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Pre-quarterly Results

15th Apr 2014 12:55

SHIRE PLC - Pre-quarterly Results

SHIRE PLC - Pre-quarterly Results

PR Newswire

London, April 15

www.shire.com April 11, 2014 - Shire (LSE: SHP, NASDAQ: SHPG) provides information inrespect of certain factors that should be considered when updating modelsahead of Shire's Q1 2014 results. Foreign Exchange Average exchange rates for Q1 2014 were $1.66:£1.00, $1.37:€1.00and $1.12:CHF1. Foreign exchange is not expected to have a material effect onrevenues in Shire's Q1 2014 results. Quarter average Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014rateUSD:£1 1.58 1.53 1.53 1.62 1.66USD:€1 1.33 1.30 1.32 1.36 1.37USD:CHF1 1.09 1.06 1.07 1.10 1.12 FX impact on 0% -1% 0% 0% -1%RevenueYTD average rate Q1 2013 HY 2013 9m 2013 FY 2013 Q1 2014USD:£1 1.58 1.55 1.55 1.56 1.66USD:€1 1.33 1.31 1.31 1.33 1.37USD:CHF1 1.09 1.07 1.07 1.08 1.12 FX impact on 0% 0% 0% 0% -1%RevenueFX Ready Reckoner Currency Impact on 2014 Full Year Guidance Non GAAP EPSPound Sterling 10 cents movement in average exchange rate for full year impacts EPS by approximately +/- 0%Euro 10 cents movement in average exchange rate for full year impacts EPS by approximately +/- 2%Swiss Franc 10 cents movement in average exchange rate for full year impacts EPS by approximately +/- 0% Details of our outlook including full year Non GAAP EPS for 2014and the calculation of Non GAAP EPS are set out in our full Year 2013 resultspresentation and press release which can be found at: http://www.shire.com/shireplc/en/investors/presentations Number of Shares The basic weighted number of shares (WANS) in issue during Q1 2014was 584.3m (Q1 2013: 551.5m). As of December 31, 2013 the aggregate principal amount of our $1,099,050,000Convertible Bonds due 2014 ("Bonds") had been voluntarily converted by bondholders into 33,806,464 fully paid Ordinary Shares. The remaining outstandingBonds in an aggregate principal amount of $950,000 were redeemed on December27, 2013. In Q1 2014 no bonds which were convertible into Shire ordinaryshares remained outstanding, and therefore no additional shares related to theconvertible bonds will be included in diluted WANS in Q1 2014. in millions Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 estimatedBasic WANS (1) 551.5 549.6 548.4 558.0 584.3Share based employee 3.8 2.6 3.5 4.9 4-6mawardsConvertible Bonds 33.6 33.8 33.8 27.7 0Diluted WANS 588.9 586.0 585.7 590.6 Note: YTD Diluted WANS 588.9 587.5 587.5 590.3(1) Excludes shares purchased by the Employee Benefit Trust andunder the share buy-back program, presented by Shire as treasury stock. The 2013 numbers in table above have been recast to exclude theDERMAGRAFT business as discontinued operations. Discontinued Operations On January 17, 2014 Shire announced that it had sold itsDERMAGRAFT® [1] business, comprising the key operating assets relating to thedevelopment, manufacture and sale of the DERMAGRAFT product, to OrganogenesisInc. ("Organogenesis"). On February 4, 2014 Shire released historical incomestatements for 2012 and the nine months ended September 30, 2013, recast toshow the impact of DERMAGRAFT operations as discontinued, which can be foundat: http://www.shire.com/shireplc/uploads/press/HistoricalincomestatementsrecastforDERMAGRAFTdiscontinuedoperationsRelease04Feb2014.pdf On February 13, 2014 Shire released Full Year 2013 results whichreclassified the DERMAGRAFT business as "discontinued operations" for theyears ended December 31, 2013 and 2012 and Q4 2013 and 2012, excluding theimpact of the DERMAGRAFT business from continuing operations. These resultscan be found at: http://www.shire.com/shireplc/en/investors/presentations Acquisition of ViroPharma Incorporated ("ViroPharma") On January 24, 2014, Shire completed the acquisition of all of theoutstanding shares of ViroPharma. Shire's Q1 2014 results will include theresults of ViroPharma from January 24, 2014. Total consideration, including amounts payable in respect of stockoptions and warrants over ViroPharma's common stock, was approximately $4.0billion. Disposal of CALCICHEW® From January 1, 2014 Shire has not recorded product sales for CALCICHEW (Q12013 product sales $7 million, full year 2013 $34 million). In Q1 2014 Shiretransferred the marketing authorisations for the CALCICHEW [2] range ofproducts in the UK and Ireland to Takeda. Investor news flow Further investor news issued during Q1 2014 can be found at: http://www.shire.com/shireplc/en/investors/investorsnews/irshirenews FORWARD - LOOKING STATEMENTS - "SAFE HARBOR" STATEMENT UNDER THEPRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 Statements included in this release that are not historical facts areforward-looking statements. Forward-looking statements involve a number ofrisks and uncertainties and are subject to change at any time. In the eventsuch risks or uncertainties materialize, Shire's results could be materiallyadversely affected. The risks and uncertainties include, but are not limitedto, that: - Shire's products may not be a commercial success; - revenues from ADDERALL XR are subject to generic erosion and revenues fromINTUNIV will become subject to generic competition starting in December 2014; - the failure to obtain and maintain reimbursement, or an adequate level ofreimbursement, by third-party payors in a timely manner for Shire's productsmay impact future revenues, financial condition and results of operations; - Shire conducts its own manufacturing operations for certain of its RareDiseases products and is reliant on third party contractors to manufactureother products and to provide goods and services. Some of Shire's products oringredients are only available from a single approved source for manufacture.Any disruption to the supply chain for any of Shire's products may result inShire being unable to continue marketing or developing a product or may resultin Shire being unable to do so on a commercially viable basis for some periodof time. - the development, approval and manufacturing of Shire's products is subjectto extensive oversight by various regulatory agencies and regulatory approvalsor interventions associated with changes to manufacturing sites, ingredientsor manufacturing processes could lead to significant delays, increase inoperating costs, lost product sales, an interruption of research activities orthe delay of new product launches; - the actions of certain customers could affect Shire's ability to sell ormarket products profitably. Fluctuations in buying or distribution patterns bysuch customers can adversely impact Shire's revenues, financial conditions orresults of operations; - investigations or enforcement action by regulatory authorities or lawenforcement agencies relating to Shire's activities in the highly regulatedmarkets in which it operates may result in the distraction of seniormanagement, significant legal costs and the payment of substantialcompensation or fines; - adverse outcomes in legal matters and other disputes, including Shire'sability to enforce and defend patents and other intellectual property rightsrequired for its business, could have a material adverse effect on Shire'srevenues, financial condition or results of operations; - Shire faces intense competition for highly qualified personnel from othercompanies, academic institutions, government entities and other organizations.Shire is undergoing a corporate reorganization and the consequent uncertaintycould adversely impact Shire's ability to attract and/or retain the highlyskilled personnel needed for Shire to meet its strategic objectives; - failure to achieve Shire's strategic objectives with respect to theacquisition of ViroPharma Incorporated may adversely affect Shire's financialcondition and results of operations; and other risks and uncertainties detailed from time to time in Shire'sfilings with the US Securities and Exchange Commission, including its mostrecent Annual Report on Form 10-K. For further information please contact: Investor Relations Jeff PoultonJPoulton@shire.com+1 781 482 0945 Eric Rojaserojas@shire.com+1 781 482 0999 Sarah Elton-Farrseltonfarr@shire.com+44 1256 894157 Notes to editors Shire enables people with life-altering conditions to lead better lives. Our strategy is to focus on developing and marketing innovative specialtymedicines to meet significant unmet patient needs. We provide treatments in Neuroscience, Rare Diseases,Gastrointestinal and Internal Medicine and we are developing treatments forsymptomatic conditions treated by specialist physicians in other targetedtherapeutic areas. www.shire.com --------------------------------- [1] DERMAGRAFT® is a trade mark of Organogenesis.

[2] CALCICHEW® is a trade mark of Takeda.


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