Shire plc (LSE: SHP, NASDAQ: SHPGY), the global specialty biopharmaceutical company, today releases historical income statements on both a US GAAP and Non GAAP basis for 2012 and the nine months ended September 30, 2013, recast to show the impact of DERMAGRAFT operations as discontinued.
On January 17, 2014 Shire announced that it had entered into a definitive agreement pursuant to which it has sold certain of its DERMAGRAFT assets to Organogenesis Inc. comprising the key operating assets relating to development, manufacture and sale of DERMAGRAFT product. From the agreement date Organogenesis Inc. assumed all further financial and management responsibility for DERMAGRAFT.
As a result of this divestment DERMAGRAFT operations will be presented as discontinued operations, net of tax, in Shire’s fourth quarter and 2013 full year Earnings Release. Shire will also provide in its Earnings Release, as a memo, Non GAAP financial information including DERMAGRAFT, which management believes will be useful to investors for comparing total company performance against guidance previously issued by Shire. The format of this memo information can be found on pages 9 and 10 of this release.
Shire’s historical statements of operations for all periods in 2013, 2012 and 2011 will also be adjusted to present DERMAGRAFT operations as discontinued.
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NOTES TO EDITORS
Shire enables people with life-altering conditions to lead better lives.
Our strategy is to focus on developing and marketing innovative specialty medicines to meet significant unmet patient needs.
We provide treatments in Neuroscience, Rare Diseases, Gastrointestinal and Internal Medicine and we are developing treatments for symptomatic conditions treated by specialist physicians in other targeted therapeutic areas.
FORWARD - LOOKING STATEMENTS - "SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Statements included in this announcement that are not historical facts are forward-looking statements. Forward-looking statements involve a number of risks and uncertainties and are subject to change at any time. In the event such risks or uncertainties materialize, Shire’s results could be materially adversely affected. The risks and uncertainties include, but are not limited to, that:
and other risks and uncertainties detailed from time to time in Shire’s filings with the U.S. Securities and Exchange Commission, including its most recent Annual Report on Form 10-K.
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