Shire plc (LSE: SHP, NASDAQ: SHPGY), the global specialty biopharmaceutical company, announces results for the three months to June 30, 2011.
|Financial Highlights||Q2 2011(1)|
|Product sales||$993 million||+30%|
|Total revenues||$1,063 million||+25%|
|Non GAAP operating income||$342 million||+26%|
|US GAAP operating income||$283 million||+26%|
|Non GAAP diluted earnings per ADS||$1.33||+29%|
|US GAAP diluted earnings per ADS||$1.08||+26%|
|Non GAAP cash generation||$440 million||+7%|
|Non GAAP free cash flow||$235 million||-1%|
|US GAAP net cash provided by operating activities||$284 million||0%|
(1) Percentages compare to equivalent period in 2010.
The Non GAAP financial measures included within this release are explained on page 25 of the full release, and are reconciled to the most directly comparable financial measures prepared in accordance with US GAAP on pages 20 - 24 of the full release.
Angus Russell, Chief Executive Officer, commented:
“It’s been another strong quarter with Shire continuing to perform very well. Total revenues were up 25% and for the first time exceeded $1billion for the quarter and we have reported a 29% increase in Non GAAP diluted earnings per ADS.
Product sales increased by 30%. Our rare disease treatments are performing well around the world; the FDA Advisory Committee recommended approval and self administration of FIRAZYR for acute attacks of Hereditary Angioedema and we’re now preparing for a US launch, in anticipation of what we hope will be an FDA approval in August. We’re very pleased that the European Medicines Agency has approved the purification of REPLAGAL for Fabry disease at our new facility in Massachusetts, giving us increased manufacturing flexibility.
Sales of our ADHD products increased significantly in the US market, driven by increasing market share and further strong market growth. In our GI franchise, LIALDA performed well and we were pleased to receive US approval for maintenance of remission in patients with ulcerative colitis.
As well as growing our existing business, we’re continuing to invest in our portfolio for the future. In our pipeline we’re generating data for new indications and new markets, in addition to developing new proprietary technology platforms. During the quarter, we also completed our acquisition of Advanced BioHealing bringing us DERMAGRAFT, a US marketed product and the opportunity to build an important business in the promising field of regenerative medicine.
During the year we have seen market consensus for 2011 earnings increase. Our performance in the first six months of the year has further underpinned our confidence in meeting these increased expectations for 2011. We anticipate that this will be another very good year for Shire as we deliver strong sales and continue our investment for sustained future growth.”