Shire Pharmaceuticals Group plc
Hampshire International Business Park,
Chineham, Basingstoke RG24 8EP UK
Tel +44 1256 894000 Fax +44 1256 894708
http://www.shire.com
SHIRE
Basingstoke, UK - 15 April 2003 - Shire Pharmaceuticals Group plc (LSE: SHP,
NASDAQ: SHPGY; TSX: SHQ) today releases historical financial results for 2002.
As indicated during the 2002 year end results presentation, the results for all
quarterly periods previously presented during 2002 have been restated to reflect
the disposal of our US OTC business, which has been accounted for as a
discontinued operation. In addition, income in respect of equity method
investees has been shown in a separate caption within the statement of
operations.
This statement is being published to provide the investment community with a
complete historic quarterly analysis of the 2002 unaudited statement of
operations that reflect these presentational changes.
For further information please contact:
Global
Gordon Ngan - Investor Relations +44 1256 894 160
Notes to editors
Shire Pharmaceuticals Group plc
Shire Pharmaceuticals Group plc (Shire) is a rapidly growing international
emerging pharmaceutical company with a strategic focus on four therapeutic areas
- - central nervous system disorders (CNS), gastro intestinal (GI), oncology, and
anti-infectives. Shire also has three platform technologies: advanced drug
delivery, lead optimisation for small molecules and Biologics. Shire's core
strategy is based on research and development combined with in-licensing and a
focus on eight key pharmaceutical markets.
For further information on Shire, please visit the Company's website:
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 materialise, 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 and
commercialisation, patents, government regulation and approval, including but
not limited to the expected product approval date of lanthanum carbonate
(FOSRENOL(TM)), the impact of competitive products, including but not limited to
the impact of same on Shire's ADHD franchise, and other risks and uncertainties
detailed from time to time in our filings, including the Annual Report filed on
Form 10-K by Shire with the Securities and Exchange Commission.
Shire Pharmaceuticals Group plc
Hampshire International Business Park,
Chineham, Basingstoke RG24 8EP UK
Tel +44 1256 894000 Fax +44 1256 894708
http://www.shire.com
Results for 2002 by Quarter
Unaudited
Q1 2002 Q2 2002 Q3 2002 Q4 2002 YR 2002
$000 $000 $000 $000 $000
Revenues:
Product sales 196,507 206,861 205,504 250,516 859,388
Licensing and development 682 923 726 733 3,064
Royalties 39,576 40,512 43,485 51,239 174,812
Other revenues 217 (212) 5 24 34
-------------- -------------- -------------- -------------- -------------
Total revenues 236,982 248,084 249,720 302,512 1,037,298
Costs and expenses:
Cost of product sales 25,020 29,721 31,768 47,173 133,682
Research and development 49,729 46,802 42,026 50,622 189,179
Selling, general and administrative 81,767 84,197 82,351 82,497 330,812
Losses on dispositions of assets - 116 37 1,223 1,376
-------------- -------------- -------------- -------------- -------------
Total operating expenses 156,516 160,836 156,182 181,515 655,049
-------------- -------------- -------------- -------------- -------------
Earnings before interest, tax,
depreciation and amortisation 80,466 87,248 93,538 120,997 382,249
Depreciation and amortisation 10,173 12,139 12,548 20,351 55,211
-------------- -------------- -------------- -------------- -------------
Operating income 70,293 75,109 80,990 100,646 327,038
Interest income 4,731 4,820 5,142 4,843 19,536
Interest expense (1,977) (1,796) (2,280) (3,199) (9,252)
Other income/(expense), net 1,141 (910) 200 (8,693) (8,262)
-------------- -------------- -------------- -------------- -------------
Total other income/(expense), net 3,895 2,114 3,062 (7,049) 2,022
-------------- -------------- -------------- -------------- -------------
Income from continuing operations
before income taxes and equity in
earnings of equity method investees 74,188 77,223 84,052 93,597 329,060
Income taxes (19,757) (21,323) (22,954) (24,316) (88,350)
Equity in earnings of equity method
investees 744 1,855 704 (1,635) 1,668
-------------- -------------- -------------- -------------- -------------
Income from continuing operations
55,175 57,755 61,802 67,646 242,378
Income from discontinued operations 1,627 1,552 1,783 1,146 6,108
Gain on sale of discontinued operations
- - - 2,083 2,083
-------------- -------------- -------------- -------------- -------------
Net income 56,802 59,307 63,585 70,875 250,569
============== ============== ============== ============== =============
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Shire Pharmaceuticals Group plc
Hampshire International Business Park,
Chineham, Basingstoke RG24 8EP UK
Tel +44 1256 894000 Fax +44 1256 894708
http://www.shire.com
Results for 2002 by Quarter
Unaudited
Q1 2002 Q2 2002 Q3 2002 Q4 2002 YR 2002
$000 $000 $000 $000 $000
EPS information
- ---------------
Net income for basic EPS 56,802 59,307 63,585 70,875 250,569
Add back:
Interest charged on convertible debt 1,397 1,411 1,380 1,397 5,585
------------------------------------------------------------------------
Net income for diluted EPS 58,199 60,718 64,965 72,272 256,154
------------------------------------------------------------------------
EPS (per ordinary share)
- ------------------------
Net income - basic 11.4c 11.9c 12.7c 14.1c 50.0c
Net income - diluted 11.1c 11.6c 12.4c 13.8c 49.0c
EPS (per ADS)
- -------------
Net income - basic 34.1c 35.6c 38.1c 42.4c 150.1c
Net income - diluted 33.3c 34.8c 37.2c 41.5c 147.1c
Weighted average no. shares
Ordinary - basic 499,926,390 500,365,947 501,026,581 501,411,413 500,687,594
Ordinary - diluted 524,865,259 523,990,414 524,130,078 522,473,225 522,418,246
Weighted average no. of shares
ADS - basic 166,642,130 166,788,649 167,008,860 167,137,138 166,895,865
ADS - diluted 174,955,086 174,663,471 174,710,026 174,157,742 174,139,415
Ratio analysis
- --------------
% Product Sales:
Gross profit 87% 86% 85% 81% 84%
S, G & A 42% 41% 40% 33% 38%
% Total Revenues:
R&D 21% 19% 17% 17% 18%
Total operating expenses (excl D&A) 66% 65% 63% 60% 63%
Operating income pre R & D 51% 49% 49% 50% 50%
Operating income 30% 30% 32% 33% 32%
Net income 24% 24% 25% 23% 24%
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