Shire (LSE: SHP, NASDAQ: SHPG) announces results for the three months to September 30, 2013.
|Financial Highlights||Q3 2013||Reported Growth(1)|
|Product sales||$1,195 million||+13%|
|Total revenues||$1,237 million||+12%|
|Non GAAP operating income||$422 million||+30%|
|US GAAP operating income||$341 million||+25%|
|Non GAAP diluted earnings per ADS||$1.77||+30%|
|US GAAP diluted earnings per ADS||$1.46||+23%|
|Non GAAP cash generation||$482 million||+36%|
|Non GAAP free cash flow||$388 million||+49%|
|US GAAP net cash provided by operating activities||$434 million||+50%|
(1) Percentages compare to equivalent 2012 period.
The Non GAAP financial measures included within this release are explained on page 24 of the full release, and are reconciled to the most directly comparable financial measures prepared in accordance with US GAAP on pages 19 - 23 of the full release.
STRONG RESULTS DEMONSTRATING GOOD PROGRESS
Flemming Ornskov, M.D., Chief Executive Officer, commented:
“This has been a strong quarter with good growth in revenues, earnings and cash generation.
We’re demonstrating execution of our strategy, which is putting Shire on a path of sustainable growth. Our focus on commercial excellence is improving product sales and we’re excited about the opportunities in our pipeline.
We're confident in our prospects for the longer term as we continue to execute on commercial delivery, progress our prioritized pipeline and focus on targeted M&A. The benefits of our ‘One Shire’ reorganization are already evident in our year to date performance, we have a simpler, more efficient business and now expect Non GAAP R&D and SG&A spend to be lower than current consensus expectations for this year and in 2014 and 20151.
I am delighted to be increasing our 2013 full year earnings guidance to delivering mid-to-high teens Non GAAP earnings growth and guiding to continuing operating leverage for 2014 and 20151. This strong performance has been overseen by a management team with long term tenure at Shire, supplemented by some recent new senior appointments."
1 For full guidance, refer to Outlook statement on page 3 of the full release.
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