 $1.79 $1.24 $0.44 $1.68

  • Product sales in Q2 2013 were $1,230 million, up 7% when compared against a strong set of comparatives in Q2 2012. On a Constant Exchange Rate ("CER") basis, which is a Non GAAP measure, product sales were up 8%.

Six of our top ten products delivered double digit growth: VYVANSE® (up 13% to $300 million), ELAPRASE® (up 22% to $149 million), LIALDA®/MEZAVANT® (up 46% to $138 million), INTUNIV® (up 31% to $90 million), PENTASA® (up 15% to $74 million), and FIRAZYR®(up 56% to $50 million).

LIALDA/MEZAVANT sales in Q2 2013 were particularly strong due i
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SOURCE Shire plc
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