Shire (LSE: SHP, NASDAQ: SHPG) announces results for the three months to June 30, 2013.
|Financial Highlights||Q2 2013||Reported Growth(1)|
|Product sales||$1,230 million||+7%|
|Total revenues||$1,275 million||+6%|
|Non GAAP operating income||$452 million||+8%|
|US GAAP operating income||$342 million||+13%|
|Non GAAP diluted earnings per ADS||$1.79||+6%|
|US GAAP diluted earnings per ADS||$1.36||+10%|
|Non GAAP cash generation||$374 million||-28%|
|Non GAAP free cash flow||$241 million||-44%|
|US GAAP net cash provided by operating activities||$259 million||-44%|
(1) 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 of the full release.
GOOD PROGRESS: INCREASING GROWTH AND STRONG OPERATIONAL LEVERAGE IN Q2
EXECUTING OUR STRATEGY
Flemming Ornskov, M.D., Chief Executive Officer, commented:
“We are pleased with our Q2 results, have made good progress and have returned to higher growth.
We’re successfully executing our strategy, which is to grow by focusing on innovation-driven specialty products through both R&D and M&A. We've sharpened our focus on commercial excellence and we're enhancing our pipeline productivity. Our late Phase 3 projects lifitegrast and LDX for BED are progressing well and are programs in which we have increasing confidence.
Our strategy has been designed to deliver further enhanced growth. We anticipate delivering full year double digit Non GAAP earnings growth in 2013 and are confident in our ability to grow operating margins going forward.”
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