Another strong year for Shire with revenues exceeding $4 billion for the first time and Non GAAP EPS up 26% to $5.34. Good 2012 earnings growth expected.
February 9, 2012 - Shire plc (LSE: SHP, NASDAQ: SHPGY), the global specialty biopharmaceutical company, announces results for the year to December 31, 2011.
Financial Highlights
Full Year 2011(1)
Product sales
$3,950 million
+26%
Total revenues
$4,263 million
+23%
Non GAAP operating income
$1,357 million
+27%
US GAAP operating income
$1,109 million
+40%
Non GAAP diluted earnings per ADS
$5.34
+26%
US GAAP diluted earnings per ADS
$4.53
+43%
Non GAAP cash generation
$1,391 million
+3%
Non GAAP free cash flow
$879 million
+11%
US GAAP net cash provided by operating activities
$1,074 million
+12%
(1) Percentages compare to the full financial year 2010.
The Non GAAP financial measures included within this release are explained on page 27, and are reconciled to the most directly comparable financial measures prepared in accordance with US GAAP on pages 22 - 26 of the full release.
Angus Russell, Chief Executive Officer, commented:
"Shire has had another strong year - our strategy of focusing on meeting the needs of patients, physicians and payors to deliver value to the healthcare system has led to growing sales across our balanced portfolio of differentiated products. In 2011 our total revenues topped $4 billion for the first time.
In ADHD, sales of both VYVANSE and INTUNIV significantly outpaced the 10% growth of the US ADHD market. Our geographic expansion is progressing well, with the launch of VENVANSE in Brazil, an agreement with Shionogi to co-develop ADHD medicines in Japan, and our recent filing of VENVANSE in Europe.
Our sales of VPRIV for Gaucher disease were up 79%, REPLAGAL for Fabry disease was up 35% and ELAPRASE for Hunter Syndrome was up 15%. FIRAZYR for HAE has progressed well following its US launch. In addition, the regulatory processes are progressing well at our new biologics manufacturing facility in Lexington, Massachusetts which will soon enable us to significantly increase capacity to meet growing global demand.
In our Regenerative Medicine business, DERMAGRAFT, for diabetic foot ulcers, has performed strongly, generating sales of $105 million since we acquired Advanced BioHealing Inc. in late June.
We also saw good progress in our pipeline. New uses for VYVANSE, a diverticular disease indication for LIALDA, and a new intrathecal mode of protein delivery for rare genetic CNS diseases are some of the novel and exciting treatments we're developing and hope to bring to patients in the coming years.
Supported by our strong cash generation, we will continue to invest in growth prospects that will further leverage our established infrastructure. We expect 2012 to be a year of good earnings growth, as we aim to deliver increasing value to all our stakeholders."