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Consolidated Statements of Income (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Revenues:        
Product sales $ 1,552.0 $ 1,171.0 $ 4,329.7 $ 3,477.1
Royalties 39.9 37.6 101.4 112.4
Other revenues 5.2 4.1 14.9 18.8
Total revenues 1,597.1 1,212.7 4,446.0 3,608.3
Costs and expenses:        
Cost of product sales 254.3 180.5 760.8 492.2
Research and development 228.6 [1] 226.2 [1] 826.0 [1] 703.3 [1]
Selling, general and administrative 522.9 [1] 396.3 [1] 1,449.4 [1] 1,198.0 [1]
Goodwill impairment charge 0 0 0 7.1
Gain on sale of product rights (46.0) (3.6) (86.2) (14.6)
Reorganization costs 28.2 12.0 123.4 47.2
Integration and acquisition costs 37.1 18.4 155.8 39.9
Total operating expenses 1,025.1 829.8 3,229.2 2,473.1
Operating income from continuing operations 572.0 382.9 1,216.8 1,135.2
Interest income 3.6 0.4 22.8 1.6
Interest expense (6.8) (9.2) (25.7) (27.5)
Other income/(expense), net 6.8 0.7 14.8 (1.6)
Total other income/(expense), net 3.6 (8.1) 11.9 (27.5)
Income from continuing operations before income taxes and equity in earnings/(losses) of equity method investees 575.6 374.8 1,228.7 1,107.7
Income taxes (61.2) (73.4) 64.7 (235.3)
Equity in earnings/(losses) of equity method investees, net of taxes 1.4 (0.3) 3.8 0.6
Income from continuing operations, net of taxes 515.8 301.1 1,297.2 873.0
Loss from discontinued operations, net of taxes (36.1) (22.9) (64.0) (271.9)
Net income $ 479.7 $ 278.2 $ 1,233.2 $ 601.1
Earnings from continuing operations (in USD per share) $ 0.878 $ 0.549 $ 2.213 $ 1.588
Loss from discontinued operations (in USD per share) $ (0.061) $ (0.042) $ (0.109) $ (0.495)
Earnings per ordinary share - basic (in USD per share) $ 0.817 $ 0.507 $ 2.104 $ 1.093
Earnings from continuing operations (in USD per share) $ 0.870 $ 0.527 $ 2.191 $ 1.525
Loss from discontinued operations (in USD per share) $ (0.061) $ (0.039) $ (0.108) $ (0.463)
Earnings per ordinary share - diluted (in USD per share) $ 0.809 $ 0.488 $ 2.083 $ 1.062
Weighted average number of shares:        
Basic (in shares) 587.6 [2] 548.4 [2] 586.1 [2] 549.8 [2]
Diluted (in shares) 592.6 585.7 592.1 587.5
[1] Research and development (“R&D”) includes intangible asset impairment charges of $nil for the three months to September 30, 2014 (2013: $nil) and $188.0 million for the nine months to September 30, 2014 (2013: $19.9 million). Selling, general and administrative (“SG&A”) costs include amortization of intangible assets relating to intellectual property rights acquired of $62.9 million for the three months to September 30, 2014 (2013: $34.5 million) and $181.9 million for the nine months to September 30, 2014 (2013: $106.5 million).
[2] Excludes shares purchased by the EBT and presented by Shire as treasury stock