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Consolidated Statements of Income (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
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
Research and development 360.5 [1] 220.6 [1]
Selling, general and administrative 430.3 [1] 391.7 [1]
Goodwill impairment charge 0 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 taxes 253.1 281.0
Loss from discontinued operations, net of taxes (22.7) (216.2)
Net income $ 230.4 $ 64.8
Earnings from continuing operations (in USD per share) $ 0.433 $ 0.510
Loss from discontinued operations (in USD per share) $ (0.039) $ (0.392)
Earnings per ordinary share - basic (in USD per share) $ 0.394 $ 0.118
Earnings from continuing operations (in USD per share) $ 0.430 $ 0.490
Loss from discontinued operations (in USD per share) $ (0.039) $ (0.367)
Earnings per ordinary share - diluted (in USD per share) $ 0.391 $ 0.123
Weighted average number of shares:    
Basic (in shares) 584.3 [2] 551.5 [2]
Diluted (in shares) 588.8 588.9
[1] Research and development (“R&D”) includes intangible asset impairment charges of $166.0 million (2013: $nil) for the three months to March 31, 2014. Selling, general and administrative (“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).
[2] Excludes shares purchased by the EBT and presented by Shire as treasury stock