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

e mid-to-high single digits. We expect the rate of product sales growth, as previously guided, to show improvement over the balance of the year as our portfolio continues to deliver growth and we benefit from an easing of comparatives in the second half.

We have narrowed our estimates for royalties and other revenues, which are now expected to be 35-40% lower than 2012.

Our Non GAAP gross margin is expected to remain at a similar level to 2012.

We continue to invest behind our promising pipeline and to progress our late stage clinical trials. Non GAAP R&D in 2013 is now expected to grow in the low double digits as compared to the full year 2012.

Whilst we expect to see a higher level of Non GAAP SG&A in the second half compared to the first half of 2013 as we increase commercial investment behind VYVANSE, we now anticipate Non GAAP SG&A for the full year to be 2-4% lower than 2012.

We now expect combined Non GAAP R&D and SG&A to be only marginally higher than in 2012, supporting operating leverage for the full year.

Our core effective tax rate on Non GAAP income is anticipated to remain in the range of 18-20%.

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

 

SECOND QUARTER 2013 AND RECENT PIPELINE DEVELOPMENTS


Pipeline


INTUNIV - for the treatment of Attention Deficit Hyperactivity Disorder ("ADHD") in Canada

  • On July 5, 2013 Shire received approval from Health Canada for INTUNIV XR[TM] (guanfacine hydrochloride extended-release tablets) as monotherapy for the treatment of ADHD in children aged 6 to 12 years and as adjunctive therapy to psychostimulants for the treatment of ADHD in children, aged 6 to 12 years, with a sub-optimal response to psychostimulants. The
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