BASINGSTOKE, England, August 3 /PRNewswire-FirstCall/ -- Shire
Pharmaceuticals Group plc (LSE: SHP) (NASDAQ: SHPGY) (TSX: SHQ) today
releases historical financial results for 2003.
As indicated during the 2004 second quarter results presentation, the
results for all quarterly periods previously presented during 2003 have been
restated to reflect the expected disposal of our Biologics (vaccines)
business, which was accounted for as a discontinued operation in the 2004
second quarter results announcement.
This statement is being published to provide the investment community
with a complete historic quarterly analysis of the 2003 unaudited statement
of operations that reflect these presentational changes.
Notes to editors
Shire Pharmaceuticals Group plc
Shire Pharmaceuticals Group plc (Shire) is a global pharmaceutical
company with a strategic focus on meeting the needs of the specialist
physician and currently focuses on developing projects and marketing products
in the areas of central nervous system (CNS), gastrointestinal (GI), and
renal diseases. Shire has operations in the world's key pharmaceutical
markets (US, Canada, UK, France, Italy, Spain and Germany) as well as a
specialist drug delivery unit in the US.
For further information on Shire, please visit the Company's website:
http://www.shire.com
THE "SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995
Statements included herein that are not historical facts are
forward-looking statements. Such 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 affected. The risks and uncertainties include, but are not limited
to, risks associated with the inherent uncertainty of pharmaceutical
research, product development, manufacturing and commercialization, the
impact of competitive products, including, but not limited to, the impact on
Shire's Attention Deficit & Hyperactivity Disorder (ADHD) franchise, patents,
including but not limited to, legal challenges relating to Shire's ADHD
franchise, government regulation and approval, including but not limited to
the expected product approval dates of lanthanum carbonate (FOSRENOL(R)),
methylphenidate (METHYPATCH(R)), anagrelide hydrochloride (XAGRID(R)),
carbamazepine (BIPOTROL(R)) and the adult indication for extended release
mixed amphetamine salts (ADDERALL XR(R)), the implementation of the planned
reorganization and other risks and uncertainties detailed from time to time
in Shire's filings with the Securities and Exchange Commission.
Results for 2003 by
Quarter
Unaudited
Q1 2003 Q2 2003 Q3 2003 Q4 2003 YR 2003
$000 $000 $000 $000 $000
Revenues:
Product sales 254,561 245,671 232,282 271,793 1,004,307
Licensing and development 394 702 1,355 1,226 3,677
Royalties 47,763 51,836 49,735 54,239 203,573
Other revenues 7 - 6 - 13
Total revenues 302,725 298,209 283,378 327,258 1,211,570
Costs and expenses:
Cost of product sales 36,442 37,018 32,700 37,000 143,160
Research and development 49,943 44,830 47,277 52,852 194,902
Selling, general and 109,678 101,746 79,909 80,481 371,814
administrative
Total operating expenses 196,063 183,594 159,886 170,333 709,876
Earnings before interest,
tax, depreciation and
amortisation
Depreciation and 10,512 11,966 25,919 33,710 82,107
amortisation
Operating income 96,150 102,649 97,573 123,215 419,587
Interest income 5,110 4,301 3,688 3,757 16,856
Interest expense (2,648) (2,679) (1,984) (2,140) (9,451)
Other income/(expense), (4,854) (4,919) (788) (10,084) (20,645)
net
Total other (2,392) (3,297) 916 (8,467) (13,240)
income/(expense), net
Income from continuing
operations before income
taxes and equity in
earnings of equity method
investees 93,758 99,352 98,489 114,748 406,347
Income taxes (24,526) (25,457) (25,139) (32,231) (107,353)
Equity in earnings of (449) (1,205) (45) 642 (1,057)
equity method investees
Income from continuing 68,783 72,690 73,305 83,159 297,937
operations
Income from discontinued (5,717) (7,205) (8,686) (278) (21,886)
operations
Net income 63,066 65,485 64,619 82,881 276,051
Results for 2003 by Quarter
Unaudited
Q1 2003 Q2 2003 Q3 2003 Q4 2003 YR 2003
$000 $000 $000 $000 $000
EPS
information
Net income for 63,066 65,485 64,619 82,881 276,051
basic EPS
Add back:
Interest 1,381 1,342 1,200 1,295 5,218
charged on
convertible
debt
Net income for 64,447 66,827 65,819 84,176 281,269
diluted EPS
EPS (per
ordinary
share)
US GAAP
Net income - 12.6c 13.1c 13.1c 16.7c 55.4c
basic
Net income - 12.3c 12.8c 12.8c 16.3c 54.2c
diluted
*Non US GAAP
Net income - 13.4c 14.2c 14.4c 16.4c 58.4c
diluted
EPS (per ADS)
US GAAP
Net income - 37.7c 39.2c 39.2c 50.2c 166.2c
basic
Net income - 37.0c 38.4c 38.3c 48.9c 162.6c
diluted
*Non US GAAP
Net income - 40.2c 42.6c 43.3c 49.1c 175.2c
diluted
Weighted
average no.
shares
Ordinary - 501,989,884 501,504,962 494,827,334 495,031,261 498,212,826
basic
Ordinary - 522,547,153 522,559,387 515,826,822 516,404,663 518,967,395
diluted
Weighted
average no. of
shares
ADS - basic 167,329,961 167,168,321 164,942,445 165,010,420 166,070,942
ADS -
diluted 174,182,384 174,186,462 171,942,274 172,134,888 172,989,131
* This is a non-US GAAP financial measure. Management believes that the
presentation of this non-US GAAP financial measure provides useful
information to investors regarding Shire's underlying performance as the
costs associated with the reorganization, the gain on the sale of an
investment and the expected loss from discontinued operations are not part of
the Company's ongoing operations.
Ratio analysis
% Product Sales:
Gross profit 86% 85% 86% 86% 86%
S, G & A 43% 41% 34% 30% 37%
% Total Revenues:
R&D 16% 15% 17% 16% 16%
Operating income 32% 34% 34% 38% 35%
Income from continuing 23% 24% 26% 25% 25%
operations
Net income 21% 22% 23% 25% 23%
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SOURCE Shire Pharmaceuticals Group Plc
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CONTACT:
For further information please contact:
Global: Clea Rosenfeld - Investor Relations, +44-(0)1256-894-160
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