October 24, 2013
Shire (LSE: SHP, NASDAQ: SHPG) announces results for the three months to
September 30, 2013
Financial Highlights Q3 2013 Growth(1)
Product sales million +13%
Total revenues million +12%
Non GAAP operating income $422 million +30%
US GAAP operating income $341 million +25%
Non GAAP diluted earnings per ADS $1.77 +30%
US GAAP diluted earnings per ADS $1.46 +23%
Non GAAP cash generation $482 million +36%
Non GAAP free cash flow $388 million +49%
US GAAP net cash provided by operating
activities $434 million +50%
Percentages compare to equivalent 2012 period.
The Non GAAP financial measures included within this release are explained on page 24, and are reconciled to the most directly comparable financial measures prepared in accordance with US GAAP on pages 19 - 23.
STRONG RESULTS DEMONSTRATING GOOD PROGRESS
- Product sales +13% - with eight of our products delivering double digit growth in the quarter - including VYVANSE ® (+21%), LIALDA ®/MEZAVANT ® (+36%) and FIRAZYR ®(+107%)
- Non GAAP operating income +30% reflecting strong operating leverage
- Non GAAP earnings per ADS +30%
- Non GAAP cash generation +36%
- Guidance increased to mid-to-high teens Non GAAP earnings growth for the full year in 2013
- Focused on growth: excellence in commercial execution and investment in newly prioritized pipeline
- 'One Shire' reorganization well underway driving greater efficiencies and resetting cost base to deliver sustainable improved operating leverage
- Revenue growth and effective cost management underpins increased guidance for 2013
Flemming Ornskov, M.D., Chief Executive Officer, commented:
"This has been a strong quarter with good growth in revenues, earnings and cash generation.
We're demonstrating execution of our strategy, which is putting Shire on a path of sustainable growth. Our focus on commercial excellence is improving product sales and we're excited about the opportunities in our pipeline.