Business Combinations (Tables)

12 Months Ended

Dec. 31, 2016

The preliminary fair value of the purchase price consideration consisted of the following:



(In millions)	Estimated fair value
Cash paid to shareholders	$	12,366.7
Fair value of stock issued to shareholders	19,353.2
Fair value of partially vested stock options and RSUs assumed	508.8
Contingent consideration payable	169.0
Total Purchase Consideration	$	32,397.7

Baxalta

Business Acquisition [Line Items]

Schedule of Purchase Price Allocation

The Company's preliminary allocation of the purchase price to the assets acquired and liabilities assumed as of the acquisition date, including measurement period adjustments identified during the year ended December 31, 2016, is outlined below.



(In millions)	Preliminary fair values as of June 3, 2016		Measurement period adjustments			Preliminary fair values as of December 31, 2016
ASSETS
Current assets:
Cash and cash equivalents	$	583.2	$	—		$	583.2
Accounts receivable	1,071.7		(2.0		)	1,069.7
Inventories	5,341.1		(1,447.7		)	3,893.4
Other current assets	673.3		(97.3		)	576.0
Total current assets	7,669.3		(1,547.0		)	6,122.3
Property, plant and equipment	5,687.7		(235.0		)	5,452.7
Investments	128.2		—			128.2
Goodwill	6,106.4		5,316.0			11,422.4
Intangible assets
Currently marketed products	24,550.0		(2,555.0		)	21,995.0
In-Process Research and Development ("IPR&D")	2,940.0		(2,210.0		)	730.0
Contract based arrangements	72.2		(30.0		)	42.2
Other non-current assets	103.3		51.7			155.0
Total assets	$	47,257.1	$	(1,209.3	)	$	46,047.8
LIABILITIES
Current liabilities:
Accounts payable and accrued expenses	$	1,283.9	$	38.0		$	1,321.9
Other current liabilities	241.0		113.4			354.4
Long-term borrowings and capital lease obligations	5,424.9		—			5,424.9
Deferred tax liability	6,831.7		(1,386.4		)	5,445.3
Other non-current liabilities	1,092.1		11.5			1,103.6
Total liabilities	$	14,873.6	$	(1,223.5	)	$	13,650.1

Preliminary fair value of identifiable assets acquired and liabilities assumed	$	32,383.5	$	14.2		$	32,397.7

Consideration
Preliminary fair value of purchase consideration	$	32,383.5	$	14.2		$	32,397.7

Business Acquisition, Pro Forma Information

The following unaudited pro forma financial information presents the combined results of the operations of Shire and Baxalta as if the acquisition of Baxalta had occurred as of January 1, 2015. The unaudited pro forma financial information is not necessarily indicative of what the consolidated results of operations actually would have been had the respective acquisitions been completed on January 1, 2015. In addition, the unaudited pro forma financial information does not purport to project the future results of operations of the combined Company.



	December 31,
(In millions)	2016		2015
Revenues	$	13,999.6	$	12,564.7
Net income/(loss) from continuing operations	2,235.9		(1,014.2		)
Per share amounts:
Net income/(loss) from continuing operations per share - basic	$	2.90	$	(1.72	)
Net income/(loss) from continuing operations per share - diluted	$	2.88	$	(1.72	)

Dyax

Business Acquisition [Line Items]

Schedule of Purchase Price Allocation

The revised allocation of the total purchase price is as follows:



(In millions)	Fair value
ASSETS
Current assets:
Cash and cash equivalents	$	241.2
Accounts receivable	22.5
Inventories	20.2
Other current assets	8.1
Total current assets	292.0
Property, plant and equipment	5.8
Goodwill	2,702.1
Intangible assets
Currently marketed projects	135.0
IPR&D	4,100.0
Contract based royalty arrangements	425.0
Other non-current assets	28.6
Total assets	$	7,688.5
LIABILITIES
Current liabilities:
Accounts payable and accrued expenses	$	30.0
Other current liabilities	1.7
Deferred tax liability	1,325.4
Other non-current liabilities	1.4
Total liabilities	1,358.5

Preliminary fair value of identifiable assets acquired and liabilities assumed	$	6,330.0

Consideration
Preliminary fair value of purchase consideration	$	6,330.0

Business Acquisition, Pro Forma Information

The following unaudited pro forma financial information presents the combined results of the operations of Shire and Dyax as if the acquisitions of Dyax had occurred as of January 1, 2015. The unaudited pro forma financial information is not necessarily indicative of what the consolidated results of operations actually would have been had the respective acquisitions been completed at the date indicated. In addition, the unaudited pro forma financial information does not purport to project the future results of operations of the combined Company.



	December 31,
(In millions)	2016		2015
Revenues	$	11,402.5	$	6,503.8
Net income from continuing operations	792.2		1,056.6
Per share amounts:
Net income from continuing operations per share - basic	$	1.03	$	1.79
Net income from continuing operations per share - diluted	$	1.02	$	1.78

NPS Pharma

Business Acquisition [Line Items]

Schedule of Purchase Price Allocation

The purchase price allocation for the acquisition of NPS was finalized in the fourth quarter of 2015. The Company’s allocation of the purchase price to the fair value of assets acquired and liabilities assumed is outlined below:



(In millions)	Fair value
ASSETS
Current assets:
Cash and cash equivalents	$	41.6
Short-term investments	67.0
Accounts receivable	33.4
Inventories	89.4
Other current assets	11.1
Total current assets	242.5
Property, plant and equipment	4.8
Goodwill	1,551.0
Intangible assets
Currently marketed products	4,640.0
Royalty rights (categorized as "Other intangible assets")	353.0
Total assets	$	6,791.3
LIABILITIES
Current liabilities:
Accounts payable and other current liabilities	$	75.7
Short-term borrowings and capital lease obligations	27.4
Long-term borrowings and capital lease obligations	78.9
Deferred tax liabilities	1,385.2
Other non-current liabilities	4.5
Total liabilities	1,571.7

Fair value of identifiable assets acquired and liabilities assumed	$	5,219.6

Consideration
Cash consideration paid	$	5,219.6

Business Acquisition, Pro Forma Information

The following unaudited pro forma financial information presents the combined results of the operations of Shire and NPS as if the acquisitions of NPS had occurred as of January 1, 2014. The unaudited pro forma financial information is not necessarily indicative of what the consolidated results of operations actually would have been had the respective acquisitions been completed on January 1, 2014. In addition, the unaudited pro forma financial information does not purport to project the future results of operations of the combined Company.



	December 31,
(In millions)	2015
Revenues	$	6,446.6
Net income from continuing operations	1,293.6
Per share amounts:
Net income from continuing operations per share - basic	$	2.19
Net income from continuing operations per share - diluted	$	2.18