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Shire plc the global specialty biopharmaceutical
company, announces results for the three months to March 31, 2009:
Product sales $756 million +20%
Product sales (excluding ADDERALL XR) $460 million +24%
Product sales growth (excluding ADDERALL XR) +32%
at constant exchange rates
Non GAAP operating income $327 million +70%
US GAAP operating income $226 million +39%
Non GAAP diluted earnings per ADS $1.28 +73%
US GAAP diluted earnings per ADS $1.16 +70%
Cash provided by operating activities $184 million +180%
Angus Russell, Chief Executive Officer, commented:
“This has been a solid first quarter with the delivery of strong earnings growth, reflecting the continuing development of our business and effective cost control. We have built strong, competitive products that provide cutting edge therapies for our patients, which together with our late stage pipeline, will act as the principal drivers of Shire’s future growth.
We are putting the right level of resources behind our products as evidenced by the recently announced co-promotion agreement for VYVANSE in the US.
We are continuing to progress our R&D pipeline and in the second half of the year we are anticipating the launch of INTUNIV and the completion of several Phase 2 and Phase 3 studies.
We are committed to expanding our international business for both our Human Genetic Therapies and Specialty Pharmaceuticals products and have made progress during the quarter with the opening of a representative office in Japan and the acquisition of product rights for EQUASYM, providing a European entry point for our Attention Deficit Hyperactivity Disorder portfolio. We also have the flexibility to take advantage of opportunities for further expansion of our business.
We remain confident that our business is well positioned to deliver on our previously stated and unchanged 2009 guidance framework and looking ahead, we also reiterate our aspiration of growing sales in the mid teens range on average between 2009 and 2015.”
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