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Shire plc – ‘10-K’ for 12/31/09 – ‘XML.R27’

On:  Friday, 2/26/10, at 12:40pm ET   ·   For:  12/31/09   ·   Accession #:  950103-10-520   ·   File #:  0-29630

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/26/10  Shire plc                         10-K       12/31/09   62:8.1M                                   Davis Polk & … LLP 01/FA

Annual Report   —   Form 10-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML   2.87M 
 2: EX-10.26    Material Contract                                   HTML     37K 
 3: EX-21       Subsidiaries List                                   HTML     47K 
 4: EX-23.1     Consent of Experts or Counsel                       HTML     19K 
 5: EX-23.2     Consent of Experts or Counsel                       HTML     19K 
 6: EX-31.1     Certification -- §302 - SOA'02                      HTML     26K 
 7: EX-31.2     Certification -- §302 - SOA'02                      HTML     26K 
 8: EX-32.1     Certification -- §906 - SOA'02                      HTML     20K 
47: XML         IDEA XML File -- Definitions and References          XML    131K 
55: XML         IDEA XML File -- Filing Summary                      XML     94K 
52: XML.R1      Document And Entity Information                      XML     89K 
53: XML.R2      Consolidated Balance Sheets                          XML    268K 
32: XML.R3      Consolidated Balance Sheets (Parentheticals)         XML     57K 
37: XML.R4      Consolidated Balance Sheets (Parentheticals in       XML     33K 
                GBP)                                                             
45: XML.R5      Consolidated Statements of Operations                XML    365K 
44: XML.R6      Consolidated Statements of Operations                XML     51K 
                (Parentheticals)                                                 
59: XML.R7      Consolidated Statement of Changes in Shareholders'   XML   1.03M 
                Equity                                                           
22: XML.R8      Consolidated Statements of Comprehensive Income      XML    122K 
43: XML.R9      Components of Accumulated Other Comprehensive        XML     51K 
                Income                                                           
20: XML.R10     Consolidated Statements of Comprehensive Income      XML     59K 
                (Parentheticals)                                                 
19: XML.R11     Consolidated Statements of Cash Flows                XML    545K 
31: XML.R12     Description Of Operations                            XML     35K 
49: XML.R13     Summary Of Significant Accounting Policies           XML     80K 
33: XML.R14     Business combinations                                XML     79K 
34: XML.R15     Termination costs                                    XML     38K 
41: XML.R16     Gain on sale of product rights                       XML     35K 
62: XML.R17     Reorganization costs                                 XML     43K 
29: XML.R18     Intergration and Acquisition costs                   XML     35K 
15: XML.R19     Accounts receivable, net                             XML     38K 
36: XML.R20     Inventories                                          XML     37K 
48: XML.R21     Assets held for sale                                 XML     35K 
25: XML.R22     Prepaid expenses and other current assets            XML     37K 
46: XML.R23     Investments                                          XML     40K 
35: XML.R24     Property Plant and Equipment, net                    XML     38K 
58: XML.R25     Goodwill                                             XML     39K 
51: XML.R26     Other intangible assets, net                         XML     43K 
38: XML.R27     Accounts payable and accrued expenses                XML     43K 
42: XML.R28     Other current liabilities                            XML     37K 
18: XML.R29     Long-term debt                                       XML     40K 
21: XML.R30     Other long-term debt                                 XML     36K 
26: XML.R31     Other non-current liabilities                        XML     37K 
30: XML.R32     Derivative instruments                               XML     45K 
40: XML.R33     Fair value measurement                               XML     53K 
50: XML.R34     Commitments and contingencies                        XML     56K 
17: XML.R35     Shareholders Equity                                  XML     41K 
23: XML.R36     Earnings per share                                   XML     52K 
54: XML.R37     Segmental reporting                                  XML     97K 
57: XML.R38     Interest expense                                     XML     36K 
39: XML.R39     Other income (expenses), net                         XML     39K 
60: XML.R40     Retirement benefits                                  XML     34K 
24: XML.R41     Taxation                                             XML     86K 
61: XML.R42     Share-based compensation plans                       XML     71K 
28: XML.R43     Restatement of previously issued financial           XML     35K 
                statements                                                       
16: XML.R44     Income Access Share Trust Financial Statements       XML     62K 
27: XML.R45     Valuation and Qualifying Accounts Schedule           XML     45K 
56: EXCEL       IDEA Workbook of Financial Reports (.xls)            XLS    206K 
 9: EX-101.INS  XBRL Instance -- shpgf-20091231                      XML    826K 
11: EX-101.CAL  XBRL Calculations -- shpgf-20091231_cal              XML    203K 
12: EX-101.DEF  XBRL Definitions -- shpgf-20091231_def               XML     86K 
13: EX-101.LAB  XBRL Labels -- shpgf-20091231_lab                    XML    822K 
14: EX-101.PRE  XBRL Presentations -- shpgf-20091231_pre             XML    468K 
10: EX-101.SCH  XBRL Schema -- shpgf-20091231                        XSD     99K 


‘XML.R27’   —   Accounts payable and accrued expenses


This Financial Report is an XBRL XML File.


                                                                                                                                                                                
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<div style="font-size:12pt"><p>16.        Accounts payable and accrued expenses</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="444" align="left"> </td><td height="17" width="120" align="right"><b>December 31,</b></td><td height="17" width="120" align="right"><b>December 31,</b></td></tr><tr><td height="17" width="444" align="left"> </td><td height="17" width="120" align="right"><b>2009 </b></td><td height="17" width="120" align="right"><b>2008 </b></td></tr><tr><td height="17" width="444" align="left"> </td><td height="17" width="120" align="right"><b>$’M</b></td><td height="17" width="120" align="right"><b> $’M</b></td></tr><tr><td height="11" width="444" align="left"> </td><td height="11" width="120" align="right">________________</td><td height="11" width="120" align="right">________________</td></tr><tr><td height="19" width="444" align="left">Trade accounts payable</td><td height="19" width="120" align="right">79.6 </td><td height="19" width="120" align="right">102.4 </td></tr><tr><td height="19" width="444" align="left">Accrued rebates – Medicaid</td><td height="19" width="120" align="right">188.2 </td><td height="19" width="120" align="right">162.6 </td></tr><tr><td height="19" width="444" align="left">Accrued rebates – Managed care</td><td height="19" width="120" align="right">153.4 </td><td height="19" width="120" align="right">59.9 </td></tr><tr><td height="19" width="444" align="left">Sales return reserve</td><td height="19" width="120" align="right">62.7 </td><td height="19" width="120" align="right">47.1 </td></tr><tr><td height="19" width="444" align="left">Accrued bonuses</td><td height="19" width="120" align="right">66.8 </td><td height="19" width="120" align="right">62.0 </td></tr><tr><td height="19" width="444" align="left">Accrued employee compensation and benefits payable</td><td height="19" width="120" align="right">42.6 </td><td height="19" width="120" align="right">36.7 </td></tr><tr><td height="19" width="444" align="left">Research and development accruals</td><td height="19" width="120" align="right">53.1 </td><td height="19" width="120" align="right">29.3 </td></tr><tr><td height="19" width="444" align="left">Marketing accruals</td><td height="19" width="120" align="right">31.5 </td><td height="19" width="120" align="right">22.1 </td></tr><tr><td height="19" width="444" align="left">Deferred revenue</td><td height="19" width="120" align="right">52.2 </td><td height="19" width="120" align="right">9.6 </td></tr><tr><td height="19" width="444" align="left">Other accrued expenses</td><td height="19" width="120" align="right">199.0 </td><td height="19" width="120" align="right">176.9 </td></tr><tr><td height="11" width="444" align="left"> </td><td height="11" width="120" align="right">________________</td><td height="11" width="120" align="right">________________</td></tr><tr><td height="19" width="444" align="left"> </td><td height="19" width="120" align="right">929.1 </td><td height="19" width="120" align="right">708.6 </td></tr><tr><td height="11" width="444" align="left"> </td><td height="11" width="120" align="right">________________</td><td height="11" width="120" align="right">________________</td></tr></table><p>Accrued Medicaid rebates have increased by $25.6 million to $188.2 million at December 31, 2009 (2008: $162.6 million). There are potentially different interpretations as to how shipments of authorized generic ADDERALL XR to Teva and Impax should be included in the Medicaid rebate calculation pursuant to Medicaid rebate legislation. As a result more than one unit rebate amount (“URA”) is calculable for the purpose of determining the Company’s Medicaid rebate liability to States as a result of authorized generic launch. During 2009 the Company highlighted the different interpretations to Centre of Medicaid Services (“CMS”) and submitted data to CMS for the purpose of computing the URA, based on the Company’s reasonable interpretation of the Medicaid rebate legislation and related guidance. The State Medicaid agencies have invoiced the Company for Medicaid rebates, and the Company has paid these Medicaid rebate invoices, based on this URA. Despite this CMS has the ability to subsequently challenge the Company’s interpretation of the Medicaid rebate legislation, and require an alternative interpretation to be applied (both retrospectively and prospectively), which could result in a significantly higher Medicaid liability. <br /><br />Throughout 2009 the Company’s management has recorded its accrual for Medicaid rebates based on its best estimate of the rebate payable. For the first three quarters of 2009, the Company’s management based this best estimate on an amount that the Company could pay were CMS to challenge the Company’s interpretation and require an alternative interpretation of the Medicaid rebate legislation to be applied. In the fourth quarter of 2009, the Company’s management lowered its best estimate of the Medicaid rebate payable down to be consistent with (i) the Company’s interpretation of the Medicaid rebate legislation, (ii) the Company’s repeated and consistent submission of price reporting to CMS using the Company’s interpretation of the Medicaid rebate legislation, (iii) CMS calculating the URA based on that interpretation, (iv) States submitting Medicaid rebate invoices using this URA and (v) Shire paying these invoices . This change of estimate increased ADDERALL XR product sales by $97.7 million in the fourth quarter of 2009 (of which $73.6 million related to ADDERALL XR sales recognized in the first three quarters of 2009).<br /><br />In determining its best estimate of the Medicaid rebate liability at December 31, 2009 the Company’s management has considered a number of factors taken in combination (including the receipt of a further quarter’s invoices from the States with a URA based on the Company’s interpretation of the Medicaid rebate legislation and related guidance, and the Company’s likely response were CMS to employ an alternative interpretation of the Medicaid rebate legislation). Any future change in the Company’s interpretation which results in a change of estimate (both retrospectively and prospectively) could significantly decrease sales of ADDERALL XR in the period of any such change in estimate. <br /><br />The Company strongly believes that its interpretation of the Medicaid rebate legislation is reasonable and correct.   However, CMS could disagree with the Company’s interpretation, and require the Company to apply an alternative interpretation of the Medicaid rebate legislation and pay up to $210 million above the recorded liability.  This would represent a URA substantially in excess of the unit sales price of ADDERALL XR and accordingly be in excess of the approximate amount of the full cost to the States of reimbursement for Medicaid prescriptions of ADDERALL XR.  Should CMS take such an approach, the Company could seek to limit any additional payments to a level approximating the full, un-rebated cost to the States of ADDERALL XR, or $98 million above the recorded liability. Further, the Company believes it has a strong legal basis supporting its interpretation of the Medicaid rebate legislation, and that there would be a strong basis to initiate litigation to recover any amount paid in excess of its recorded liability. The result of any such litigation cannot be predicted and could result in additional rebate liability above the Company’s current best estimate.<br /><br />Accrued Managed Care rebates have increased by $93.5 million to $153.4 million (2008: $59.9 million), principally due to higher rebates on ADDERALL XR offered to Managed Care Organizations (“MCOs”) from April 1, 2009.</p></div>
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2 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 5/25/10  SEC                               UPLOAD9/11/17    1:21K  Shire plc
 4/14/10  SEC                               UPLOAD9/11/17    1:31K  Shire plc
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