Strong commercial execution and pipeline progression
October 23, 2015 – Shire (LSE: SHP, NASDAQ: SHPG) announces unaudited results for the three months to September 30, 2015.
|Financial Highlights||Q3 2015||Growth (1)||Non GAAP CER (1) (2)|
|Product sales||$1,577 million||+2%||+6%|
|Product sales excluding INTUNIV ®||$1,559 million||+7%||+12%|
|Total revenues||$1,655 million||+4%||+8%|
|Non GAAP operating income||$725 million||+1%||+6%|
|US GAAP operating income from continuing operations||$456 million||-20%|
|Non GAAP EBITDA margin (excluding royalties & other revenues) (3)||43%||-3pps (4)|
|US GAAP net income margin (5)||27%||-3pps|
|Non GAAP diluted earnings per ADS||$3.24||+11%||+15%|
|US GAAP diluted earnings per ADS||$2.29||-6%|
|Non GAAP cash generation||$588 million||-4%|
|Non GAAP free cash flow||$539 million||-6%|
|US GAAP net cash provided by operating activities||$561 million||-5%|
(1) Percentages compare to equivalent 2014 period.
(2) On a Constant Exchange Rate (“CER”) basis, which is a Non GAAP measure.
(3) Non GAAP earnings before interest, tax, depreciation and amortization (“EBITDA”) as a percentage of product sales, excluding royalties and other revenues.
(4) Percentage point change (“PPS”).
(5) US GAAP net income as a percentage of total revenues.
The Non GAAP financial measures included within this release are explained on pages 30 - 31, and are reconciled to the most directly comparable financial measures prepared in accordance with US GAAP on pages 22 - 28.
“In the third quarter, Shire maintained momentum while advancing the pipeline and investing for the future. VYVANSE again performed strongly in the adult market and we continued to demonstrate leadership in rare diseases, with the growth of our HAE assets, CINRYZE and FIRAZYR, and the strong performance of the recently launched NPS products NATPARA and GATTEX/REVESTIVE. These recent launches and our ongoing success enable us to invest in future growth drivers, including several programs that are preparing to enter Phase 3 in the months ahead. As we progress our ambition to be a rare diseases leader, we continue to believe the proposed acquisition of Baxalta represents a highly strategic combination, delivering an expected $20 billion in sales by 2020 and a world-leading rare diseases portfolio. Based on the strength of our core business, we are reiterating our recently upgraded full year Non GAAP diluted EPS guidance of mid-to-high single digit growth.”
|- Matthew Osbornefirstname.lastname@example.org||+1 781 482 9502|
|- Sarah Elton-Farremail@example.com||+44 1256 894 157|
|- Michele Galenfirstname.lastname@example.org||+1 781 482 1867|
|- Gwen Fisheremail@example.com||+1 484 595 9836|
|- Jessica Cotronefirstname.lastname@example.org||+1 781 482 9538|
|- Brooke Clarkeemail@example.com||+44 1256 894 829|
Dial in details for the live conference call for investors at 14:00 BST / 09:00 EDT on October 23, 2015:
|UK dial in:||0808 237 0030 or 020 3139 4830|
|US dial in:||1 866 928 7517 or 1 718 873 9077|
|International Access Numbers:||Click here|
|Live Webcast:||Click here|
The quarterly earnings presentation will be available today at 13:00 BST / 08:00 EDT on:
- Shire.com Investors section
- Shire's IR Briefcase in the iTunes Store