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

th that enhanced margins.

On a US GAAP basis:

Operating income was up 13% to $342 million (Q2 2012: $302 million) as the good underlying operating leverage in Q2 2013 further benefited from lower legal and litigation costs and lower impairment charges, only partially offset by higher reorganization and acquisition costs compared to the prior year.

  • Non GAAP diluted earnings per American Depository Share ("ADS") increased 6% to $1.79 (Q2 2012: $1.68) as higher Non GAAP operating income was partially offset by a higher effective tax rate on Non GAAP income of 23% (Q2 2012: 20%).

On a US GAAP basis, diluted earnings per ADS increased 10% to $1.36 (Q2 2012: $1.24), due to higher US GAAP operating income partially offset by a higher US GAAP effective tax rate of 22% (Q2 2012: 18%).

  • Cash generation, a Non GAAP measure, was 28% lower at $374 million (Q2 2012: $520 million) due to timing of receipts from large distributors in the US and operating expenses payments in Q2 2013 as compared to Q2 2012. In addition cash generation in Q2 2012 benefited from significant cash receipts from government-supported healthcare providers in Spain.

Free cash flow, also a Non GAAP measure, decreased by 44% to $241 million (Q2 2012: $433 million) primarily due to the lower cash generation and the effect of higher cash tax payments in Q2 2013 as compared to Q2 2012.

On a US GAAP basis, net cash provided by operating activities was down 44% to $259 million (Q2 2012: $466 million).

 

OUTLOOK


As we look forward to the remainder of the year, we anticipate delivering full year double digit Non GAAP earnings growth in 2013.

Based on our actual results to date and anticipated trends for the remainder of the year, we continue to expect full year product sales growth in th
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SOURCE Shire plc
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