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Shire's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Our speakers today are Angus Russell, Graham Hetherington, Sylvie Gregoire and Jeff Jonas. Kevin Rakin will also be available for Q&A.

Before we begin, I would refer you to Slide 2 of our presentation and remind you that any statements made during this call, which are not historical statements, will be forward-looking statements and as such will be subject to risks and uncertainties which, if they materialize, could materially affect our results.

Today's agenda is as follows: We begin with opening remarks of Shire's performance and highlights from Angus. Sylvie will give an HGT business update. Graham will continue with a financial review, and Jeff Jonas will give a pipeline update for the Specialty Pharma and Regenerative Medicine businesses, including positive top line safety results for VYVANSE and binge eating disorder. Angus will then make closing remarks, and we'll open up for your questions.

[Operator Instructions] Our Investor Relations team will be more than happy to follow up offline for any subsequent questions.

And now I'll hand over the call to our CEO, Angus Russell.

Angus C. Russell

Thanks, Eric. Hi, everyone. So turning to Page 5, let me start by just summarizing these results overall. So once again, had a very strong quarter, very strong growth coming from a balanced product portfolio. You can see a consistent performance here. Overall product sales up 24% to $1.1 billion in the quarter, and total revenues up 21%.

We turn to the next slide, Slide 6. You can see the same consistent performance reflected in both the operating income and the diluted earnings per ADS. Operating income on a non-GAAP basis up 18% to $362 million, and non-GAAP diluted earnings per ADS up 20% to $1.48.

I'll now turn to some of the business highlights in the Specialty Pharma and Regenerative Medicine businesses, starting on Slide 7. VYVANSE grew very strongly again in this quarter. U.S. prescriptions grew 23% over the same quarter last year. We're now running at something like 16.8% market share. That's a gain of 1.7% versus the same period last year.

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