26 Apr 2012
Shire delivers strong first quarter performance and reiterates its expectation of good full year earnings growth.
April 26, 2012 – Shire plc (LSE: SHP, NASDAQ: SHPGY), the global specialty biopharmaceutical company, announces results for the three months to March 31, 2012.
|Financial Highlights||Q1 2012(1)|
|Product sales||$1,107 million||+24%|
|Total revenues||$1,172 million||+21%|
|Non GAAP operating income||$362 million||+18%|
|US GAAP operating income||$295 million||+11%|
|Non GAAP diluted earnings per ADS||$1.48||+20%|
|US GAAP diluted earnings per ADS||$1.24||+12%|
|Non GAAP cash generation||$310 million||+49%|
|Non GAAP free cash flow||$248 million||+60%|
|US GAAP net cash provided by operating activities||$257 million||+27%|
(1) Percentages compare to equivalent 2011 period.
The Non GAAP financial measures included within this release are explained on page 21 of the full release, and are reconciled to the most directly comparable financial measures prepared in accordance with US GAAP on pages 18 - 20 of the full release.
Angus Russell, Chief Executive Officer, commented:
“Shire continues to perform strongly with first quarter results in line with our expectations. Product sales increased 24%, Non GAAP operating income was up 18% and Non GAAP diluted earnings per ADS increased 20% to $1.48. Our focus on demonstrating value to the healthcare system through meeting the needs of our patients is continuing to deliver.
In ADHD, our lead treatments VYVANSE and INTUNIV both increased share versus the prior year in a growing US market and we anticipate VYVANSE sales of over $1 billion for the full year.
Following its launch late last year, FIRAZYR has made a very good start in the US and has added further growth to the strong sales performance of our other rare disease treatments ELAPRASE, VPRIV and REPLAGAL.
Our new regenerative medicine product DERMAGRAFT also performed well, contributing to our overall growth in product sales.
Using our strong balance sheet, we’ve recently completed a number of acquisitions to add to the Phase 2 developments in our pipeline, including an exciting hematology asset and a novel cell-based platform for our regenerative medicine business. We’re very pleased with the progress of several other studies across our pipeline, particularly the positive Phase 2 clinical data for VYVANSE in the treatment of binge eating disorder released today.
We’ve made a strong start to the year and reiterate our expectation of good earnings growth in 2012.”