Outstanding 2010 Results: Non GAAP EPS Up 21% To $4.23. Good Earnings Growth Expected In 2011.

February 10, 2011

 

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Shire plc (LSE: SHP, NASDAQ: SHPGY) the global specialty biopharmaceutical company, announces results for the year to December 31, 2010.

 

Financial Highlights Full Year 2010(1)
Product sales $3,128 million +16%
Total revenues $3,471 million +15%
     
Non GAAP operating income $1,072 million +20%
US GAAP operating income $794 million +28%
     
Non GAAP diluted earnings per ADS $4.23 +21%
US GAAP diluted earnings per ADS $3.16 +17%
     
Non GAAP cash generation $1,353 million +48%
US GAAP net cash provided by operating activities $955 million +52%

(1) Percentages compare to equivalent 2009 period.

Angus Russell, Chief Executive Officer, commented:

“2010 was an outstanding year for Shire with the business performing exceptionally well on all fronts. Total product sales exceeded expectations and broke through $3 billion for the first time driven by a 34% increase in our Core Product sales. Both our Specialty Pharmaceuticals and Human Genetic Therapies businesses showed excellent growth.

In our ADHD portfolio, INTUNIV sales were $166 million in the first full year on the market and VYVANSE sales grew 26% to $634 million. VPRIV sales were $143 million in its first year, REPLAGAL sales were up 81% to $351 million and sales of ELAPRASE also grew 14% to $404 million.

Cash generation of almost $1.4 billion during the year has enabled us to invest significantly in the business. The acquisition of Movetis brings our Specialty Pharmaceuticals business the European rights to RESOLOR, a new therapy for chronic constipation, and access to its GI pipeline. Our in-licensing of a Phase 2 compound for Duchenne muscular dystrophy from Acceleron adds a further exciting development project to our Human Genetic Therapies pipeline. That partnership and the recently begun in-house studies for the novel intrathecal delivery of our protein therapies for patients with CNS-manifestations of rare genetic diseases have the potential to become new platform technologies for our Human Genetic Therapies business. Among many other advances in our R&D pipeline, we also completed encouraging signal finding studies for potential new indications for VYVANSE.

We’re expanding internationally through launching products in new countries, having established a new hub in Switzerland, expanding our operations in Latin America and building our business in Asia/Pacific. We now have over 4,000 employees in 28 countries and we’re leveraging this infrastructure to grow our business now and in the future.

Shire has had a great year. With a young and balanced portfolio and a strong pipeline, we look forward to continuing this success as we build on the strength of our business model and plan for further good growth in the year ahead. We’re increasingly confident about achieving our aspirational growth targets and continuing to have a positive impact on patients’ lives.”