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

n part to new managed care contracts in the US. ELAPRASE sales in Q2 2013 benefited from the timing of shipments to markets with large infrequent orders.

Growth in total product sales was moderated by DERMAGRAFT® (down 57% to $22 million), ADDERALL XR® (down 16% to $112 million) and REPLAGAL® (down 7% to $114 million; down  5% on a CER basis). Q2 2013 sales for all three products compare against strong prior year comparatives that will ease over the second half of the year.

The return of competition to the Fabry market in Europe was a factor in the lower REPLAGAL product sales, as was the timing of shipments which have distorted quarter on quarter growth rates in both 2013 and 2012. However, recent positive trends in patient dynamics indicate that the impact of switches to the competitor product is diminishing and we continue to see strong growth in the number of new naïve patients starting on REPLAGAL globally. Sales of $114 million in Q2 2013 were flat against Q1 2013 and we expect similar levels in Q3 2013 with sequential growth in the final quarter of the year.

  • Total revenues were up 6% to $1,275 million (Q2 2012: $1,208 million) as the growth in product sales was partially offset, as expected, by lower royalties, particularly from ADDERALL XR.

  • On a Non GAAP basis:

Operating income was up 8% to $452 million (Q2 2012: $420 million), reflecting further operating leverage as total operating costs increased at a lower rate (up 4%) than total revenues. Research and Development expenditure was up 15% as we continue to progress a number of promising pipeline programs. The increase was moderated by lower Selling, General and Administrative expenditure (down 5%) as we focus on simplifying our business, delivering efficient growth and wi
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SOURCE Shire plc
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