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IFRS Information - First Half of 2007
Date:9/13/2007

cognized on the effective settlement of the pre-existing relationship under US GAAP, however under IFRS a pre-tax charge of $100.0 million, together with related tax effects of $32.7 million, has been recognized as of the acquisition date.

A charge has arisen under IFRS as up-front and milestone payments made in 2005 and 2006 in respect of the collaboration totaling $100.0 million were classified as intangible assets: these assets have been written-off on effective settlement of the pre-existing relationship. Under US GAAP these up-front and milestone payments had, prior to the acquisition of New River, been expensed by Shire as research and development costs. Accordingly no charge on effective settlement of the pre-existing relationship has been recorded under US GAAP.

Other significant differences between net income under IFRS and the net (loss) / income as reported under US GAAP for the six months ended June 30, 2007 and 2006 related to:

Goodwill Impairment

An impairment under IFRS of the goodwill that arose on the acquisition of Biochem Pharma Inc. of $80.9 million (2006: $nil). The US GAAP treatment of the combination as a pooling of interests resulted in no goodwill arising and therefore no impairment charge is recorded under US GAAP.

Capitalisation of product milestone payments

Product milestone payments of $5.9 million (2006: $50.0 million) were capitalized as intangible assets under IFRS but expensed as research and development costs under US GAAP. Capitalized milestone payments in 2006 related to a milestone paid in respect of the New River collaboration.

Finance costs in respect of convertible bonds

Finance costs recognized in respect of the $1,100.0 million 2.75% convertible bonds due 2014 are $5.9 million (2006: $nil) higher under IFRS as compared to US GAAP.

Under both US GAAP and IFRS finance costs include the stated coupon on the bonds, together with amortization of the direct costs of issue. Howe
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SOURCE Shire plc
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