Financial Highlights Full Year 2012
Product sales $4,407 million +12%
Product sales excluding ADDERALL XR $3,978 million +16%
Total revenues $4,681 million +10%
Non GAAP operating income $1,474 million +9%
US GAAP operating income $949 million -14%
Non GAAP diluted earnings per ADS $6.10 +14%
US GAAP diluted earnings per ADS $3.93 -13%
Non GAAP cash generation $1,637 million +18%
Non GAAP free cash flow $1,256 million +43%
US GAAP net cash provided by operating activities $1,383 million +29%
DIVIDEND
In respect of the six months ended December 31, 2012 the Board has resolved to
pay an interim dividend of 14.60 US cents per ordinary share (2011: 12.59 US
cents per ordinary share).
Dividend payments will be made in Pounds Sterling to ordinary shareholders and
in US Dollars to holders of ADSs. A dividend of 9.39 pence per ordinary share
(2011: 7.96 pence) and 43.80 US cents per ADS (2011: 37.77 US cents) will be
paid on April 9, 2013 to shareholders on the register as at the close of
business on March 8, 2013.
Together with the first interim payment of 2.73 US cents per ordinary share
(2011: 2.48 US cents per ordinary share), this represents total dividends for
2012 of 17.33 US cents per ordinary share (2011: 15.07 US cents per ordinary
share), an increase of 15% in US Dollar terms.
Angus Russell, Chief Executive Officer, commented:
"It's been another strong year for Shire with 12% growth in product sales and
14% growth in Non GAAP earnings which have driven particularly strong cash
generation. While delivering strong financial results, we continue to invest in
our emerging late stage R&D pipeline.
Our ADHD portfolio is performing very well in a growing global market and we
see further growth going forward. The positive opinion received from the
European regulators for ELVANSE is a significant milestone and we're now
preparing for country launches in some of the largest markets in Europe. All
our rare disease treatments continue to grow and we saw particularly strong
performance from FIRAZYR in its first full year in the US market. We advanced
our plans for developing our Regenerative Medicine business with the
acquisition of VASCUGEL and the approval of DERMAGRAFT in Canada.
Our late stage R&D pipeline now holds the prospect of future growth from LDX
(the active ingredient in VYVANSE) in major depressive disorder, binge eating
disorder and negative symptoms of schizophrenia. Our intrathecal programs are
also progressing well as we plan the next clinical trials for Hunter CNS and
Sanfilippo A and continue to enrol MLD patients into the ongoing Phase 1/2
trial. A phase 2b study of SPD602, our iron chelating product, is underway and
headline results are expected later this year.
We've completed a number of in-licensing deals and acquisitions in 2012,
bringing us new technology platforms in rare diseases, hematology and a range
of early stage and exciting differentiated treatments.
We've put in place our leadership succession plan. Dr. Flemming Ørnskov joined
us at the beginning of January and is familiarising himself with the business
before he assumes the role of CEO at the end of April. His considerable
pharmaceutical and international experience will benefit Shire going forward.
Today we announce that Sylvie Gregoire, President of our HGT business, has
decided to leave Shire at the end of March, after five years. We're grateful
for her significant contributions to the growth of Shire through establishing
HGT as a leader in rare diseases.
Shire is in great shape, with the current business performing well, a promising
pipeline of new growth opportunities, and the strategy in place to deliver an
exciting future. As we look forward to the year ahead, we expect our financial
results to show further growth in line with current consensus earnings
expectations for 2013(1)."
