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Shire Delivers Strong 2012 Results And Reiterates Confidence In 2013

Stocks in this article: SHP SHPG

DUBLIN, Ireland, February 14, 2013 /PRNewswire/ --

Shire (LSE: SHP, NASDAQ: SHPG) announces results for the year to December 31, 2012.

    Financial Highlights                                   Full Year 2012(1)


    Product sales                                     $4,407 million    +12%
    Product sales excluding ADDERALL XR               $3,978 million    +16%
    Total revenues                                    $4,681 million    +10%

    Non GAAP operating income                         $1,474 million     +9%
    US GAAP operating income                            $949 million    -14%

    Non GAAP diluted earnings per ADS                          $6.10    +14%
    US GAAP diluted earnings per ADS                           $3.93    -13%

    Non GAAP cash generation                          $1,637 million    +18%
    Non GAAP free cash flow                           $1,256 million    +43%
    US GAAP net cash provided by operating activities $1,383 million    +29%

    (1) Percentages compare to the full financial year 2011.

 

The Non GAAP financial measures included within this release are explained on page 28, and are reconciled to the most directly comparable financial measures prepared in accordance with US GAAP on pages 23 - 27.

Angus Russell, Chief Executive Officer, commented:

"It's been another strong year for Shire with 12% growth in product sales and 14% growth in Non GAAP earnings which have driven particularly strong cash generation. While delivering strong financial results, we continue to invest in our emerging late stage R&D pipeline.

Our ADHD portfolio is performing very well in a growing global market and we see further growth going forward. The positive opinion received from the European regulators for ELVANSE is a significant milestone and we're now preparing for country launches in some of the largest markets in Europe. All our rare disease treatments continue to grow and we saw particularly strong performance from FIRAZYR in its first full year in the US market. We advanced our plans for developing our Regenerative Medicine business with the acquisition of VASCUGEL and the approval of DERMAGRAFT in Canada.

Our late stage R&D pipeline now holds the prospect of future growth from LDX (the active ingredient in VYVANSE) in major depressive disorder, binge eating disorder and negative symptoms of schizophrenia. Our intrathecal programs are also progressing well as we plan the next clinical trials for Hunter CNS and Sanfilippo A and continue to enrol MLD patients into the ongoing Phase 1/2 trial. A phase 2b study of SPD602, our iron chelating product, is underway and headline results are expected later this year.

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