Shire Delivers a Strong Start to 2014 and Increases Full Year Guidance

    Shire Delivers a Strong Start to 2014 and Increases Full Year Guidance    PR Newswire    DUBLIN, May 1, 2014  DUBLIN, May 1, 2014 /PRNewswire/ --  Shire (LSE: SHP, NASDAQ: SHPG) announces unaudited results for the three months to March 31, 2014.       Financial Highlights                                Q1 2014    Growth(1)      Product sales                                   $1,308 million      +19%     Total revenues                                  $1,347 million      +18%      Non GAAP operating income                         $591 million      +40%     US GAAP operating income from continuing     operations                                        $307 million      -15%      Non GAAP diluted earnings per ADS                        $2.36      +38%     US GAAP diluted earnings per ADS                         $1.17     +218%      Non GAAP cash generation                          $331 million      +29%     Non GAAP free cash flow                           $231 million     +104%     US GAAP net cash provided by operating     activities                                        $246 million      +53%  ^(1) Percentages compare to equivalent 2013 period. The 2013 comparatives in this release have been recast to exclude the DERMAGRAFT ^® business from continuing operations following its divestment on January 17, 2014.  The Non GAAP financial measures included within this release are explained on page 22, and are reconciled to the most directly comparable financial measures prepared in accordance with US GAAP on pages 19 - 21.  Flemming Ornskov, M.D., Shire's Chief Executive Officer, commented:   "I'm pleased with our strong first quarter results. Our sharpened strategy, the addition of CINRYZE from the ViroPharma acquisition and our continued focus on operational discipline have all contributed to this strong financial performance and our ability to drive further future growth. We have multiple drivers of growth within our portfolio.  Sales in ADHD were driven by strong performance of VYVANSE (up 18%). Our US prescription growth was in line with the overall market growth. We believe we can significantly increase our Neuroscience revenue through developing a treatment option in the growing adult market, expanding our international sales and progressing a potential new indication in Binge Eating Disorder.  LIALDA continues to grow (up 28%) and has very positive sales and prescription momentum, carrying on the outstanding performance from 2013 with total US prescriptions up 33% on the prior year and an increase in market share of eight percentage points in the past twelve months.  Our Rare Diseases products delivered good sales growth this quarter; we're pleased with FIRAZYR's strong performance (up 80%) and the $86 million contribution to product sales from CINRYZE in the first two months since the ViroPharma acquisition closed.  The integration of ViroPharma is progressing well and we are on target to deliver the previously estimated cost synergies by the end of 2015.  We're excited about the growing value in our innovative pipeline. We'll shortly be meeting with the FDA to determine our next steps with lifitegrast. We continue to advance our intrathecal enzyme replacement therapy program for rare pediatric CNS diseases. In addition, the ViroPharma acquisition brought us the Phase 2 program for maribavir, an investigational treatment under development for cytomegalovirus infection in transplant patients, as well as several potential new uses for CINRYZE. And, our acquisition of Fibrotech adds FT011, a small molecule targeting an innovative, novel mechanism of action, currently in a Phase 1B study in patients with renal impairment, and a Phase 2 study in patients with FSGS, a rare kidney disease, is planned.  Our strong financial performance and business progress this quarter gives us the confidence to increase our guidance for the full year 2014 and we now expect to deliver Non GAAP earnings per ADS growth in the mid-to-high twenty percent range."  FINANCIAL SUMMARY   First Quarter 2014 Unaudited Results                                          Q1 2014                          Q1 2013                          US GAAP   Adjustments  Non GAAP  US GAAP   Adjustments  Non GAAP                               $M            $M        $M       $M            $M        $M     Total revenues         1,347             -     1,347    1,143             -     1,143     Operating income         307           284       591      362            59       421      Diluted earnings     per ADS                $1.17         $1.19     $2.36    $0.37         $1.35     $1.72    *Product sales grew strongly in Q1 2014 (up 19% to $1,308 million from     $1,098 million in Q1 2013). Product sales in Q1 2014 included $93 million     for products acquired with ViroPharma Incorporated ("ViroPharma"),     including $86 million from CINRYZE ^® . The inclusion of ViroPharma     contributed eight percentage points to our reported product sales growth.     Excluding products acquired with ViroPharma, product sales grew 11%,     driven by VYVANSE ^® (up 18% to $351 million), LIALDA ^® /MEZAVANT ^® (up     28% to $129 million), ELAPRASE ^® (up 13% to $129 million) and FIRAZYR ^®     (up 80% to $75 million).   *Total revenues were up 18% to $1,347 million (Q1 2013: $1,143 million),     with the growth in product sales being partially offset by lower royalties     and other revenues (down 14%).   *On a Non GAAP basis: Operating income grew strongly in Q1 2014, up 40% to     $591 million (Q1 2013: $421 million) due to higher total revenues (up 18%)     and lower combined Research and Development ("R&D") and Selling, General     and Administrative ("SG&A") costs (down 3%). R&D costs were down 13%     following the completion of several large Phase 3 programs since Q1 2013     including new uses for LDX ^([1]) , the effect of portfolio prioritization     decisions taken during 2013 and lower overheads due to the One Shire     reorganization, partially offset by the inclusion of ViroPharma R&D costs.     SG&A costs increased by 4%, an increase wholly attributable to the     inclusion of ViroPharma SG&A costs for the first time in Q1 2014. On a US     GAAP basis (from continuing operations): Operating income was down 15% to     $307 million (Q1 2013: $362 million), as Q1 2014 included an impairment     charge of $166 million in respect of our in-process R&D ("IPR&D")     intangible asset for SHP602, higher intangible asset amortization charges     and the unwind of the inventory fair value step-up resulting from the     ViroPharma acquisition. Combined R&D and SG&A was up 29% with R&D up 63%     and SG&A up 10% as compared with Q1 2013.   *Non GAAP diluted earnings per American Depository Share ("ADS") increased     38% to $2.36 (Q1 2013: $1.72) primarily due to the higher Non GAAP     operating income. On a US GAAP basis, diluted earnings per ADS increased     218% to $1.17 (Q1 2013: $0.37), as lower losses from discontinued     operations (Q1 2013 included goodwill impairment charges of $192 million)     more than offset lower US GAAP operating income from continuing     operations.   *Cash generation, a Non GAAP measure, was up 29% to $331 million (Q1 2013:     $257 million). Higher cash receipts from product sales were partially     offset by higher payments for sales deductions, the One Shire     reorganization and the costs related to the acquisition and integration of     ViroPharma. Free cash flow, also a Non GAAP measure, was up 104% to $231     million (Q1 2013: $113 million) due to higher cash generation and lower     cash tax and capital expenditure payments in the quarter. On a US GAAP     basis, net cash provided by operating activities was up 53% to $246     million (Q1 2013: $160 million).   *Net debt, also a Non GAAP measure, at March 31, 2014 was $1,413 million     (December 31, 2013: net cash of $2,231 million). On a US GAAP basis, cash     and cash equivalents were $139 million at March 31, 2014 (December 31,     2013: $2,239 million).  --------------------------------------------------  1.) Lisdexamfetamine ("LDX") currently marketed as VYVANSE in the US & Canada, VENVANSE® in Latin America and ELVANSE® in certain territories in the EU.    OUTLOOK   Reflecting our strong start to the year, we are increasing our guidance for Non GAAP earnings per ADS to mid-to-high twenty percent growth for the full year 2014, (previous guidance: growth at a similar level to 2013) (2013: up 23%). This guidance reflects the contribution from the ViroPharma acquisition for the eleven months post closing.  We expect our operating costs to continue to benefit from our reorganization efforts and the focus on operational discipline shown in the first quarter. As a result we now anticipate combined Non GAAP R&D and SG&A to grow by 4-6% compared to 2013 (previous guidance: growth of 6-8%).  We expect to see higher Combined Non GAAP R&D and SG&A in the remaining quarters of 2014 than seen in the first quarter, as we continue to invest behind our pipeline and new acquisitions, including Fibrotech Therapeutics Pty Ltd ("Fibrotech"). The balance of the year will also see us increase our commercial spending on the preparation for the anticipated launch of SHP465 in the US and XAGRID in Japan, Binge Eating Disorder disease awareness investments and the continued international expansion of VYVANSE.  All other elements of our guidance remain unchanged, and we continue to expect:    *Full year 2014 product sales growth in the mid-to-high teens.   *Royalties and other revenues to be 10-15% lower than 2013.   *Non GAAP gross margin to be approximately 1 percentage point lower than in     2013, due to slight dilution from ViroPharma.   *Net interest expense to be at a similar level to 2013.   *Core effective tax rate on Non GAAP income in the range of 18-20%.  Taken together, we are increasing our guidance for the full year 2014 and we now expect to deliver Non GAAP earnings per ADS growth in the mid-to-high twenty percent range.  FIRST QUARTER 2014 AND RECENT PRODUCT AND PIPELINE DEVELOPMENTS   Products   INTUNIV ^® - for the treatment of Attention Deficit Hyperactivity Disorder ("ADHD") in children/adolescents    *On March 27, 2014 Shire announced the acceptance of submission of a     Marketing Authorization Application by the European Medicines Agency for     its once-daily, non-stimulant guanfacine extended release product for the     treatment of ADHD in children/adolescents aged 6-17 years.  Pipeline   Shire continues to invest in its valuable pipeline, which now includes many exciting potential products. Following the completion of the acquisition of ViroPharma in January which added a number of new programs, Shire believes it will be helpful this quarter to provide a more detailed than usual summary of the developments in its pipeline:  SHP465 for the treatment of ADHD    *SHP465 (mixed salts of a single entity amphetamine) capsules provide an     extended-release of amphetamines to provide coverage of ADHD symptoms for     adults throughout the day. Based on the US Food and Drug Administration     ("FDA") feedback received on April 25, 2014, Shire is planning to resubmit     the SHP465 New Drug Application ("NDA") as a Class 2 resubmission with a     six month FDA review time. SHP465, if approved, will be a once daily,     product designed to treat ADHD in adults, with statistically significant     endpoints at 16 hours post-dose (statistically significant endpoints in     clinical trials beginning at the 4-hour time point).  SHP 606 lifitegrast for the treatment of Dry Eye disease    *Shire continues to evaluate the lifitegrast clinical program in whole,     examining the totality of evidence and will engage in a pre-NDA meeting     with FDA regarding next steps. The totality of data encompasses all     efficacy studies conducted to date, one Phase 2 study and two Phase 3     studies (OPUS-1 and OPUS-2, with top-line results announced in the fourth     quarter of 2013). On April 30, 2014 Shire announced top-line results from     the prospective, randomized, double-masked, placebo-controlled SONATA     trial which indicated no ocular or drug-related serious adverse events.     The safety data indicated in the SONATA trial was entirely consistent with     that observed in the Phase 2, OPUS-1 and OPUS-2 studies. Additional data     and analyses will be submitted for presentation at upcoming medical     meetings.  CINRYZE life cycle management and new uses    *Shire is pursuing additional new formulations of CINRYZE for routine     prophylaxis against Hereditary Angioedema ("HAE") attacks in adolescent     and adult patients. Shire plans to initiate discussions with FDA in H2     2014 to determine the appropriate path forward. In addition, Shire is     further considering opportunities to pursue additional therapeutic     indications that may involve the C1 Inhibitor.  SHP620 maribavir for the treatment of cytomegalovirus ("CMV") infection in transplant patients    *Shire is currently conducting two Phase 2 studies in transplant     recipients, both of which are fully enrolled. The first is a 160 patient     trial in first-line treatment of asymptomatic CMV in transplant     recipients. The second is a 120 patient trial for the treatment of     resistant/refractory CMV infection/disease in transplant recipients.     Preliminary results are expected in the first half of 2015.  SHP602 - for the treatment of Iron Overload    *In March 2014, the SHP602 Phase 2 trial in pediatric and adult patients     with transfusion iron overload was placed on clinical hold as Shire     evaluates nonclinical toxicology findings. The potential relevance of     these findings to humans, if any, is unknown, however this assessment will     lead to a delay that will impact the commercial value of this program.     Following our decision to put the current trial on clinical hold, an     impairment charge relating to the IPR&D intangible asset has been recorded     in Q1 2014.  OTHER DEVELOPMENTS   Proposed acquisition of Fibrotech     *On May 1, 2014 Shire entered into a definitive agreement to acquire     Fibrotech, a privately held, biotechnology company focused on the     development of small molecules for the treatment of renal diseases and     fibrosis. The acquisition of Fibrotech strengthens our growing and     innovative portfolio targeting renal and fibrotic diseases, and leverages     our existing renal capabilities. Shire will make an upfront payment of $75     million and additional contingent payments based on the achievement of     development and regulatory milestones. The closing of the acquisition is     subject to customary conditions, including approval of Australia's Foreign     Investment Review Board. FT011, the lead molecule, targets an innovative,     novel and previously undescribed mechanism of action, which completed a     Phase 1A study in healthy volunteers and is currently in a Phase 1B study     in patients with renal impairment. The first Phase 2 study is planned to     enroll patients with Focal Segmental Glomerulosclerosis (FSGS), a rare     fibrotic kidney disease with high unmet medical need. Shire will also     explore the application of this technology in other potential fibrotic     conditions. Given recent advancements in the scientific understanding of     fibrosis, as well as the development of biomarkers to aid in clinical     development, it is an exciting time to expand our interest in     anti-fibrotic agents with a clinical stage candidate as well as a library     of additional novel molecules.  Transfer of CALCICHEW ^®  product rights     *In Q1 2014 Shire transferred the marketing authorizations for the     CALCICHEW range of products in the UK and Ireland to Takeda Pharmaceutical     Company Limited. From January 1, 2014 Shire no longer recognizes product     sales from CALCICHEW. In addition in Q1 2014, Shire sold certain CALCICHEW     trade marks to Takeda Nycomed AS ("Takeda") for cash proceeds of $43.5     million and recognized a gain for the same amount.  ADDITIONAL INFORMATION   The following additional information is included in this press release:                                                                 Page      Overview of First Quarter 2014 Financial Results            7     Financial Information                                      11     Non GAAP Reconciliation                                    19     Notes to Editors                                           21     Safe Harbor Statement                                      22     Explanation of Non GAAP Measures                           22     Trade Marks                                                23  For further information please contact:   Dial in details for the  live conference call for investors at 14:00 BST / 09:00 EDT on May 1, 2014:   UK dial in: 0808 237 0030 or 0203 139 4830  US dial in: 1 866 928 7517 or 1 718 873 9077  Password/Conf ID: 22580956#  Live Webcast: Click here  The quarterly earnings presentation will be available today at 12:00 BST / 07:00 EDT on:  - Shire.com Investors section  - Shire's IR Briefcase in the iTunes Store    OVERVIEW OF FIRST QUARTER 2014 FINANCIAL RESULTS   1.   Product sales   For the three months to March 31, 2014 product sales increased by 19% to $1,308 million (Q1 2013: $1,098 million) and represented 97% of total revenues (Q1 2013: 96%).                                        Year on year growth          US Exit                                          Non GAAP                  Market     Product sales     Sales $M   Sales      CER(1)   US Rx(2)     Share(2)      VYVANSE              351.2    +18%       +18%         +3%         16%     LIALDA/MEZAVANT      128.9    +28%       +29%        +33%         30%     ELAPRASE             128.6    +13%       +14%       n/a(3)      n/a(3)     REPLAGAL(R)          114.3     +0%        +2%       n/a(4)      n/a(4)     VPRIV(R)              86.9     +6%        +7%       n/a(3)      n/a(3)     CINRYZE               85.6     n/a        n/a       n/a(3)      n/a(3)     ADDERALL XR(R)        85.1    -15%       -14%         -2%          5%     INTUNIV               82.3     +6%        +6%         +3%          4%     FIRAZYR               74.9    +80%       +79%       n/a(3)      n/a(3)     PENTASA(R)            72.3     +2%        +2%         -1%         13%     OTHER                 98.0     -1%        -3%         n/a         n/a     Total              1,308.1    +19%       +20%  1.On a Constant Exchange Rate ("CER") basis, which is a Non GAAP measure. 2.Data provided by IMS Health National Prescription Audit ("IMS NPA")     relates solely to US-based prescriptions. Growth rates have been     calculated based on the restated 2013 data issued by IMS on February 12,     2014. Exit market share represents the average monthly US market share in     the month ended March 31, 2014. 3.IMS NPA Data not available. 4.Not sold in the US in Q1 2014.  VYVANSE - ADHD   VYVANSE product sales showed strong growth (up 18%) in Q1 2014 compared to Q1 2013 due to price increases taken since Q1 2013 and to a lesser extent higher prescription demand. The benefit of these positive factors was partially offset by destocking in Q1 2014.  LIALDA/MEZAVANT - Ulcerative Colitis   Product sales for LIALDA/MEZAVANT in Q1 2014 were up 28% primarily due to higher US prescription demand (up 33%), as LIALDA reached a US exit market share of 30%, and to a lesser extent the effect of a price increase taken since Q1 2013. These positive factors were partially offset by higher sales deductions as a percentage of product sales as compared to Q1 2013 and approximately $10 million of destocking in Q1 2014.  ELAPRASE- Hunter syndrome   ELAPRASE product sales in Q1 2014 were up 13% compared to Q1 2013 driven by continued growth in the number of treated patients.  REPLAGAL - Fabry disease   REPLAGAL sales were flat compared to Q1 2013 as slight volume growth was offset by lower pricing. We continue to see good growth in emerging markets and steady volume demand in Europe.  VPRIV - Gaucher disease   VPRIV product sales in Q1 2014 were up 6% compared to Q1 2013 driven by continued growth in the number of treated patients.  CINRYZE - for the prophylactic treatment of HAE   Shire acquired CINRYZE through its acquisition of ViroPharma on January 24, 2014 and CINRYZE achieved product sales of $85.6 million in the first two months post acquisition. On a proforma basis CINRYZE grew 16% on Q1 2013 primarily driven by an increase in the number of patients on therapy.  ADDERALL XR - ADHD   ADDERALL XR product sales decreased (down 15%) in Q1 2014 primarily due to slightly lower demand and higher sales deductions as a percentage of sales as compared to Q1 2013. Market share has remained relatively stable over the past six months and we expect ADDERALL XR to remain competitive in its market.  INTUNIV - ADHD   The growth in INTUNIV product sales (up 6%) in Q1 2014 was driven by a combination of price increases taken since Q1 2013 and higher US prescription demand. The benefit of these positive factors was offset by higher sales deductions as a percentage of product sales in Q1 2014.  FIRAZYR - for the treatment of acute  HAE attacks   FIRAZYR product sales growth (up 80%) was primarily due to growth in patients on therapy, the effect of a price increase and a higher number of treated attacks particularly in the US market.  PENTASA - Ulcerative Colitis   PENTASA product sales (up 2%) benefited from higher stocking compared to Q1 2013, partially offset by higher sales deductions as a percentage of product sales in Q1 2014 as compared to Q1 2013.  2.   Royalties                                                        Year on year growth                                 Royalties to     Product                       Shire $M       Royalties            CER      FOSRENOL(R)           1.00      12.8           +42%              +42%     ADDERALL XR           1.00       9.0           +11%              +11%     3TC(R) and ZEFFIX(R)  1.00       7.5           -40%              -40%     Other                 1.00       3.0           -66%              -66%     Total                 1.00      32.3           -16%              -16%   Royalties from ADDERALL XR in Q1 2014 benefited from royalties received from Teva Pharmaceuticals Inc. ("Teva"). Shire will not receive royalties from Teva after Q1 2014.  3.   Financial details   Cost of product sales                                                       % of              % of                                                 product           product                                        Q1 2014    sales  Q1 2013    sales                                             $M                $M     Cost of product sales (US GAAP)      229.5      18%    147.4      13%     Unwind of ViroPharma     inventory fair value step-up         (38.8)                -     Depreciation                         (10.2)             (7.1)     Cost of product sales (Non GAAP)     180.5      14%    140.3      13%   Non GAAP cost of product sales as a percentage of product sales increased marginally in Q1 2014 reflecting the inclusion of CINRYZE.  US GAAP cost of product sales as a percentage of product sales was five percentage points higher than the same period in 2013, as Q1 2014 included charges of $38.8 million on the unwind of the fair value adjustment on acquired ViroPharma inventories.  R&D                                                    % of                  % of                                              product               product                                 Q1 2014        sales  Q1 2013        sales                                      $M                    $M     R&D (US GAAP)                 360.5          28%    220.6          20%     Impairment of intangible     assets                       (166.0)                    -     Depreciation                   (5.8)                 (4.6)     R&D (Non GAAP)                188.7          14%    216.0          20%   Non GAAP R&D decreased by $27.3 million, or 13% in Q1 2014, following the completion of several large Phase 3 programs since Q1 2013 including new uses for LDX, the effect of portfolio prioritization decisions taken during 2013 and lower overheads due to the One Shire reorganization, partially offset by the inclusion of ViroPharma R&D costs.  US GAAP R&D increased by $139.9 million, or 63%, as Q1 2014 included impairment charges relating to the SHP602 IPR&D intangible asset currently on clinical hold.  SG&A                                                      % of                  % of                                                product               product                                   Q1 2014        sales  Q1 2013        sales                                        $M                    $M     SG&A (US GAAP)                  430.3          33%    391.7          36%     Intangible asset amortization   (57.8)                (36.1)     Legal and litigation costs       (1.7)                 (1.6)     Depreciation                    (20.8)                (16.1)     SG&A (Non GAAP)                 350.0          27%    337.9          31%   Non GAAP SG&A increased by $12.1 million, or 4%, an increase wholly attributable to the inclusion of ViroPharma SG&A costs for the first time in Q1 2014. SG&A as a percentage of product sales decreased compared to Q1 2013 as we benefited from the One Shire reorganization and the focus on operational discipline in Q1 2014.  US GAAP SG&A increased by $38.6 million, or 10%, as compared to Q1 2013.  Gain on sale of product rights   For the three months to March 31, 2014 Shire recorded a net gain on sale of product rights of $36.4 million (2013: $6.5 million), primarily a gain of $43.5 million on the sale of certain CALCICHEW trade marks to Takeda, partially offset by the re-measurement of the contingent consideration receivable from the divestment of DAYTRANA ^® .  Reorganization costs   For the three months to March 31, 2014 Shire recorded reorganization costs of $49.4 million (Q1 2013: $17.5 million), which in 2014 related to the One Shire reorganization as we implement our new operating structure.  Integration and acquisition costs   For the three months to March 31, 2014 Shire recorded net charges for integration and acquisition costs of $6.6 million. This net charge includes costs of $65.8 million related to the acquisition and integration of ViroPharma, partially offset by a net credit of $59.2 million relating to the change in fair values of contingent consideration liabilities, principally a credit of $71.9 million relating to the release of contingent consideration liabilities in respect of the acquisition of FerroKin Biosciences, Inc. ("FerroKin").  In Q1 2013 integration and acquisition costs ($4.1 million) primarily related to the acquisition of Lotus Tissue Repair inc. ("Lotus") and the integration of FerroKin.  Interest expense   For the three months to March 31, 2014 Shire incurred interest expense of $7.8 million (Q1 2013: $9.2 million). Interest expense in Q1 2014 primarily related to interest and amortization of issue costs incurred on borrowings to fund the ViroPharma acquisition. Interest expense in Q1 2013 principally related to the coupon and amortization of issue costs on Shire's convertible bonds which were fully redeemed or converted in Q4 2013.  Taxation   The effective rate of tax on Non GAAP income in Q1 2014 was 20% (Q1 2013: 20%), and on a US GAAP basis the effective rate of tax was 17% (Q1 2013: 20%).  The effective rate of tax in Q1 2014 on US GAAP income from continuing operations is lower than the same period in 2013 primarily due to the impact of changes in the fair value of contingent consideration liabilities and the gain on sale of product rights which have no tax effect.  Discontinued operations    The loss from discontinued operations for the three months to March 31, 2014 was $22.7 million net of tax (2013: $216.2 million), primarily relating to costs associated with the divestment of the DERMAGRAFT business. The loss from discontinued operations in Q1 2013 primarily related to the goodwill impairment of the former Regenerative Medicine Business Unit ($191.8 million) and other operating losses of the DERMAGRAFT business.    FINANCIAL INFORMATION   TABLE OF CONTENTS                                                                   Page      Unaudited US GAAP Consolidated Balance Sheets               12      Unaudited US GAAP Consolidated Statements of Income         13      Unaudited US GAAP Consolidated Statements of Cash Flows     15      Selected Notes to the Unaudited US GAAP Financial     Statements     (1) Earnings per share                                      17     (2) Analysis of revenues                                    18      Non GAAP reconciliation                                     19  Unaudited US GAAP financial position as of March 31, 2014   Consolidated Balance Sheets                                                            March 31,  December 31,                                                             2014          2013                                                               $M            $M     ASSETS     Current assets:     Cash and cash equivalents                              139.1       2,239.4     Restricted cash                                         32.3          22.2     Accounts receivable, net                             1,091.2         961.2     Inventories                                            637.4         455.3     Assets held for sale                                       -          31.6     Deferred tax asset                                     392.1         315.6     Prepaid expenses and other current assets              350.3         263.0      Total current assets                                 2,642.4       4,288.3      Non-current assets:     Investments                                             35.2          31.8     Property, plant and equipment ("PP&E"), net            884.0         891.8     Goodwill                                             2,070.1         624.6     Other intangible assets, net                         5,103.4       2,312.6     Deferred tax asset                                     145.5         141.1     Other non-current assets                                89.7          32.8      Total assets                                        10,970.3       8,323.0      LIABILITIES AND EQUITY     Current liabilities:     Accounts payable and accrued expenses                1,765.2       1,688.4     Short term borrowings                                  671.3             -     Other current liabilities                               83.5         119.5      Total current liabilities                            2,520.0       1,807.9      Non-current liabilities:     Long term borrowings                                   850.0             -     Deferred tax liability                               1,295.5         560.6     Other non-current liabilities                          659.0         588.5      Total liabilities                                    5,324.5       2,957.0      Equity:     Common stock of 5p par value; 1,000 million     shares authorized; and 597.9 million shares     issued and outstanding (2013: 1,000 million     shares authorized; and 597.5 million shares     issued and outstanding)                                 58.6          58.6     Additional paid-in capital                           4,233.0       4,186.3     Treasury stock: 12.0 million shares (2013: 13.4     million)                                              (381.7)       (450.6)     Accumulated other comprehensive income                 112.8         110.2     Retained earnings                                    1,623.1       1,461.5      Total equity                                         5,645.8       5,366.0      Total liabilities and equity                        10,970.3       8,323.0    Unaudited US GAAP results for the three months to March 31, 2014   Consolidated Statements of Income        3 months to March 31,                                    2014        2013                                                                $M          $M     Revenues:     Product sales                                         1,308.1     1,098.2     Royalties                                                32.3        38.5     Other revenues                                            6.4         6.7     Total revenues                                        1,346.8     1,143.4      Costs and expenses:     Cost of product sales                                   229.5       147.4     R&D(1)                                                  360.5       220.6     SG&A(1)                                                 430.3       391.7     Goodwill impairment charge                                  -         7.1     Gain on sale of product rights                          (36.4)       (6.5)     Reorganization costs                                     49.4        17.5     Integration and acquisition costs                         6.6         4.1     Total operating expenses                              1,039.9       781.9      Operating income from continuing operations             306.9       361.5      Interest income                                           0.5         0.7     Interest expense                                         (7.8)       (9.2)     Other income/(expense), net                               4.7        (1.0)     Total other expense, net                                 (2.6)       (9.5)      Income from continuing operations before income     taxes and equity in (losses)/earnings of equity     method investees                                        304.3       352.0     Income taxes                                            (50.6)      (71.4)     Equity in (losses)/earnings of equity method     investees, net of taxes                                  (0.6)         0.4     Income from continuing operations, net of tax           253.1       281.0      Loss from discontinued operations, net of tax           (22.7)     (216.2)     Net income                                              230.4        64.8  1.R&D costs include impairment of IPR&D intangible asset of $166.0 million     for the three months to March 31, 2014 (2013: $nil). SG&A costs include     amortization of intangible assets relating to intellectual property rights     acquired of $57.8 million for the three months to March 31, 2014 (2013:     $36.1 million).  Unaudited US GAAP results for the three months to March 31, 2014   Consolidated Statements of Income (continued)        3 months to March 31,                                    2014        2013      Earnings per ordinary share - basic     Earnings from continuing operations                     43.3c       51.0c     Loss from discontinued operations                       (3.9c)     (39.2c)     Earnings per ordinary share - basic                     39.4c       11.8c      Earnings per ADS - basic                               118.2c      106.2c      Earnings per ordinary share - diluted     Earnings from continuing operations                     43.0c       49.0c     Loss from discontinued operations                       (3.9c)     (36.7c)     Earnings per ordinary share - diluted                   39.1c       12.3c      Earnings per ADS - diluted                             117.3c       36.9c      Weighted average number of shares:                                                          Millions    Millions      Basic                                                   584.3       551.5     Diluted                                                 588.8       588.9    Unaudited US GAAP results for the three months to March 31, 2014   Consolidated Statements of Cash Flows        3 months to March 31,                                              2014       2013                                                                          $M         $M     CASH FLOWS FROM OPERATING ACTIVITIES:     Net income                                                        230.4       64.8     Adjustments to reconcile net income to net cash provided by     operating activities:                  Depreciation and amortization                         96.5       75.0                  Share based compensation                              26.2       16.6                  Change in fair value of contingent consideration     (59.2)       1.8                  Goodwill impairment charge                               -      198.9                  Unwind of ViroPharma inventory fair value                  step-up                                               38.8          -                  Impairment of IPR&D intangible assets                166.0          -                  Impairment of Property Plant and Equipment                  ("PP&E")                                              12.1                  Gain on sale of product rights                       (36.4)      (6.5)                  Other, net                                            (2.2)       0.1     Movement in deferred taxes                                         18.5        1.4     Equity in losses/(earnings) of equity method investees              0.6       (0.4)      Changes in operating assets and liabilities:                  Increase in accounts receivable                      (77.3)     (51.3)                  Increase in sales deduction accrual                   70.8       44.4                  Increase in inventory                                (18.6)     (29.1)                  Increase in prepayments and other assets             (74.6)     (61.8)                  Decrease in accounts and notes payable and other                  liabilities                                         (145.5)     (93.5)     Net cash provided by operating activities(A)                      246.1      160.4      CASH FLOWS FROM INVESTING ACTIVITIES:     Movements in restricted cash                                      (10.1)      (2.2)     Purchases of subsidiary undertakings and     businesses, net of cash acquired                               (3,764.4)     (77.2)     Purchases of non-current investments and PP&E                     (15.6)     (50.1)     Proceeds from short-term investments                               46.8          -     Proceeds received on sale of product rights                        48.0        4.8     Proceeds from capital expenditure grants                              -        2.7     Proceeds from disposal of non-current investments and PP&E          8.0        0.7     Other, net                                                         (2.9)         -     Net cash used in investing activities(B)                       (3,690.2)    (121.3)    Unaudited US GAAP results for the three months to March 31, 2014   Consolidated Statements of Cash Flows (continued)        3 months to March 31,                                   2014       2013                                                               $M         $M      CASH FLOWS FROM FINANCING ACTIVITIES:     Proceeds from revolving line of credit, long term     and short term borrowings                            2,170.0          -     Repayment of revolving line of credit                 (650.2)         -     Repayment of debt acquired with ViroPharma            (533.9)         -     Proceeds from ViroPharma call options                  346.7          -     Payments to acquire shares under the share     buy-back program                                           -      (70.6)     Contingent consideration payments                       (7.8)      (6.0)     Excess tax benefit associated with exercise of     stock options                                           20.5        4.4     Other, net                                               0.2       (0.7)     Net cash provided by/(used in) financing     activities(C)                                        1,345.5      (72.9)      Effect of foreign exchange rate changes on cash     and cash equivalents(D)                                 (1.7)       2.3      Net decrease in cash and cash equivalents(A)+(B)     +(C)+(D)                                            (2,100.3)     (31.5)     Cash and cash equivalents at beginning of period     2,239.4    1,482.2     Cash and cash equivalents at end of period             139.1    1,450.7    Unaudited US GAAP results for the three months to March 31, 2014   Selected Notes to the Financial Statements   (1)  Earnings Per Share ("EPS")        3 months to March 31,                           2014        2013                                                       $M          $M      Income from continuing operations              253.1       281.0     Loss from discontinued operation               (22.7)     (216.2)      Numerator for basic EPS                        230.4        64.8     Interest on convertible bonds, net of tax          -         7.6      Numerator for diluted EPS                      230.4        72.4      Weighted average number of shares:                                                 Millions    Millions      Basic(1)                                       584.3       551.5     Effect of dilutive shares:     Share based awards to employees(2)               4.5         3.8     Convertible bonds 2.75% due 2014(3)                -        33.6      Diluted                                        588.8       588.9  1.Excludes shares purchased by the EBT and under the share buy-back program     and presented by Shire as treasury stock. 2.Calculated using the treasury stock method. 3.Calculated using the "if converted" method.  The share equivalents not included in the calculation of the diluted weighted average number of shares are shown below:       3 months to March 31,                            2014            2013                                             No. of shares   No. of shares                                                  Millions        Millions      Share based awards to employees(1)                0.8             5.6  1.Certain stock options have been excluded from the calculation of diluted     EPS because (a) their exercise prices exceeded Shire's average share price     during the calculation period or (b) the required performance conditions     were not satisfied as at the balance sheet date.  Unaudited US GAAP results for the three months to March 31, 2014   Selected Notes to the Financial Statements   (2)  Analysis of revenues        3 months to March 31,      2014      2013      2014        2014                                                       %  % of total                                  $M        $M    change     revenue     Net product sales:     VYVANSE                   351.2     298.4       18%         26%     LIALDA/MEZAVANT           128.9     100.5       28%         10%     ELAPRASE                  128.6     114.3       13%         10%     REPLAGAL                  114.3     114.0        0%          9%     VPRIV                      86.9      81.6        6%          6%     CINRYZE                    85.6         -       n/a          6%     ADDERALL XR                85.1      99.8      -15%          6%     INTUNIV                    82.3      77.7        6%          6%     FIRAZYR                    74.9      41.7       80%          6%     PENTASA                    72.3      71.0        2%          5%     FOSRENOL                   41.4      42.3       -2%          3%     XAGRID(R)                  27.1      23.4       16%          2%     Other product sales        29.5      33.5      -12%          2%     Total product sales     1,308.1   1,098.2       19%         97%      Royalties:     FOSRENOL                   12.8       9.0       42%         <1%     ADDERALL XR                 9.0       8.1       11%         <1%     3TC and ZEFFIX              7.5      12.5      -40%         <1%     Other                       3.0       8.9      -66%         <1%     Total royalties            32.3      38.5      -16%          2%      Other revenues              6.4       6.7       -4%         <1%      Total revenues          1,346.8   1,143.4       18%        100%    Unaudited results for the three months to March 31, 2014   Non GAAP reconciliation        3 months to March 31, 2014       US GAAP             Adjustments              Non GAAP                                                    (a)    (b)    (c)   (d)    (e)                                           $M       $M     $M     $M    $M     $M        $M     Total revenues                   1,346.8        -      -      -     -      -   1,346.8      Costs and expenses:     Cost of product sales              229.5        -  (38.8)     -     -  (10.2)    180.5     R&D                                360.5   (166.0)     -      -     -   (5.8)    188.7     SG&A                               430.3    (57.8)     -      -  (1.7) (20.8)    350.0     Gain on sale of product rights     (36.4)       -      -   36.4     -      -         -     Reorganization costs                49.4        -      -  (49.4)    -      -         -     Integration and acquisition     costs                                6.6        -   (6.6)     -     -      -         -     Depreciation                           -        -      -      -     -   36.8      36.8     Total operating expenses         1,039.9   (223.8) (45.4) (13.0) (1.7)     -     756.0      Operating income                   306.9    223.8   45.4   13.0   1.7      -     590.8      Interest income                      0.5        -      -      -     -      -       0.5     Interest expense                    (7.8)       -      -      -     -      -      (7.8)     Other income/(expense), net          4.7        -      -   (5.0)    -      -      (0.3)     Total other expense, net            (2.6)       -      -   (5.0)    -      -      (7.6)     Income before income taxes and     equity in losses of equity     method investees                   304.3    223.8   45.4    8.0   1.7      -     583.2     Income taxes                       (50.6)   (44.5) (10.2) (12.7) (0.6)     -    (118.6)     Equity in losses of equity     method investees, net of tax        (0.6)       -      -      -     -      -      (0.6)     Net income from continuing     operations                         253.1    179.3   35.2   (4.7)  1.1      -     464.0     Loss from discontinued     operations, net of tax             (22.7)       -      -   22.7     -      -         -     Net income                         230.4    179.3   35.2   18.0   1.1      -     464.0     Weighted average number of     shares (millions) - diluted        588.8        -      -      -     -      -     588.8     Diluted earnings per ADS          117.3c    91.4c  17.9c   9.2c  0.6c      -    236.4c  The following items are included in Adjustments:  a.Amortization and asset impairments : Impairment of SHP602 IPR&D intangible     asset ($166.0 million), amortization of intangible assets relating to     intellectual property rights acquired ($57.8 million), and tax effect of     adjustments; b.Acquisition and integration activities : Unwind of ViroPharma inventory     fair value adjustments ($38.8 million), costs associated with the     acquisition and integration of ViroPharma ($65.8 million), net credit     related to the change in fair value of contingent consideration     liabilities, primarily relating to the release of contingent consideration     liabilities in respect of the acquisition of FerroKin ($59.2 million), and     tax effect of adjustments; c.Divestments, reorganizations and discontinued operations: Net gain on sale     of CALCICHEW product rights to Takeda and loss on re-measurement of     DAYTRANA contingent consideration to fair value ($36.4 million), costs     relating to the One Shire reorganization ($49.4 million), gain on sale of     long term investments ($5.0 million), tax effect of adjustments, and loss     from discontinued operations, net of tax ($22.7 million); d.Legal and litigation costs: Costs related to litigation, government     investigations, other disputes and external legal costs ($1.7 million),     and tax effect of adjustments; and e.Depreciation reclassification: Depreciation of $36.8 million included in     Cost of product sales, R&D and SG&A for US GAAP separately disclosed for     the presentation of Non GAAP earnings.  Unaudited results for the three months to March 31, 2013   Non GAAP reconciliation        3 months to March 31, 2013       US GAAP            Adjustments             Non GAAP                                                   (a)   (b)    (c)   (d)    (e)                                           $M      $M    $M     $M    $M     $M        $M     Total revenues                   1,143.4       -     -      -     -      -   1,143.4      Costs and expenses:     Cost of product sales              147.4       -     -      -     -   (7.1)    140.3     R&D                                220.6       -     -      -     -   (4.6)    216.0     SG&A                               391.7   (36.1)    -      -  (1.6) (16.1)    337.9     Goodwill impairment charge           7.1    (7.1)    -      -     -      -         -     Gain on sale of product rights      (6.5)      -     -    6.5     -      -         -     Reorganization costs                17.5       -     -  (17.5)    -      -         -     Integration and acquisition     costs                                4.1       -  (4.1)     -     -      -         -     Depreciation                           -       -     -      -     -   27.8      27.8     Total operating expenses           781.9   (43.2) (4.1) (11.0) (1.6)     -     722.0      Operating income                   361.5    43.2   4.1   11.0   1.6      -     421.4      Interest income                      0.7       -     -      -     -      -       0.7     Interest expense                    (9.2)      -     -      -     -      -      (9.2)     Other expense, net                  (1.0)      -     -      -     -      -      (1.0)     Total other expense, net            (9.5)      -     -      -     -      -      (9.5)     Income before income taxes and     equity in earnings of equity     method investees                   352.0    43.2   4.1   11.0   1.6      -     411.9     Income taxes                       (71.4)  (11.0) (0.5)     -  (0.6)     -     (83.5)     Equity in earnings of equity     method investees, net of tax         0.4       -     -      -     -      -       0.4     Income from continuing     operations, net of tax             281.0    32.2   3.6   11.0   1.0      -     328.8     Loss from discontinued     operations, net of tax            (216.2)      -     -  216.2     -      -         -     Net income                          64.8    32.2   3.6  227.2   1.0      -     328.8     Impact of convertible debt, net     of tax                               7.6       -     -      -     -      -       7.6     Numerator for diluted EPS           72.4    32.2   3.6  227.2   1.0      -     336.4     Weighted average number of     shares (millions) - diluted        588.9       -     -      -     -      -     588.9     Diluted earnings per ADS           36.9c   16.4c  1.8c 115.9c  0.6c      -    171.6c  The following items are included in Adjustments:  a.Amortization and asset impairments : Amortization of intangible assets     relating to intellectual property rights acquired ($36.1 million),     impairment of goodwill relating to Shire's Regenerative Business relating     to continuing operations ($7.1 million), and tax effect of adjustments; b.Acquisition and integration activities : Costs primarily associated with     the acquisition of Lotus and integration of FerroKin ($2.3 million),     charges related to the change in fair values of contingent consideration     liabilities ($1.8 million), and tax effect of adjustments; c.Divestments, reorganizations and discontinued operations: Re-measurement     of DAYTRANA contingent consideration to higher fair value ($6.5 million),     costs relating to the collective dismissal and closure of Shire's facility     at Turnhout, Belgium ($17.5 million), tax effect of adjustments, and loss     from discontinued operations, net of tax ($216.2 million); d.Legal and litigation costs: Costs related to litigation, government     investigations, other disputes and external legal costs ($1.6 million),     and tax effect of adjustments; and e.Depreciation reclassification: Depreciation of $27.8 million included in     Cost of product sales, R&D and SG&A for US GAAP separately disclosed for     the presentation of Non GAAP earnings.  Unaudited results for the three months to March 31, 2014   Non GAAP reconciliation   The following table reconciles US GAAP net cash provided by operating activities to Non GAAP cash generation:                                                       2014        2013                                                       $M          $M     Net cash provided by operating activities      246.1       160.4     Tax and interest payments, net                  85.2        97.1     Non GAAP cash generation                       331.3       257.5  The following table reconciles US GAAP net cash provided by operating activities to Non GAAP free cash flow:                                                       2014        2013                                                       $M          $M     Net cash provided by operating activities      246.1       160.4     Capital expenditure                            (15.3)      (47.3)     Non GAAP free cash flow                        230.8       113.1  Non GAAP net (debt)/cash comprises:                                                  March 31,  December 31,                                                    2014          2013                                                      $M            $M     Cash and cash equivalents                     139.1       2,239.4      Long term borrowings                         (850.0)            -     Short term borrowings                        (671.3)            -     Other debt                                    (30.7)         (8.9)     Non GAAP net (debt)/cash                   (1,412.9)      2,230.5  NOTES TO EDITORS   Shire enables people with life-altering conditions to lead better lives.   Our strategy is to focus on developing and marketing innovative specialty medicines to meet significant unmet patient needs.  We provide treatments in Neuroscience, Rare Diseases, Gastrointestinal and Internal Medicine and we are developing treatments for symptomatic conditions treated by specialist physicians in other targeted therapeutic areas.  http://www.shire.com  FORWARD - LOOKING STATEMENTS - "SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995   Statements included in this release that are not historical facts are forward-looking statements. 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 adversely affected. The risks and uncertainties include, but are not limited to, that:    *Shire's products may not be a commercial success;   *revenues from ADDERALL XR are subject to generic erosion and revenues from     INTUNIV will become subject to generic competition starting in December     2014;   *the failure to obtain and maintain reimbursement, or an adequate level of     reimbursement, by third-party payors in a timely manner for Shire's     products may impact future revenues, financial condition and results of     operations;   *Shire conducts its own manufacturing operations for certain of its Rare     Diseases products and is reliant on third party contractors to manufacture     other products and to provide goods and services. Some of Shire's products     or ingredients are only available from a single approved source for     manufacture. Any disruption to the supply chain for any of Shire's     products may result in Shire being unable to continue marketing or     developing a product or may result in Shire being unable to do so on a     commercially viable basis for some period of time.   *the development, approval and manufacturing of Shire's products is subject     to extensive oversight by various regulatory agencies and regulatory     approvals or interventions associated with changes to manufacturing sites,     ingredients or manufacturing processes could lead to significant delays,     increase in operating costs, lost product sales, an interruption of     research activities or the delay of new product launches;   *the actions of certain customers could affect Shire's ability to sell or     market products profitably. Fluctuations in buying or distribution     patterns by such customers can adversely impact Shire's revenues,     financial conditions or results of operations;   *investigations or enforcement action by regulatory authorities or law     enforcement agencies relating to Shire's activities in the highly     regulated markets in which it operates may result in the distraction of     senior management, significant legal costs and the payment of substantial     compensation or fines;   *adverse outcomes in legal matters and other disputes, including Shire's     ability to enforce and defend patents and other intellectual property     rights required for its business, could have a material adverse effect on     Shire's revenues, financial condition or results of operations;   *Shire faces intense competition for highly qualified personnel from other     companies, academic institutions, government entities and other     organizations. Shire is undergoing a corporate reorganization and the     consequent uncertainty could adversely impact Shire's ability to attract     and/or retain the highly skilled personnel needed for Shire to meet its     strategic objectives;   *failure to achieve Shire's strategic objectives with respect to the     acquisition of ViroPharma Incorporated may adversely affect Shire's     financial condition and results of operations;  and other risks and uncertainties detailed from time to time in Shire's filings with the US Securities and Exchange Commission, including its most recent Annual Report on Form 10-K.  NON GAAP MEASURES   This press release contains financial measures not prepared in accordance with US GAAP.These measures are referred to as "Non GAAP" measures and include: Non GAAP operating income; Non GAAP net income; Non GAAP diluted earnings per ADS; effectivetax rate on Non GAAP income before income taxes and earnings/(losses) of equity method investees ("effective tax rate on Non GAAP income"); Non GAAP cost of product sales; Non GAAP R&D ; Non GAAP SG&A ; Non GAAP other income/(expense); Non GAAP cash generation; Non GAAP free cash flow and Non GAAP net cash/(debt) . These Non GAAP measures exclude the effect of certain cash and non-cash items, that Shire's management believes are not related to the core performance of Shire's business.  These Non GAAP financial measures are used by Shire's management to make operating decisions because they facilitate internal comparisons of Shire's performance to historical results and to competitors' results.Shire's Remuneration Committee uses certain key Non GAAP measures when assessing the performance and compensation of employees, including Shire's executive director.  The Non GAAP measures are presented in this press release as Shire's management believe that they will provide investors with a means of evaluating, and an understanding of how Shire's management evaluates, Shire's performance and results on a comparable basis that is not otherwise apparent on a US GAAP basis, since many non-recurring, infrequent or non-cash items that Shire's management believe are not indicative of the core performance of the business may not be excluded when preparing financial measures under US GAAP.  These Non GAAP measures should not be considered in isolation from, as substitutes for, or superior to financial measures prepared in accordance with US GAAP.  Where applicable the following items, including their tax effect, have been excluded when calculating Non GAAP earnings for both 2014 and 2013, and from our Outlook:  Amortization and asset impairments:     *Intangible asset amortization and impairment charges; and   *Other than temporary impairment of investments.  Acquisitions and integration activities:     *Up-front payments and milestones in respect of in-licensed and acquired     products;   *Costs associated with acquisitions, including transaction costs, fair     value adjustments on contingent consideration and acquired inventory;   *Costs associated with the integration of companies; and   *Noncontrolling interests in consolidated variable interest entities.  Divestments, reorganizations and discontinued operations:     *Gains and losses on the sale of non-core assets;   *Costs associated with restructuring and reorganization activities;   *Termination costs; and   *Income/(losses) from discontinued operations.  Legal and litigation costs:     *Net legal costs related to the settlement of litigation, government     investigations and other disputes (excluding internal legal team costs).  Depreciation, which is included in Cost of product sales, R&D and SG&A costs in our US GAAP results, has been separately disclosed for the presentation of 2014 and 2013 Non GAAP earnings.  Cash generation represents net cash provided by operating activities, excluding up-front and milestone payments for in-licensed and acquired products, tax and interest payments.  Free cash flow represents net cash provided by operating activities, excluding up-front and milestone payments for in-licensed and acquired products, but including capital expenditure in the ordinary course of business.  A reconciliation of Non GAAP financial measures to the most directly comparable measure under US GAAP is presented on pages 19 to 21.  Growth at CER, which is a Non GAAP measure, is computed by restating 2014 results using average 2013 foreign exchange rates for the relevant period.  Average exchange rates for Q1 2014 were $1.66:£1.00 and $1.37:€1.00 (2013: $1.58:£1.00 and $1.33:€1.00).  TRADE MARKS   All trade marks designated ^® and ™ used in this press release are trade marks of Shire plc or companies within the Shire group except for 3TC ^® and ZEFFIX ^® which are trade marks of GlaxoSmithKline, PENTASA ^® which is a registered trade mark of FERRING B.V., LIALDA ^® and MEZAVANT ^® which are trade marks of Nogra Pharma Limited, DAYTRANA ^® which is a trade mark of Noven Therapeutics, LLC., CALCICHEW ^® which is a trade mark of Takeda and DERMAGRAFT ^® which is a trade mark of Organogenesis. Certain trade marks of Shire plc or companies within the Shire group are set out in Shire's Annual Report on Form 10-K for the year ended December 31, 2013.  Investor Relations     Eric Rojas erojas@shire.com  +1-781-482-0999  Sarah Elton-Farr seltonfarr@shire.com +44-1256-894-157  Media     Jessica Mann jmann@shire.com +44-1256-894-280  Gwen Fisher gfisher@shire.com +1-484-595-9836  
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