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Shire plc – ‘10-K’ for 12/31/09 – ‘EX-101.INS’

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

‘EX-101.INS’   —   XBRL Instance — shpgf-20091231

This Exhibit is an XBRL XML File.

                                                                                                                                                                                
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<us-gaap:PropertyPlantAndEquipmentNet id="ID_3119" decimals="-5" contextRef="AS_OF_Dec31_2009" unitRef="USD"> 676800000 </us-gaap:PropertyPlantAndEquipmentNet>
<us-gaap:PropertyPlantAndEquipmentNet id="ID_3120" decimals="-5" contextRef="AS_OF_Dec31_2008" unitRef="USD"> 534200000 </us-gaap:PropertyPlantAndEquipmentNet>
<us-gaap:Goodwill id="ID_3121" decimals="-5" contextRef="AS_OF_Dec31_2009" unitRef="USD"> 384700000 </us-gaap:Goodwill>
<us-gaap:Goodwill id="ID_3122" decimals="-5" contextRef="AS_OF_Dec31_2008" unitRef="USD"> 350800000 </us-gaap:Goodwill>
<us-gaap:IntangibleAssetsNetExcludingGoodwill id="ID_3123" decimals="-5" contextRef="AS_OF_Dec31_2009" unitRef="USD"> 1790700000 </us-gaap:IntangibleAssetsNetExcludingGoodwill>
<us-gaap:IntangibleAssetsNetExcludingGoodwill id="ID_3124" decimals="-5" contextRef="AS_OF_Dec31_2008" unitRef="USD"> 1824900000 </us-gaap:IntangibleAssetsNetExcludingGoodwill>
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<us-gaap:OtherAssetsNoncurrent id="ID_3128" decimals="-5" contextRef="AS_OF_Dec31_2008" unitRef="USD"> 18400000 </us-gaap:OtherAssetsNoncurrent>
<us-gaap:Assets id="ID_3129" decimals="-5" contextRef="AS_OF_Dec31_2009" unitRef="USD"> 4617500000 </us-gaap:Assets>
<us-gaap:Assets id="ID_3130" decimals="-5" contextRef="AS_OF_Dec31_2008" unitRef="USD"> 3933700000 </us-gaap:Assets>
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<us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent id="ID_3132" decimals="-5" contextRef="AS_OF_Dec31_2008" unitRef="USD"> 708600000 </us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent>
<us-gaap:DeferredTaxLiabilitiesCurrent id="ID_3133" decimals="-5" contextRef="AS_OF_Dec31_2009" unitRef="USD"> 2900000 </us-gaap:DeferredTaxLiabilitiesCurrent>
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<us-gaap:OtherLiabilitiesCurrent id="ID_3136" decimals="-5" contextRef="AS_OF_Dec31_2008" unitRef="USD"> 104300000 </us-gaap:OtherLiabilitiesCurrent>
<us-gaap:LiabilitiesCurrent id="ID_3137" decimals="-5" contextRef="AS_OF_Dec31_2009" unitRef="USD"> 1020000000 </us-gaap:LiabilitiesCurrent>
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<us-gaap:DeferredTaxLiabilitiesNoncurrent id="ID_3143" decimals="-5" contextRef="AS_OF_Dec31_2009" unitRef="USD"> 294300000 </us-gaap:DeferredTaxLiabilitiesNoncurrent>
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<us-gaap:Liabilities id="ID_3147" decimals="-5" contextRef="AS_OF_Dec31_2009" unitRef="USD"> 2705000000 </us-gaap:Liabilities>
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<us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax id="ID_3180" decimals="-5" contextRef="AS_OF_Dec31_2009" unitRef="USD"> 149100000 </us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax>
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<us-gaap:StockholdersEquity id="ID_3182" decimals="-5" contextRef="AS_OF_Dec31_2009" unitRef="USD"> 1912500000 </us-gaap:StockholdersEquity>
<us-gaap:StockholdersEquity id="ID_3183" decimals="-5" contextRef="AS_OF_Dec31_2008" unitRef="USD"> 1327200000 </us-gaap:StockholdersEquity>
<us-gaap:MinorityInterest id="ID_3184" decimals="-5" contextRef="AS_OF_Dec31_2009" unitRef="USD"> 0 </us-gaap:MinorityInterest>
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<us-gaap:LiabilitiesAndStockholdersEquity id="ID_3187" decimals="-5" contextRef="AS_OF_Dec31_2009" unitRef="USD"> 4617500000 </us-gaap:LiabilitiesAndStockholdersEquity>
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<us-gaap:CommonStockSharesOutstanding id="ID_3193" decimals="-5" contextRef="AS_OF_Dec31_2009" unitRef="shares"> 561500000 </us-gaap:CommonStockSharesOutstanding>
<us-gaap:CommonStockSharesOutstanding id="ID_3194" decimals="-5" contextRef="AS_OF_Dec31_2008" unitRef="shares"> 560200000 </us-gaap:CommonStockSharesOutstanding>
<us-gaap:CommonStockSharesHeldInEmployeeTrustShares id="ID_3195" decimals="-5" contextRef="AS_OF_Dec31_2009" unitRef="shares"> 17800000 </us-gaap:CommonStockSharesHeldInEmployeeTrustShares>
<us-gaap:CommonStockSharesHeldInEmployeeTrustShares id="ID_3196" decimals="-5" contextRef="AS_OF_Dec31_2008" unitRef="shares"> 20700000 </us-gaap:CommonStockSharesHeldInEmployeeTrustShares>
<us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest id="ID_3197" decimals="-5" contextRef="AS_OF_Dec31_2009" unitRef="USD"> 1912500000 </us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
<us-gaap:RetainedEarningsAccumulatedDeficit id="ID_3198" decimals="-5" contextRef="AS_OF_Dec31_2009" unitRef="USD"> -622400000 </us-gaap:RetainedEarningsAccumulatedDeficit>
<us-gaap:RetainedEarningsAccumulatedDeficit id="ID_3199" decimals="-5" contextRef="AS_OF_Dec31_2008" unitRef="USD"> -1022700000 </us-gaap:RetainedEarningsAccumulatedDeficit>
<us-gaap:CommonStockParOrStatedValuePerShare id="ID_3289" decimals="2" contextRef="AS_OF_Dec31_2009_Commonstockparvaluemember" unitRef="GBP"> 0.05 </us-gaap:CommonStockParOrStatedValuePerShare>
<us-gaap:CommonStockParOrStatedValuePerShare id="ID_3290" decimals="2" contextRef="AS_OF_Dec31_2008_Commonstockparvaluemember" unitRef="GBP"> 0.05 </us-gaap:CommonStockParOrStatedValuePerShare>
<us-gaap:SalesRevenueGoodsNet id="ID_4382" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> 2693700000 </us-gaap:SalesRevenueGoodsNet>
<us-gaap:SalesRevenueGoodsNet id="ID_4383" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> 2754200000 </us-gaap:SalesRevenueGoodsNet>
<us-gaap:SalesRevenueGoodsNet id="ID_4384" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 2170200000 </us-gaap:SalesRevenueGoodsNet>
<us-gaap:RoyaltyRevenue id="ID_4385" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> 292500000 </us-gaap:RoyaltyRevenue>
<us-gaap:RoyaltyRevenue id="ID_4386" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> 245500000 </us-gaap:RoyaltyRevenue>
<us-gaap:RoyaltyRevenue id="ID_4387" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 247200000 </us-gaap:RoyaltyRevenue>
<us-gaap:OtherSalesRevenueNet id="ID_4388" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> 21500000 </us-gaap:OtherSalesRevenueNet>
<us-gaap:OtherSalesRevenueNet id="ID_4389" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> 22500000 </us-gaap:OtherSalesRevenueNet>
<us-gaap:OtherSalesRevenueNet id="ID_4390" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 18900000 </us-gaap:OtherSalesRevenueNet>
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<us-gaap:Revenues id="ID_4392" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> 3022200000 </us-gaap:Revenues>
<us-gaap:Revenues id="ID_4393" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 2436300000 </us-gaap:Revenues>
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<us-gaap:CostOfGoodsSold id="ID_4396" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 320300000 </us-gaap:CostOfGoodsSold>
<us-gaap:ResearchAndDevelopmentExpense id="ID_4397" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> 638300000 </us-gaap:ResearchAndDevelopmentExpense>
<us-gaap:ResearchAndDevelopmentExpense id="ID_4398" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> 494300000 </us-gaap:ResearchAndDevelopmentExpense>
<us-gaap:ResearchAndDevelopmentExpense id="ID_4399" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 544600000 </us-gaap:ResearchAndDevelopmentExpense>
<us-gaap:SellingGeneralAndAdministrativeExpense id="ID_4400" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> 1342600000 </us-gaap:SellingGeneralAndAdministrativeExpense>
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<us-gaap:SellingGeneralAndAdministrativeExpense id="ID_4402" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 1210600000 </us-gaap:SellingGeneralAndAdministrativeExpense>
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<us-gaap:ResearchAndDevelopmentInProcess id="ID_4406" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> 1600000 </us-gaap:ResearchAndDevelopmentInProcess>
<us-gaap:ResearchAndDevelopmentInProcess id="ID_4407" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> 263100000 </us-gaap:ResearchAndDevelopmentInProcess>
<us-gaap:ResearchAndDevelopmentInProcess id="ID_4408" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 1866400000 </us-gaap:ResearchAndDevelopmentInProcess>
<us-gaap:ReorganizationItems id="ID_4409" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> 12700000 </us-gaap:ReorganizationItems>
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<us-gaap:BusinessCombinationAcquisitionRelatedCosts id="ID_4412" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> 10600000 </us-gaap:BusinessCombinationAcquisitionRelatedCosts>
<us-gaap:BusinessCombinationAcquisitionRelatedCosts id="ID_4413" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> 10300000 </us-gaap:BusinessCombinationAcquisitionRelatedCosts>
<us-gaap:BusinessCombinationAcquisitionRelatedCosts id="ID_4414" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 1300000 </us-gaap:BusinessCombinationAcquisitionRelatedCosts>
<us-gaap:OperatingExpenses id="ID_4415" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> 2387500000 </us-gaap:OperatingExpenses>
<us-gaap:OperatingExpenses id="ID_4416" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> 2610200000 </us-gaap:OperatingExpenses>
<us-gaap:OperatingExpenses id="ID_4417" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 3815400000 </us-gaap:OperatingExpenses>
<us-gaap:OperatingIncomeLoss id="ID_4418" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> 620200000 </us-gaap:OperatingIncomeLoss>
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<us-gaap:InterestIncomeDepositsWithFinancialInstitutions id="ID_4421" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> 1900000 </us-gaap:InterestIncomeDepositsWithFinancialInstitutions>
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<us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments id="ID_4435" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> -1398100000 </us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments>
<us-gaap:IncomeTaxExpenseBenefit id="ID_4436" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> 138500000 </us-gaap:IncomeTaxExpenseBenefit>
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<us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue id="ID_5670" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> 65700000 </us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue>
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<us-gaap:DividendsCommonStockCash id="ID_5682" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> 54400000 </us-gaap:DividendsCommonStockCash>
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<us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest id="ID_5727" decimals="-5" contextRef="AS_OF_Dec31_2009_Additionalpaidincapitalmember" unitRef="USD"> 2677600000 </us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
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<us-gaap:ShareBasedCompensation id="ID_5128" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> 65200000 </us-gaap:ShareBasedCompensation>
<us-gaap:ShareBasedCompensation id="ID_5129" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 75200000 </us-gaap:ShareBasedCompensation>
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<us-gaap:GainLossOnSaleOfInvestments id="ID_5138" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> 55200000 </us-gaap:GainLossOnSaleOfInvestments>
<us-gaap:GainLossOnSaleOfInvestments id="ID_5139" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> 10100000 </us-gaap:GainLossOnSaleOfInvestments>
<us-gaap:GainLossOnSaleOfInvestments id="ID_5140" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> -300000 </us-gaap:GainLossOnSaleOfInvestments>
<us-gaap:AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther id="ID_5144" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> 12200000 </us-gaap:AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther>
<us-gaap:AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther id="ID_5145" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> 10500000 </us-gaap:AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther>
<us-gaap:AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther id="ID_5146" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 14200000 </us-gaap:AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther>
<us-gaap:IncreaseDecreaseInDeferredIncomeTaxes id="ID_5147" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> 98800000 </us-gaap:IncreaseDecreaseInDeferredIncomeTaxes>
<us-gaap:IncreaseDecreaseInDeferredIncomeTaxes id="ID_5148" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> -74000000 </us-gaap:IncreaseDecreaseInDeferredIncomeTaxes>
<us-gaap:IncreaseDecreaseInDeferredIncomeTaxes id="ID_5149" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 25400000 </us-gaap:IncreaseDecreaseInDeferredIncomeTaxes>
<us-gaap:IncreaseDecreaseInAccountsReceivable id="ID_5153" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> 212300000 </us-gaap:IncreaseDecreaseInAccountsReceivable>
<us-gaap:IncreaseDecreaseInAccountsReceivable id="ID_5154" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> -9400000 </us-gaap:IncreaseDecreaseInAccountsReceivable>
<us-gaap:IncreaseDecreaseInAccountsReceivable id="ID_5155" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 120700000 </us-gaap:IncreaseDecreaseInAccountsReceivable>
<shpgf:IncreaseDecreaseInSalesDeductionAccrual id="ID_5156" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> 134700000 </shpgf:IncreaseDecreaseInSalesDeductionAccrual>
<shpgf:IncreaseDecreaseInSalesDeductionAccrual id="ID_5157" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> 84300000 </shpgf:IncreaseDecreaseInSalesDeductionAccrual>
<shpgf:IncreaseDecreaseInSalesDeductionAccrual id="ID_5158" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 24100000 </shpgf:IncreaseDecreaseInSalesDeductionAccrual>
<us-gaap:IncreaseDecreaseInInventories id="ID_5159" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> 38700000 </us-gaap:IncreaseDecreaseInInventories>
<us-gaap:IncreaseDecreaseInInventories id="ID_5160" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> -36400000 </us-gaap:IncreaseDecreaseInInventories>
<us-gaap:IncreaseDecreaseInInventories id="ID_5161" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 45900000 </us-gaap:IncreaseDecreaseInInventories>
<us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets id="ID_5162" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> -30100000 </us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets>
<us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets id="ID_5163" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> 9600000 </us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets>
<us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets id="ID_5164" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 10300000 </us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets>
<us-gaap:IncreaseDecreaseInOtherOperatingAssets id="ID_5165" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> -800000 </us-gaap:IncreaseDecreaseInOtherOperatingAssets>
<us-gaap:IncreaseDecreaseInOtherOperatingAssets id="ID_5166" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> -3600000 </us-gaap:IncreaseDecreaseInOtherOperatingAssets>
<us-gaap:IncreaseDecreaseInOtherOperatingAssets id="ID_5167" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> -1200000 </us-gaap:IncreaseDecreaseInOtherOperatingAssets>
<us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities id="ID_5168" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> 38600000 </us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities>
<us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities id="ID_5169" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> -99000000 </us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities>
<us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities id="ID_5170" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 108500000 </us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities>
<us-gaap:EquityMethodInvestmentDividendsOrDistributions id="ID_5171" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> 4900000 </us-gaap:EquityMethodInvestmentDividendsOrDistributions>
<us-gaap:EquityMethodInvestmentDividendsOrDistributions id="ID_5172" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> 7100000 </us-gaap:EquityMethodInvestmentDividendsOrDistributions>
<us-gaap:EquityMethodInvestmentDividendsOrDistributions id="ID_5174" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 6800000 </us-gaap:EquityMethodInvestmentDividendsOrDistributions>
<us-gaap:CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations id="ID_5175" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> -5900000 </us-gaap:CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations>
<us-gaap:CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations id="ID_5176" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> -4700000 </us-gaap:CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations>
<us-gaap:NetCashProvidedByUsedInOperatingActivities id="ID_5177" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> 626900000 </us-gaap:NetCashProvidedByUsedInOperatingActivities>
<us-gaap:NetCashProvidedByUsedInOperatingActivities id="ID_5178" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> 800100000 </us-gaap:NetCashProvidedByUsedInOperatingActivities>
<us-gaap:NetCashProvidedByUsedInOperatingActivities id="ID_5179" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 474700000 </us-gaap:NetCashProvidedByUsedInOperatingActivities>
<us-gaap:PaymentsForProceedsFromShortTermInvestments id="ID_5180" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> -55800000 </us-gaap:PaymentsForProceedsFromShortTermInvestments>
<us-gaap:IncreaseDecreaseInRestrictedCash id="ID_5181" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> 3900000 </us-gaap:IncreaseDecreaseInRestrictedCash>
<us-gaap:IncreaseDecreaseInRestrictedCash id="ID_5182" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> -10300000 </us-gaap:IncreaseDecreaseInRestrictedCash>
<us-gaap:IncreaseDecreaseInRestrictedCash id="ID_5183" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 9700000 </us-gaap:IncreaseDecreaseInRestrictedCash>
<us-gaap:PaymentsToAcquireInterestInSubsidiariesAndAffiliates id="ID_5184" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> 83300000 </us-gaap:PaymentsToAcquireInterestInSubsidiariesAndAffiliates>
<us-gaap:PaymentsToAcquireInterestInSubsidiariesAndAffiliates id="ID_5185" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> 499400000 </us-gaap:PaymentsToAcquireInterestInSubsidiariesAndAffiliates>
<us-gaap:PaymentsToAcquireInterestInSubsidiariesAndAffiliates id="ID_5186" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 2519600000 </us-gaap:PaymentsToAcquireInterestInSubsidiariesAndAffiliates>
<us-gaap:PaymentsToAcquireInvestments id="ID_5188" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> 900000 </us-gaap:PaymentsToAcquireInvestments>
<us-gaap:PaymentsToAcquireInvestments id="ID_5189" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> 2200000 </us-gaap:PaymentsToAcquireInvestments>
<us-gaap:PaymentsToAcquireInvestments id="ID_5190" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 63200000 </us-gaap:PaymentsToAcquireInvestments>
<us-gaap:PaymentsToAcquireOtherPropertyPlantAndEquipment id="ID_5191" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> 254400000 </us-gaap:PaymentsToAcquireOtherPropertyPlantAndEquipment>
<us-gaap:PaymentsToAcquireOtherPropertyPlantAndEquipment id="ID_5192" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> 236000000 </us-gaap:PaymentsToAcquireOtherPropertyPlantAndEquipment>
<us-gaap:PaymentsToAcquireOtherPropertyPlantAndEquipment id="ID_5193" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 110400000 </us-gaap:PaymentsToAcquireOtherPropertyPlantAndEquipment>
<us-gaap:PaymentsToAcquireIntangibleAssets id="ID_5194" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> 7000000 </us-gaap:PaymentsToAcquireIntangibleAssets>
<us-gaap:PaymentsToAcquireIntangibleAssets id="ID_5195" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> 25000000 </us-gaap:PaymentsToAcquireIntangibleAssets>
<us-gaap:PaymentsToAcquireIntangibleAssets id="ID_5196" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 59000000 </us-gaap:PaymentsToAcquireIntangibleAssets>
<us-gaap:ProceedsFromSaleOfOtherInvestments id="ID_5197" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> 19200000 </us-gaap:ProceedsFromSaleOfOtherInvestments>
<us-gaap:ProceedsFromSaleOfOtherInvestments id="ID_5198" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> 10300000 </us-gaap:ProceedsFromSaleOfOtherInvestments>
<us-gaap:ProceedsFromSaleOfOtherInvestments id="ID_5199" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 500000 </us-gaap:ProceedsFromSaleOfOtherInvestments>
<us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment id="ID_5200" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> 1000000 </us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment>
<us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment id="ID_5201" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> 1800000 </us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment>
<us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment id="ID_5202" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 800000 </us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment>
<us-gaap:ProceedsFromSaleOfOtherAssets id="ID_5203" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> 5000000 </us-gaap:ProceedsFromSaleOfOtherAssets>
<us-gaap:ProceedsFromSaleOfOtherAssets id="ID_5204" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 234400000 </us-gaap:ProceedsFromSaleOfOtherAssets>
<us-gaap:ProceedsFromDivestitureOfInterestInSubsidiariesAndAffiliates id="ID_5205" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> 6700000 </us-gaap:ProceedsFromDivestitureOfInterestInSubsidiariesAndAffiliates>
<shpgf:EquityMethodInvestmentReturns id="ID_5206" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> -200000 </shpgf:EquityMethodInvestmentReturns>
<shpgf:EquityMethodInvestmentReturns id="ID_5207" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> -600000 </shpgf:EquityMethodInvestmentReturns>
<shpgf:EquityMethodInvestmentReturns id="ID_5208" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> -2300000 </shpgf:EquityMethodInvestmentReturns>
<us-gaap:NetCashProvidedByUsedInInvestingActivities id="ID_5209" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> -322400000 </us-gaap:NetCashProvidedByUsedInInvestingActivities>
<us-gaap:NetCashProvidedByUsedInInvestingActivities id="ID_5210" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> -1154500000 </us-gaap:NetCashProvidedByUsedInInvestingActivities>
<us-gaap:NetCashProvidedByUsedInInvestingActivities id="ID_5211" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> -2468100000 </us-gaap:NetCashProvidedByUsedInInvestingActivities>
<shpgf:PaymentsToAcquireInterestInOtherSubsidiariesAndAffiliates id="ID_5646" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> 419900000 </shpgf:PaymentsToAcquireInterestInOtherSubsidiariesAndAffiliates>
<us-gaap:ProceedsFromBankDebt id="ID_4587" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> 190000000 </us-gaap:ProceedsFromBankDebt>
<us-gaap:ProceedsFromBankDebt id="ID_4588" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 1300000000 </us-gaap:ProceedsFromBankDebt>
<us-gaap:RepaymentsOfBankDebt id="ID_4590" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> 190000000 </us-gaap:RepaymentsOfBankDebt>
<us-gaap:RepaymentsOfBankDebt id="ID_4591" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 1300000000 </us-gaap:RepaymentsOfBankDebt>
<us-gaap:ProceedsFromConvertibleDebt id="ID_4594" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 1100000000 </us-gaap:ProceedsFromConvertibleDebt>
<us-gaap:RepaymentsOfConvertibleDebt id="ID_4597" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 279400000 </us-gaap:RepaymentsOfConvertibleDebt>
<us-gaap:PaymentsOfDebtIssuanceCosts id="ID_4603" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 32800000 </us-gaap:PaymentsOfDebtIssuanceCosts>
<us-gaap:ProceedsFromIssuanceOfLongTermDebt id="ID_4608" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> 11300000 </us-gaap:ProceedsFromIssuanceOfLongTermDebt>
<us-gaap:RepaymentsOfLongTermDebt id="ID_4610" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> 4700000 </us-gaap:RepaymentsOfLongTermDebt>
<us-gaap:RepaymentsOfLongTermDebt id="ID_4611" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> 1800000 </us-gaap:RepaymentsOfLongTermDebt>
<us-gaap:ProceedsFromStockOptionsExercised id="ID_4616" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> 14600000 </us-gaap:ProceedsFromStockOptionsExercised>
<us-gaap:ProceedsFromStockOptionsExercised id="ID_4617" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> 11400000 </us-gaap:ProceedsFromStockOptionsExercised>
<us-gaap:ProceedsFromStockOptionsExercised id="ID_4618" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 30400000 </us-gaap:ProceedsFromStockOptionsExercised>
<shpgf:ProceedsFromExerciseOfWarrants id="ID_4621" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 13000000 </shpgf:ProceedsFromExerciseOfWarrants>
<us-gaap:PaymentsOfDividendsCommonStock id="ID_4622" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> 54400000 </us-gaap:PaymentsOfDividendsCommonStock>
<us-gaap:PaymentsOfDividendsCommonStock id="ID_4623" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> 46800000 </us-gaap:PaymentsOfDividendsCommonStock>
<us-gaap:PaymentsOfDividendsCommonStock id="ID_4624" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 41300000 </us-gaap:PaymentsOfDividendsCommonStock>
<shpgf:SharesPurchasedDuringPeriodByESOT id="ID_4625" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> -1000000 </shpgf:SharesPurchasedDuringPeriodByESOT>
<shpgf:SharesPurchasedDuringPeriodByESOT id="ID_4626" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> -146600000 </shpgf:SharesPurchasedDuringPeriodByESOT>
<shpgf:SharesPurchasedDuringPeriodByESOT id="ID_4627" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> -186000000 </shpgf:SharesPurchasedDuringPeriodByESOT>
<us-gaap:ExcessTaxBenefitFromShareBasedCompensationFinancingActivities id="ID_4643" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> 16800000 </us-gaap:ExcessTaxBenefitFromShareBasedCompensationFinancingActivities>
<us-gaap:NetCashProvidedByUsedInFinancingActivities id="ID_5557" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> -28700000 </us-gaap:NetCashProvidedByUsedInFinancingActivities>
<us-gaap:NetCashProvidedByUsedInFinancingActivities id="ID_5558" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> -178100000 </us-gaap:NetCashProvidedByUsedInFinancingActivities>
<us-gaap:EffectOfExchangeRateOnCashAndCashEquivalents id="ID_5560" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> 4900000 </us-gaap:EffectOfExchangeRateOnCashAndCashEquivalents>
<us-gaap:EffectOfExchangeRateOnCashAndCashEquivalents id="ID_5561" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> -11800000 </us-gaap:EffectOfExchangeRateOnCashAndCashEquivalents>
<us-gaap:EffectOfExchangeRateOnCashAndCashEquivalents id="ID_5562" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 6000000 </us-gaap:EffectOfExchangeRateOnCashAndCashEquivalents>
<us-gaap:NetCashProvidedByUsedInFinancingActivities id="ID_5563" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 1623000000 </us-gaap:NetCashProvidedByUsedInFinancingActivities>
<us-gaap:CashAndCashEquivalentsAtCarryingValue id="ID_5567" decimals="-5" contextRef="AS_OF_Dec31_2006" unitRef="USD"> 1126900000 </us-gaap:CashAndCashEquivalentsAtCarryingValue>
<us-gaap:CashAndCashEquivalentsAtCarryingValue id="ID_5568" decimals="-5" contextRef="AS_OF_Dec31_2007" unitRef="USD"> 762500000 </us-gaap:CashAndCashEquivalentsAtCarryingValue>
<us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease id="ID_5569" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> 280700000 </us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>
<us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease id="ID_5570" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> -544300000 </us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>
<us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease id="ID_5571" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> -364400000 </us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>
<us-gaap:ProceedsFromOtherEquity id="ID_5723" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 141800000 </us-gaap:ProceedsFromOtherEquity>
<us-gaap:ProceedsFromIssuanceOfCommonStock id="ID_5746" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> -5600000 </us-gaap:ProceedsFromIssuanceOfCommonStock>
<us-gaap:ProceedsFromIssuanceOfCommonStock id="ID_5747" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 877300000 </us-gaap:ProceedsFromIssuanceOfCommonStock>
<us-gaap:InterestPaid id="ID_5633" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> -31900000 </us-gaap:InterestPaid>
<us-gaap:InterestPaid id="ID_5634" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> -191300000 </us-gaap:InterestPaid>
<us-gaap:InterestPaid id="ID_5635" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> -25800000 </us-gaap:InterestPaid>
<us-gaap:IncomeTaxesPaid id="ID_5636" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> -223200000 </us-gaap:IncomeTaxesPaid>
<us-gaap:IncomeTaxesPaid id="ID_5637" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> -117000000 </us-gaap:IncomeTaxesPaid>
<us-gaap:IncomeTaxesPaid id="ID_5638" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> -33500000 </us-gaap:IncomeTaxesPaid>
<us-gaap:NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived id="ID_5639" decimals="-5" contextRef="AS_OF_Dec31_2009" unitRef="USD"> 50800000 </us-gaap:NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived>
<shpgf:BuildingFinancingObligation id="ID_5641" decimals="-5" contextRef="FROM_Jan01_2009_TO_Dec31_2009" unitRef="USD"> 7100000 </shpgf:BuildingFinancingObligation>
<shpgf:NoncashOrPartNoncashProductOutLicensingAmountOfConsiderationReceived id="ID_5642" decimals="-5" contextRef="FROM_Jan01_2008_TO_Dec31_2008" unitRef="USD"> 5000000 </shpgf:NoncashOrPartNoncashProductOutLicensingAmountOfConsiderationReceived>
<shpgf:BuildingFinancingObligation id="ID_5643" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 32300000 </shpgf:BuildingFinancingObligation>
<shpgf:NoncashOrPartNoncashProductOutLicensingAmountOfConsiderationReceived id="ID_5644" decimals="-5" contextRef="FROM_Jan01_2007_TO_Dec31_2007" unitRef="USD"> 2900000 </shpgf:NoncashOrPartNoncashProductOutLicensingAmountOfConsiderationReceived>
<us-gaap:NatureOfOperations id="ID_4648" contextRef="FROM_Jan01_2009_TO_Dec31_2009">
<div style="font-size:12pt"><p>1.        Description of operations<br /><br />Shire plc and its subsidiaries (collectively referred to as either “Shire” or the “Company”) is a leading specialty biopharmaceutical company that focuses on meeting the needs of the specialist physician. <br /><br />The Company has grown through acquisition, completing a series of major mergers or acquisitions that have brought therapeutic, geographic and pipeline capabilities, which are in line with Shire’s strategy of specialist biopharmaceuticals. The Company will continue to evaluate companies, products and project opportunities that offer a good strategic fit and enhance shareholder value.<br /><br />Shire’s strategic goal is to become the leading specialty biopharmaceutical company that focuses on meeting the needs of the specialist physician. Shire focuses its business on attention deficit and hyperactivity disorder (“ADHD”), human genetic therapies (“HGT”) and gastrointestinal (“GI”) diseases as well as opportunities in other therapeutic areas to the extent they arise through acquisitions. Shire’s in-licensing, merger and acquisition efforts are focused on products in specialist markets with strong intellectual property protection and global rights. Shire believes that a carefully selected and balanced portfolio of products with strategically aligned and relatively small-scale sales forces will deliver strong results.</p></div>
</us-gaap:NatureOfOperations>
<us-gaap:SignificantAccountingPoliciesTextBlock id="ID_5724" contextRef="FROM_Jan01_2009_TO_Dec31_2009">
<div style="font-size:12pt"><p>2.        Summary of Significant Accounting Policies<br /><br />(a)        Basis of preparation<br /><br />The accompanying consolidated financial statements include the accounts of Shire plc, all of its subsidiary undertakings and the Income Access Share trust, after elimination of inter-company accounts and transactions. Noncontrolling interests in the equity and earnings or losses of a consolidated subsidiary are reflected in “Noncontrolling interest in subsidiaries” in the Company’s consolidated balance sheet and consolidated statement of operations. Noncontrolling interest adjusts the Company’s consolidated results of operations to present the net income or loss attributable to the Company exclusive of the earnings or losses attributable to the noncontrolling interest.<br /><br />(b)        Use of estimates in consolidated financial statements<br /><br />The preparation of consolidated financial statements, in conformity with accounting principles generally accepted in the United States (“US GAAP”) and Securities and Exchange Commission (“SEC”) regulations, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates and assumptions are primarily made in relation to the valuation of intangible assets, the valuation of equity investments, sales deductions, income taxes and provisions for litigation.<br /><br />(c)        Revenue recognition<br /><br />The Company recognizes revenue when:<br /><br />•        there is persuasive evidence of an agreement or arrangement;<br />•        delivery of products has occurred or services have been rendered;<br />•        the seller’s price to the buyer is fixed or determinable; and<br />•        collectability is reasonably assured.<br /><br />Where applicable, all revenues are stated net of value added and similar taxes, and trade discounts. No revenue is recognized for consideration, the value or receipt of which is dependent on future events or future performance.<br />The Company’s principal revenue streams and their respective accounting treatments are discussed below:<br /><br />Product sales<br /><br />Revenue for the sale of products is recognized upon shipment to customers or at the time of delivery to the customer depending on the terms of sale. Provisions for rebates, product returns and discounts to customers are provided for as reductions to revenue in the same period as the related sales are recorded. The Company monitors and tracks the amount of sales deductions based on historical experience to estimate the reduction to revenues.<br /><br />Royalty income<br /><br />Royalty income relating to licensed technology is recognized when the licensee sells the underlying product, with the amount of royalty income recorded based on sales information received from the relevant licensee. The Company estimates sales amounts and related royalty income based on the historical product information for any period that the information is not available from the relevant licensee.<br /><br />Licensing revenues<br /><br />Other revenue includes revenues derived from product out-licensing agreements. These arrangements typically consist of an initial upfront payment on inception of the license and subsequent milestone payments dependent on achieving certain clinical and sales milestones.<br /><br />Initial license fees received in connection with product out-licensing agreements, even where such fees are non-refundable and not creditable against future royalty payments, are deferred and recognized over the period in which the Company has continuing substantive performance obligations.<br /><br />Milestone payments which are non-refundable, non creditable and contingent on achieving certain clinical milestones are recognized as revenues either on achievement of such milestones if the milestones are considered substantive or over the period the Company has continuing substantive performance obligations, if the milestones are not considered substantive. If milestone payments are creditable against future royalty payments, the milestones are deferred and released over the period in which the royalties are anticipated to be paid.<br /><br />(d)        Sales deductions <br /><br />(i)        Rebates<br />Rebates primarily consist of statutory rebates to state Medicaid agencies and contractual rebates with health-maintenance organizations. These rebates are based on price differentials between a base price and the selling price. As a result, rebates generally increase as a percentage of the selling price over the life of the product (as prices increase). Provisions for rebates are recorded as reductions to revenue in the same period as the related sales are recorded, with the amount of the rebate based on the Company’s best estimate if any uncertainty exists over the unit rebate amount, and with estimates of future utilization derived from historical trends.<br /><br />(ii)        Returns<br />The Company estimates the proportion of recorded revenue that will result in a return, based on historical trends and when applicable, specific factors affecting certain products at the balance sheet date. The accrual is recorded as a reduction to revenue in the same period as the related sales are recorded. <br /><br />(iii)        Coupons <br />The Company uses coupons as a form of sales incentive. An accrual is established based on the Company's expectation of the level of coupon redemption, using historical trends. The accrual is recorded as a reduction to revenue in the same period as the related sales are recorded or the date the coupon is offered, if later than the date the related sales are recorded.<br /><br />(iv)        Discounts<br />The Company offers cash discounts to customers for the early payment of receivables. Those discounts are recorded as reductions to revenue and accounts receivable in the same period that the related sale is recorded.<br /><br />(v)        Wholesaler chargebacks<br />The Company has contractual agreements whereby it supplies certain products to third parties at predetermined prices. Wholesalers acting as intermediaries in these transactions are reimbursed by the Company if the predetermined prices are less than the prices paid by the wholesaler to the Company. Accruals for wholesaler chargebacks, which are based on historical trends, are recorded as reductions to revenue in the same period as the related sales are recorded.<br /><br />(e)        Collaborative arrangements<br /><br />The Company enters into collaborative arrangements to develop and commercialize drug candidates. These collaborative arrangements often require up-front, milestone, royalty or profit share payments, or a combination of these, with payments often contingent upon the success of the related development and commercialization efforts. Collaboration agreements entered into by Shire may also include expense reimbursements or other such payments to the collaborative partner.<br /><br />Shire reports costs incurred and revenue generated from transactions with third parties as well as payments between parties to collaborative arrangements either on a gross or net basis, depending on the characteristics of the collaborative relationship.<br /><br />(f)        Cost of product sales<br /><br />Cost of product sales includes the cost of purchasing finished product for sale, the cost of raw materials and manufacturing for those products that are manufactured by the Company, shipping and handling costs, depreciation and amortization of intangible assets in respect of favorable manufacturing contracts. Royalties payable on products to which the Company does not own the rights are also included in Cost of product sales.<br /><br />(g)        Leased assets<br /><br />The costs of operating leases are charged to operations on a straight-line basis over the lease term, even if rental payments are not made on such a basis.<br /><br />Assets acquired under capital leases are included in the consolidated balance sheet as property, plant and equipment and are depreciated over the shorter of the period of the lease or their useful lives. The capital elements of future lease payments are recorded as liabilities, while the interest element is charged to operations over the period of the lease to produce a level yield on the balance of the capital lease obligation.<br /><br />(h)        Advertising expense<br /><br />The Company expenses the cost of advertising as incurred. Advertising costs amounted to $81.3 million, $134.5 million and $92.3 million for the years to December 31, 2009, 2008 and 2007 respectively were included within Selling, general and administrative expenses.<br /><br />(i)        Research and development (“R&D”) expense<br /><br />R&D costs are expensed as incurred. Upfront and milestone payments made to third parties for in-licensed products that have not yet received marketing approval and for which no alternative future use has been identified are also expensed as incurred.<br /><br />Milestone payments made to third parties subsequent to regulatory approval are capitalized as intangible assets, and amortized over the remaining useful life of the related product.<br /><br />(j)        Valuation and impairment of long-lived assets other than goodwill and investments<br /><br />The Company evaluates the carrying value of long-lived assets other than goodwill and investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of the relevant assets may not be recoverable. When such a determination is made, management’s estimate of undiscounted cash flows to be generated by the use and ultimate disposition of these assets is compared to the carrying value of the assets to determine whether the carrying value is recoverable. If the carrying value is deemed not to be recoverable, the amount of the impairment recognized in the consolidated financial statements is determined by estimating the fair value of the assets and recording a loss for the amount by which the carrying value exceeds the estimated fair value. This fair value is usually determined based on estimated discounted cash flows.<br /><br />(k)        Finance costs of debt<br /><br />Finance costs relating to debt issued are recorded as a deferred cost and amortized to the consolidated statement of operations over the period to the earliest redemption date of the debt, using the effective interest rate method. On extinguishment of the related debt, any unamortized deferred financing costs are written off and charged to interest expense in the consolidated statement of operations.<br /><br />(l)        Foreign currency<br /><br />Monetary assets and liabilities in foreign currencies are translated into the functional currency of the relevant subsidiaries at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into the relevant functional currency at the rate of exchange ruling at the date of the transaction. Transaction gains and losses, other than those related to current and deferred tax assets and liabilities, are recognized in arriving at income/(loss) from continuing operations before income taxes, equity in (losses)/earnings of equity method investees and discontinued operations. Transaction gains and losses arising on foreign currency denominated current and deferred tax assets and liabilities are included within income taxes in the consolidated statement of operations.<br /><br />The results of operations for subsidiaries, whose functional currency is not the US dollar, are translated into the US dollar at the average rates of exchange during the period, with the subsidiaries’ balance sheets translated at the rates ruling at the balance sheet date. The cumulative effect of exchange rate movements is included in a separate component of Other comprehensive income.<br /><br />Foreign currency exchange transaction gains and losses included in consolidated net income/(loss) in the years to December 31, 2009, 2008 and 2007 amounted to a $2.3 million gain, $4.6 million gain and $4.4 million gain, respectively.<br /><br />(m)        Income taxes<br /><br />Uncertain tax positions are recognized in the consolidated financial statements for positions which are considered more likely than not of being sustained based on the technical merits of the position on audit by the tax authorities. The measurement of the tax benefit recognized in the consolidated financial statements is based upon the largest amount of tax benefit that, in management’s judgement, is greater than 50% likely of being realized based on a cumulative probability assessment of the possible outcomes. The Company recognizes interest relating to unrecognized tax benefits and penalties within income taxes.<br /><br />Deferred tax assets and liabilities are recognized for differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the tax bases of assets and liabilities that will result in future taxable or deductible amounts. The deferred tax assets and liabilities are measured using the enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. <br /><br />Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.<br /><br />(n)        Earnings per share<br /><br />Basic earnings per share is based upon net income/(loss) attributable to Shire plc divided by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share is based upon net income/(loss) attributable to Shire plc adjusted for the impact of interest expense on convertible debt on an “if-converted” basis (where dilutive) divided by the weighted average number of ordinary share equivalents outstanding during the period, adjusted for the effect of all dilutive potential ordinary shares that were outstanding during the year. Such potentially dilutive shares are excluded when the effect would be to increase earnings per share or reduce a loss per share. <br /><br />(o)        Share-based compensation<br /><br />Share-based compensation represents the cost of share-based awards granted to employees. The Company measures share-based compensation cost for awards classified as equity at the grant date, based on the estimated fair value of the award, and recognizes the cost as an expense on a straight-line basis (net of estimated forfeitures) over the employee requisite service period. Predominantly all of the Company’s awards have service and/or performance conditions and the fair values of these awards are estimated using a Black-Scholes valuation model. <br /><br />The share based compensation expense is recorded in Cost of product sales, R&D, and SG&A in the consolidated statement of operations based on the employees’ respective functions.<br /><br />The Company records deferred tax assets for awards that result in deductions on the Company’s income tax returns, based on the amount of compensation cost recognized and the Company’s statutory tax rate in the jurisdiction in which it will receive a deduction. Differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported on the Company’s income tax return are recorded in additional paid-in capital (if the tax deduction exceeds the deferred tax asset) or in the consolidated statement of operations (if the deferred tax asset exceeds the tax deduction and no additional paid-in capital exists from previous awards).<br /><br />The Company’s share-based employee compensation plans are described more fully in Note 31.<br /><br />(p)        Cash and cash equivalents<br /><br />Cash and cash equivalents are defined as short-term highly liquid investments with original maturities of ninety days or less. <br /><br />(q)        Financial instruments - derivatives <br /><br />The Company uses derivative financial instruments to manage its exposure to foreign exchange risk associated with third party transactions and intercompany financing. These instruments consist of swap and forward foreign exchange contracts. The Company does not apply hedge accounting for these instruments and accordingly charges in the fair value of these instruments are recognized in the consolidated statement of operations. The fair values of these instruments are included on the balance sheet in Current assets/liabilities and the cash flows relating to these instruments are presented within net cash provided by operating activities in the consolidated statement of cash flows.<br /><br />(r)        Inventories<br /><br />Inventories are stated at the lower of cost (including manufacturing overheads, where appropriate) or market. Cost incurred in bringing each product to its present location and condition is based on purchase costs calculated on a first-in, first-out basis, including transportation costs.<br /><br />Inventories include costs relating to both marketed products and certain products prior to regulatory approval. Inventories are capitalized prior to regulatory approval if the Company considers that it is probable that the US Food and Drug Administration (“FDA”) or another regulatory body will grant commercial and manufacturing approval for the relevant product, and it is probable that the value of capitalized inventories will be recovered through commercial sale.<br /><br />Inventories are written down for estimated obsolescence or unmarketable inventory equal to the difference between the cost of inventory and estimated market value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those anticipated, inventory adjustments may be required. <br /><br />(s)        Assets held-for-sale<br /><br />An asset is classified as held-for-sale when, amongst other things, the Company has committed to a plan of disposition, the asset is available for immediate sale, and the plan is not expected to change significantly. Assets held-for-sale are carried at the lower of their carrying amount or fair value less cost to sell.<br /><br />Assets acquired in a business combination that will be sold rather than held and used are classified as held-for sale at the date of acquisition when it is probable that the Company will dispose of the assets within one year. Newly acquired assets held-for-sale are carried at their fair value less cost to sell at the acquisition date. The Company does not record depreciation or amortization on assets classified as held-for-sale.<br /><br />(t)        Investments<br /><br />The Company has certain investments in pharmaceutical and biotechnology companies.<br /><br />Investments are accounted for using the equity method of accounting if the investment gives the Company the ability to exercise significant influence, but not control over, the investee. Significant influence is generally deemed to exist if the Company has an ownership interest in the voting stock of the investee between 20% and 50%, although other factors such as representation on the investee’s Board of Directors and the nature of commercial arrangements, are considered in determining whether the equity method of accounting is appropriate. Under the equity method of accounting, the Company records its investments in equity-method investees in the consolidated balance sheet under Investments and its share of the investees’ earnings or losses together with other-than-temporary impairments in value under equity in (losses)/earnings of equity method investees in the consolidated statement of operations.<br /><br />All other equity investments, which consist of investments for which the Company does not have the ability to exercise significant influence, are accounted for under the cost method or at fair value. Investments in private companies are carried at cost, less provisions for other-than-temporary impairment in value. For public companies that have readily determinable fair values, the Company classifies its equity investments as available-for-sale and, accordingly, records these investments at their fair values with unrealized holding gains and losses included in the consolidated statement of comprehensive income/(loss), net of any related tax effect. Realized gains and losses, and declines in value of available-for-sale securities judged to be other-than-temporary, are included in Other income/(expense), net (see Note 28). The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included as interest income.<br /><br />(u)        Property, plant and equipment<br /><br />Property, plant and equipment is shown at cost reduced for impairment losses, less accumulated depreciation. The cost of significant assets includes capitalized interest incurred during the construction period. Depreciation is provided on a straight-line basis at rates calculated to write off the cost less estimated residual value of each asset over its estimated useful life as follows:<br /><br />Buildings                                                        15 to 50 years<br />Office furniture, fittings and equipment                                3 to 10 years<br />Warehouse, laboratory and manufacturing equipment                3 to 10 years<br /><br />The cost of land is not depreciated. Assets under the course of construction are not depreciated until the relevant assets are available and ready for their intended use.<br /><br />Expenditures for maintenance and repairs are charged to the consolidated statement of operations as incurred. The costs of major renewals and improvements are capitalized. At the time property, plant and equipment is retired or otherwise disposed of, the cost and accumulated depreciation are eliminated from the asset and accumulated depreciation accounts. The profit or loss on such disposition is reflected in operating income/(expense).<br /><br />(v)        Goodwill and other intangible assets<br /><br />(i)        Goodwill<br />In business combinations completed subsequent to January 1, 2009, goodwill represents the excess of the fair value of the consideration given and the fair value of any noncontrolling interest in the acquiree over the fair value of the identifiable assets and liabilities acquired. For business combinations completed prior to January 1, 2009 goodwill represents the excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired.<br /><br />Goodwill is not amortized to operations, but instead is reviewed for impairment, at least annually or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Events or changes in circumstances which could trigger an impairment review include: significant underperformance of a reporting unit relative to expected historical or projected future operating results; significant changes in the manner of the Company's use of acquired assets or the strategy for the overall business; and significant negative industry trends.<br /><br />Goodwill is reviewed for impairment by comparing the carrying value of each reporting unit's net assets (including allocated goodwill) to the fair value of the reporting unit. If the reporting unit's carrying amount is greater than its fair value, a second step is performed whereby the portion of the reporting unit’s fair value that relates to the reporting unit's goodwill is compared to the carrying value of the reporting unit’s goodwill. The Company recognizes a goodwill impairment charge for the amount by which the carrying value of goodwill exceeds the fair value. The Company has determined that there are no impairment losses in respect of goodwill for any of the reporting periods covered by these consolidated financial statements.<br /><br />(ii)        Other intangible assets<br />Other intangible assets principally comprise intellectual property rights for products with a defined revenue stream, and for business combinations completed subsequent to January 1, 2009 also include acquired IPR&D. Intellectual property rights for currently marketed products are recorded at cost and amortized over the estimated useful life of the related product, which ranges from 5 to 35 years (weighted average 18 years). IPR&D acquired through a business combination which completed subsequent to January 1, 2009 is capitalized as an indefinite lived intangible asset until the completion or abandonment of the associated research and development efforts. Once the research and development efforts are completed the useful life of the relevant assets will be determined, and the IPR&D asset amortized over this useful economic life. <br /><br />The following factors are considered in estimating the useful lives of Other intangible assets:<br /><br /></p><ul><li>expected use of the asset;<br /></li><li>regulatory, legal or contractual provisions, including the regulatory approval and review process, patent issues and actions by government agencies;<br /></li><li>the effects of obsolescence, changes in demand, competing products and other economic factors, including the stability of the market, known technological advances, development of competing drugs that are more effective clinically or economically; <br /></li><li>actions of competitors, suppliers, regulatory agencies or others that may eliminate current competitive advantages; and<br /></li><li>historical experience of renewing or extending similar arrangements.<br /></li></ul><p><br />When a number of factors apply to an intangible asset, these factors are considered in combination when determining the appropriate useful life for the relevant asset.<br /><br />(w)        Non-monetary transactions <br /><br />The Company enters into certain non-monetary transactions that involve either the granting of a license over the Company’s patents or the disposal of an asset or group of assets in exchange for a non–monetary asset, usually equity. The Company accounts for these transactions at fair value if the Company is able to determine the fair value within reasonable limits. To the extent the Company concludes that it is unable to determine the fair value of a transaction, that transaction is accounted for at the recorded amounts of the assets exchanged. Management is required to exercise its judgment in determining whether or not the fair value of the asset received or given up can be determined.<br /><br />(x)        Reclassifications<br /><br />In the years ended December 31, 2008 and 2007 costs of $32.3 million and $31.8 million respectively, predominantly relating to certain Medical affairs costs related to promotional and marketing activities, have been reclassified from Research and development costs to Selling, general and administrative costs to more appropriately reflect the nature of the expenditure incurred.<br /><br />(y)        New accounting pronouncements<br /><br />Adopted during the period<br /><br />The Financial Accounting Standards Board (“FASB”) Accounting Standards CodificationTM (the “Codification”) <br /><br />On July 1, 2009 the FASB established the Codification as the single source of authoritative US GAAP recognized by the FASB to be applied by nongovernmental entities. The Codification is effective prospectively from July 1, 2009 and has superseded all existing non-SEC accounting and reporting standards. From July 1, 2009 the FASB has issued new guidance in the form of Accounting Standards Updates (“Updates”). The Codification did not impact the Company’s financial position or results of operations.<br /><br />Subsequent Events<br /><br />On April 1, 2009 the Company adopted new guidance issued by the FASB on subsequent events. This guidance establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. Specifically, this guidance provides: the period after the balance sheet date during which management should evaluate events or transactions that may occur for potential recognition or disclosure in the financial statements; the circumstances under which an entity should recognize events or transactions occurring after the balance sheet date in its financial statements; and the disclosures that an entity should make about events or transactions that occurred after the balance sheet date. The guidance is effective prospectively from April 1, 2009. The adoption of the guidance did not impact the Company’s consolidated financial position, results of operations or cash flows. The Company has evaluated subsequent events to the date when the financial statements were issued on February 26, 2010.<br /><br />Disclosures about Derivative Instruments and Hedging Activities <br /><br />On January 1, 2009 the Company adopted new guidance issued by the FASB on disclosures about derivative instruments and hedging activities. This guidance requires enhanced disclosures about an entity’s derivative instruments and hedging activities, and these disclosures are included within Note 21.<br /><br />Noncontrolling Interests in Consolidated Financial Statements <br /><br />On January 1, 2009 the Company adopted new guidance issued by the FASB on noncontrolling interests in consolidated financial statements. This guidance establishes new accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. Specifically, this guidance requires the recognition of a noncontrolling interest (formally known as a minority interest) as equity in the consolidated financial statements, separate from the parent's equity. In addition, the amount of net income or losses attributable to noncontrolling interests is required to be included in consolidated net income on the face of the income statement. This guidance also includes expanded disclosure requirements regarding the interests of the parent and its noncontrolling interest. As a consequence of the adoption of this guidance, the balance of noncontrolling interests has been reclassified within equity and net income attributable to Shire plc shareholders has been shown separately from that attributable to noncontrolling interests in the consolidated statements of operations and the consolidated statement of changes in equity. The adoption of this guidance has not had an impact on the Company’s consolidated cash flows.<br /><br />Business Combinations <br /><br />On January 1, 2009 the Company adopted new guidance issued by the FASB on business combinations. The guidance significantly changed the accounting for business combinations. Under the guidance, an acquiring entity is required to recognize all the assets acquired, liabilities assumed and noncontrolling interests in a transaction at the acquisition date fair value with limited exceptions. The guidance also amended the accounting treatment for certain specific items including: the expensing of acquisition costs; the capitalization of in-process research and development; recording of contingent consideration at fair value with subsequent changes in fair value being generally reflected in earnings; and the introduction of a substantial number of new disclosure requirements. The guidance has been applied to those business combinations completed in the year to December 31, 2009.<br /><br />Determining whether an Instrument (or Embedded Feature) is indexed to an Entity's Own Stock<br /><br />On January 1, 2009 the Company adopted new guidance issued by the Emerging Issues Task Force (“EITF”) on determining whether an instrument (or embedded feature) is indexed to an entity's own stock. The guidance provides a new method to be applied in determining whether a financial instrument or an embedded feature is indexed to an issuer's own stock. The adoption of the guidance did not impact the Company’s consolidated financial position, results of operations or cash flows.<br /><br />Accounting for Collaborative Arrangements<br /><br />On January 1, 2009 the Company adopted new guidance issued by the EITF on accounting for collaborative arrangements. This guidance defines collaborative arrangements and establishes reporting requirements for transactions between participants in a collaborative arrangement and between participants in the arrangement and third parties. The adoption of this guidance did not have an impact on the Company’s consolidated financial position, results of operations or cash flows. The disclosures required by this guidance have been included in Note 23. <br /><br />Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement)<br /><br />On January 1, 2009 the Company adopted new guidance issued by the FASB on accounting for convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement). This guidance clarified that convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement) do not fall within the scope of the existing guidance on accounting for convertible debt and debt issued with stock purchase warrants. It requires issuers of such instruments to separately account for the liability and equity components of those instruments by allocating the proceeds from issuance of the instrument between the liability component and the embedded conversion option (i.e., the equity component). The adoption of this guidance did not have an impact on the Company’s consolidated financial position, results of operations or cash flows.<br /><br />Fair Value Measurements<br /><br />On January 1, 2009 the Company adopted new guidance on non-recurring fair value measurements for non-financial assets and non-financial liabilities. The guidance has been applied to the fair value measurement of non-financial assets and non-financial liabilities in the year to December 31, 2009.<br /><br />Determination of the Useful Life of Intangible Assets<br /><br />On January 1, 2009 the Company adopted new guidance issued by the FASB on the determination of the useful life of intangible assets. This guidance amended the factors that should be considered in developing renewal or extension assumptions used to determine the useful life of a recognized intangible asset. The adoption of the guidance did not have an impact on the Company’s consolidated financial position, results of operations or cash flows.<br /><br />To be adopted in future periods<br /><br />Revenue Recognition in Multiple Deliverable Revenue Arrangements <br /><br />In September 2009, the FASB issued an Update to the guidance on revenue recognition in multiple deliverable revenue arrangements. The Update amends the existing guidance on allocating consideration received between the elements in a multiple-deliverable arrangement. The Update establishes a selling price hierarchy for determining the selling price of a deliverable. The selling price used for each deliverable will be based on vendor specific objective evidence (“VSOE”) if available, third party evidence if VSOE is not available, or estimated selling price if neither VSOE or third party evidence is available. It replaces the term fair value in the revenue allocation with selling price to clarify that the allocation of revenue is based on entity specific assumptions rather then the assumptions of a market place participant. The Update will eliminate the residual method of allocation and requires that arrangement consideration be allocated using the relative selling price method. It will also significantly expand the disclosures related to a vendor’s multiple-deliverable revenue arrangements. The Update will be effective prospectively for revenue arrangements entered into or materially modified for fiscal years beginning on or after June 15, 2010. Early adoption is permitted. The Company is currently evaluating the impact of adopting this Update.<br /><br />Amendments to the Accounting and Disclosure Requirements for the Consolidation of Variable Interest Entities<br /><br />In June 2009 the FASB issued a revision to the existing guidance on the consolidation of variable interest entities. This guidance changes how a reporting entity determines when an entity that is insufficiently capitalized or is not controlled through voting (or similar rights) should be consolidated. The determination of whether a reporting entity is required to consolidate another entity is based on, among other things, the other entity’s purpose and design and the reporting entity’s ability to direct the activities of the other entity that most significantly impact the other entity’s economic performance. The guidance will also require a reporting entity to provide additional disclosures about its involvement with variable interest entities and any significant changes in risk exposure due to such involvement. The guidance is effective for financial statements issued for fiscal years and interim periods within those fiscal years beginning after November 15, 2009. Early adoption is not permitted. The Company does not expect there to be an impact of adopting this guidance on the Company’s consolidated financial position, results of operations or cash flows.<br /><br />Accounting for Transfers of Financial Assets<br /><br />In June 2009 the FASB issued new guidance on the accounting for transfers of financial assets. This guidance will require more information about transfers of financial assets, including securitization transactions, and where entities have continuing exposure to the risks related to transferred financial assets. It eliminates the concept of a “qualifying special-purpose entity,” changes the requirements for derecognizing financial assets, and requires additional disclosures. The guidance is effective for financial statements issued for fiscal years and interim periods within those fiscal years beginning after November 15, 2009. Early adoption is not permitted. The Company does not expect there to be an impact of adopting this guidance on the Company’s consolidated financial position, results of operations or cash flows. <br /><br />(z)        Scheme of arrangement<br /><br />Shire Limited (now known as Shire plc) was incorporated under the laws of Jersey (Channel Islands) on January 28, 2008, is a public company limited by shares, and is tax resident in the Republic of Ireland. On May 23, 2008 Shire Limited became the holding company of the former holding company of the Shire Group (“Old Shire”), now called Shire Biopharmaceutical Holdings, pursuant to a scheme of arrangement approved by the High Court of Justice in England and Wales and the shareholders of Old Shire (the “Scheme”). Prior to May 23, 2008 Shire Limited had not commenced trading or made any profits or trading losses. On October 1, 2008 Shire Limited changed its name to Shire plc following the approval of the change of name by shareholders at the Company’s Annual General Meeting.<br /><br />Pursuant to the Scheme, ordinary shares, each having a nominal value of £0.05 of Old Shire (“Shire Ordinary Shares”) were exchanged for ordinary shares, each having a nominal value of £0.05, of Shire plc (“Shire plc Ordinary Shares”), on a one for one basis.<br /><br />Shire plc Ordinary Shares carry substantially the same rights as did the Shire Ordinary Shares. The Scheme did not involve any payment for the Shire plc Ordinary Shares. Immediately after the Scheme became effective, Shire plc had the same Board of Directors, management and corporate governance arrangements as Old Shire had immediately prior thereto. The consolidated assets and liabilities of Shire plc immediately after the effective time of the Scheme of Arrangement were substantially the same as the consolidated assets and liabilities of Old Shire immediately prior thereto. <br /><br />The Shire Ordinary Shares underlying the Shire American Depositary Shares (the “Shire ADSs”), each representing three Shire Ordinary Shares, participated in the Scheme like all other Shire Ordinary Shares. Upon the Scheme of Arrangement becoming effective, the Shire ADSs remained outstanding but became Shire plc ADS’s, each representing three Shire plc Ordinary Shares. The Scheme of Arrangement did not involve any payment for the Shire plc ADSs.<br /><br />The corporate restructuring has been accounted for as a reorganization of entities under common control. Accordingly, the historical consolidated financial statements prior to the reorganization are labeled as those of Shire plc, but continue to represent the operations of Old Shire. <br /><br />Earnings per share were unaffected by the reorganization.<br /><br />(aa)        Statutory accounts<br /><br />The consolidated financial statements as at December 31, 2009 and 2008, and for each of the three years in the period to December 31, 2009 do not comprise statutory accounts within the meaning of Section 240 of the UK Companies Act 1985 or Article 104 of the Companies (Jersey) Law 1991.<br /><br />Statutory accounts prepared in accordance with International Financial Reporting Standards, as adopted for use in the European Union (“EU”) for the year ended December 31, 2007 have been delivered to the Registrar of Companies for England and Wales. The auditors’ reports on those accounts were unqualified.<br /><br />Statutory accounts of Shire, consisting of the solus accounts of Shire plc for the period to December 31, 2008 prepared under UK GAAP and in compliance with Jersey law have delivered to the Registrar of Companies for Jersey. The consolidated accounts of the Company for the year ended December 31, 2008 prepared in accordance with US GAAP, in fulfillment of the Company’s UKLA annual reporting requirements were filed with the UKLA. The auditor’s reports on these accounts were unqualified.<br /><br />Statutory accounts of Shire, consisting of the solus accounts of Shire plc for the year to December 31, 2009 prepared under UK GAAP and in compliance with Jersey law will be delivered to the Registrar of Companies in Jersey in 2010. The Company further expects to file the consolidated accounts of the Company, prepared in accordance with US GAAP, in fulfillment of the Company’s UKLA annual reporting requirements with the UKLA in 2010. </p></div>
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<us-gaap:BusinessCombinationDisclosureTextBlock id="ID_5427" contextRef="FROM_Jan01_2009_TO_Dec31_2009">
<div style="font-size:12pt"><p>3.        Business combinations<br /><br />Business combinations completed subsequent to January 1, 2009<br /><br />EQUASYM IR and XL<br /><br />On March 31, 2009 the Company acquired the worldwide rights (excluding the US, Canada and Barbados) to EQUASYM IR and XL for the treatment of ADHD from UCB Pharma Limited (“UCB”) for cash consideration of $72.8 million. Included within the recognized purchase price for the acquisition is further consideration of $18.2 million, which may become payable in 2010 and 2011 if certain sales targets are met. This acquisition has broadened the scope of Shire’s ADHD portfolio and facilitated immediate access to the European ADHD market as well as providing Shire the opportunity to enter additional markets around the world.<br /><br />The acquisition of EQUASYM IR and XL has been accounted for as a business combination. The purchase price has been allocated on a preliminary basis to the currently marketed products acquired ($73.0 million), IPR&D ($5.5 million), other liabilities ($0.7 million) and goodwill ($13.2 million).<br /><br />Business combinations completed prior to January 1, 2009 <br /><br />Jerini acquisition<br /><br />On July 3, 2008 the Company announced that it was launching a voluntary public takeover offer for all outstanding shares in Jerini, a German corporation, at a price of EUR 6.25 per share. By August 6, 2008 the Company had acquired 80.1% of the voting interests in Jerini for a cash consideration of $456.3 million. By December 31, 2008 the Company had acquired 98.6% of the voting interests in Jerini for a cash consideration of $556.5 million, represented by Jerini shares, ($539.8 million), the cash cost of cancelling Jerini stock options ($9.4 million) and direct costs of acquisition ($7.3 million). By December 31, 2009 the Company had acquired the rights to the remaining 1.4% of the voting interests in Jerini for additional cash consideration of $10.5 million including direct acquisition costs, such that the Company owned 100% of Jerini. The acquisition added Jerini’s hereditary angioedema (“HAE”) product FIRAZYR to Shire’s portfolio. <br /><br />The acquisition of Jerini has been accounted for as a purchase business combination. The assets acquired and the liabilities assumed from Jerini have been recorded at the date of acquisition at their fair value. Consolidated financial statements and reported results of operations of Shire issued after the acquisition of a majority holding reflect these values, with the results of Jerini included from August 1, 2008, for convenience purposes, in the consolidated statement of operations. Between acquiring the Company’s controlling voting interest in early August 2008 and December 31, 2009, the Company acquired the remaining voting interests totaling 19.9% of Jerini’s issued share capital. The additional voting interests have been accounted for as step-acquisitions using the purchase method of accounting.<br /><br />The purchase price was allocated on a preliminary basis to the fair value of assets acquired and liabilities assumed. The final fair values of assets acquired and liabilities assumed was determined in July 2009, and the adjustment in the second quarter of 2009 to recognize assumed liabilities is detailed in section (c) below. <br /><br />The following table presents the Company’s preliminary allocation of the purchase price to the assets acquired and liabilities assumed at their fair values based on the Company’s 80.1% voting interest acquired by August 6, 2008: </p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="614" align="left"> </td><td height="17" width="89" align="left"> </td></tr><tr><td height="17" width="614" align="left"> </td><td height="17" width="89" align="right">Fair value</td></tr><tr><td height="17" width="614" align="left"> </td><td height="17" width="89" align="right">$’M</td></tr><tr><td height="17" width="614" align="left"> </td><td height="17" width="89" align="left"> </td></tr><tr><td height="17" width="614" align="left">ASSETS</td><td height="17" width="89" align="right"> </td></tr><tr><td height="17" width="614" align="left">Current assets:</td><td height="17" width="89" align="right"> </td></tr><tr><td height="17" width="614" align="left">Cash and cash equivalents</td><td height="17" width="89" align="right">56.7 </td></tr><tr><td height="17" width="614" align="left">Restricted cash</td><td height="17" width="89" align="right">0.4 </td></tr><tr><td height="17" width="614" align="left">Inventories</td><td height="17" width="89" align="right">1.9 </td></tr><tr><td height="17" width="614" align="left">Assets held-for-sale</td><td height="17" width="89" align="right">24.4 </td></tr><tr><td height="17" width="614" align="left">Other current assets</td><td height="17" width="89" align="right">4.9 </td></tr><tr><td height="17" width="614" align="left"> </td><td height="17" width="89" align="right">_______________</td></tr><tr><td height="17" width="614" align="left">Total current assets</td><td height="17" width="89" align="right">88.3 </td></tr><tr><td height="17" width="614" align="left"> </td><td height="17" width="89" align="right"> </td></tr><tr><td height="17" width="614" align="left">Property, plant and equipment </td><td height="17" width="89" align="right">3.6 </td></tr><tr><td height="17" width="614" align="left">Goodwill</td><td height="17" width="89" align="right">121.0 </td></tr><tr><td height="17" width="614" align="left">Other intangible assets</td><td height="17" width="89" align="right"> </td></tr><tr><td height="17" width="614" align="left"> - currently marketed product</td><td height="17" width="89" align="right">257.6 </td></tr><tr><td height="17" width="614" align="left"> - in-process R&D</td><td height="17" width="89" align="right">104.1 </td></tr><tr><td height="17" width="614" align="left">Deferred tax asset</td><td height="17" width="89" align="right">0.5 </td></tr><tr><td height="17" width="614" align="left"> </td><td height="17" width="89" align="right">_______________</td></tr><tr><td height="17" width="614" align="left">Total assets</td><td height="17" width="89" align="right">575.1 </td></tr><tr><td height="17" width="614" align="left"> </td><td height="17" width="89" align="right">_______________</td></tr><tr><td height="17" width="614" align="left">LIABILITIES</td><td height="17" width="89" align="right"> </td></tr><tr><td height="17" width="614" align="left">Current liabilities:</td><td height="17" width="89" align="right">31.3 </td></tr><tr><td height="17" width="614" align="left">Deferred tax liability</td><td height="17" width="89" align="right">76.3 </td></tr><tr><td height="17" width="614" align="left">Other long-term liabilities</td><td height="17" width="89" align="right">0.8 </td></tr><tr><td height="17" width="614" align="left"> </td><td height="17" width="89" align="right">_______________</td></tr><tr><td height="17" width="614" align="left"> Total liabilities</td><td height="17" width="89" align="right">108.4 </td></tr><tr><td height="17" width="614" align="left"> </td><td height="17" width="89" align="right">_______________</td></tr><tr><td height="17" width="614" align="left"> </td><td height="17" width="89" align="right"> </td></tr><tr><td height="17" width="614" align="left">Estimated fair value of identifiable assets acquired and liabilities assumed</td><td height="17" width="89" align="right">466.7 </td></tr><tr><td height="17" width="614" align="left"> </td><td height="17" width="89" align="right"> </td></tr><tr><td height="17" width="614" align="left">Noncontrolling interest</td><td height="17" width="89" align="right">(10.4)</td></tr><tr><td height="17" width="614" align="left"> </td><td height="17" width="89" align="right">_______________</td></tr><tr><td height="17" width="614" align="left">Cost of 80.1% voting interest acquired</td><td height="17" width="89" align="right">456.3 </td></tr><tr><td height="17" width="614" align="left"> </td><td height="17" width="89" align="right">_______________</td></tr></table><p>(a) Other intangible assets, currently marketed product<br /><br />Other intangible assets includes $320.2 million (being $257.6 million acquired as of August 6, 2008 and $62.6 million in the subsequent step acquisitions) relating to intellectual property rights in respect of Jerini’s currently marketed product, FIRAZYR, which received marketing authorization from the European Commission in July 2008 for the treatment of acute HAE in the EU. These intellectual property rights include the right to develop, use, market, sell and/or offer for sale the technical processes, intellectual property and institutional understanding (including the way in which FIRAZYR reacts in body, an understanding of the mechanisms of action which allow FIRAZYR to work and the knowledge related to the associated clinical and marketing studies performed to obtain approval of FIRAZYR). The fair value of FIRAZYR in the EU has been determined using an income approach applying the multi-period excess earnings method, based on the present value of incremental after tax cash flows attributable to the asset after the deduction of contributory asset charges for the assets employed (including working capital, the assembled workforce and other fixed assets). <br /><br />This intangible asset has an estimated useful life of 17 years, will be amortized on a straight line basis, and has been allocated to the HGT reporting segment.<br /><br />(b) Other intangible assets, IPR&D<br /><br />IPR&D is defined as being a development project that has been initiated and has achieved material progress but (i) has not yet reached technological feasibility or has not yet received the appropriate regulatory approval, (ii) has no alternative future use, and (iii) the fair value is estimable with reasonable certainty. A project-by-project valuation using business combination and intangible assets guidance in the Codification and the American Institute of Certified Public Accountants Practice Aid “Assets Acquired in a Business Combination to Be Used In Research and Development Activities: A Focus on Software, Electronic Devices and Pharmaceutical Industries” has been performed to determine the fair value of research and development projects of Jerini which were in-process, but not yet completed as of the acquisition date. <br /><br />The IPR&D assets of $129.7 million (being $104.1 million acquired as of August 6, 2008 and $25.6 million in the subsequent step acquisitions) relate to FIRAZYR for the treatment of acute HAE in the US ($64.9 million), and the rest of the world excluding the US and EU (“RoW”), ($64.8 million). These IPR&D assets have not yet received approval from the relevant regulatory authorities at the acquisition date. In the US FIRAZYR received a not approvable letter from the FDA in April 2008. The Company considers that these IPR&D assets have no alternative future use outside of their current development projects and the fair value of these IPR&D assets has therefore been charged to the consolidated statement of operations (in accordance with the US GAAP for business combinations which completed prior to January 1, 2009).<br /><br />The fair value of the FIRAZYR IPR&D assets was determined using the income approach applying the multi-period excess earnings method. The fair value of the IPR&D assets has been based on the incremental cash flows expected to be generated by the development projects after the deduction of contributory asset charges in respect of other assets employed in these research projects (including working capital, the assembled workforce and other fixed assets). These estimated future cash flows were then probability adjusted to take into account the stage of completion and the remaining risks and uncertainties surrounding the future development and commercialization of FIRAZYR. These estimated probability adjusted, after tax cash flows were then discounted at 17-18% to determine a present, or fair, value.<br /><br />The major risks and uncertainties associated with the timely completion of the acquired IPR&D projects consist of the ability to confirm the efficacy of the technology based on data from the clinical trials, and obtaining the relevant regulatory approvals. The valuations have been based on information at the time of the acquisition and expectations and assumptions that (i) have been deemed reasonable by the Company’s management, and (ii) are based on information, expectations and assumptions that would be available to and be made by a market participant. However, no assurance can be given that the underlying assumptions or events associated with such assets will occur as projected. For these reasons, among others, the actual cash flows may vary from forecast future cash flows.<br /><br />(c) Goodwill<br /><br />Goodwill of $152.8 million (being $121.0 million acquired as of August 6, 2008 and $31.8 million in the subsequent step acquisitions) has been wholly allocated to the HGT reporting segment and is not deductible for tax purposes.<br /><br />(d) Assets held-for-sale<br /><br />On acquisition of Jerini the Company and Jerini commenced a strategic review of the acquired assets to identify which of the assets were non core to the newly combined business. In October 2008 Jerini announced that its Supervisory and Management Boards had concluded that it was in the best interests of Jerini to divest Jerini Ophthalmic, Inc, (“JOI”), Jerini Peptide Technologies Gmbh (“JPT”) and Jerini’s pre clinical projects. The Company presented the fair value less costs to sell of JOI and JPT as assets held-for-sale at the acquisition date. These held-for-sale assets were recorded at their aggregate fair value less costs to sell of $27.8 million within the purchase price allocation, the carrying value being primarily represented by the fair value of IPR&D.<br /><br />In May 2009 JPT was divested for cash consideration of $6.7 million, resulting in a loss on disposal of $0.5 million.<br /><br />For the years to December 31, 2009 and 2008 the Company has presented JOI and JPT as discontinued operations, recording revenues and the pre-tax loss from these businesses within discontinued operations for the year to December 31, 2009 of $2.3 million and $12.4 million (2008: $3.6 million and $17.6 million, 2007: $nil and $nil) respectively. The loss from discontinued operations for the year to December 31, 2009 includes the $0.5 million loss on disposal of JPT and charges of $5.9 million relating to re-measurement of JOI assets to fair value, as a result of the closure, rather than divestment, of JOI. The loss from discontinued operations in the year to December 31, 2008 also includes a charge of $12.9 million arising on the re-measurement of assets held for sale to their fair value less costs to sell at December 31, 2008.<br /><br />Further, in 2009, the Company adjusted the preliminary purchase price allocation to recognize assumed liabilities for onerous contract costs and employee involuntary termination costs incurred on closure of JOI and the pre-clinical projects totaling $9.1 million. These adjustments were recognized as an increase in acquired goodwill.<br /><br />METAZYM acquisition<br /><br />On June 4, 2008 Shire completed the acquisition of the global rights to METAZYM from Zymenex A/S (“Zymenex”) for $135.0 million in cash, and recognized an IPR&D charge of $135.0 million during 2008 for the acquired development project.<br /><br />New River acquisition <br /><br />On April 19, 2007 Shire completed its acquisition of New River by way of a short-form merger, in an all-cash transaction. The acquisition was effected by merging Shuttle Corporation, an indirect wholly owned subsidiary of Shire, with and into New River, with New River continuing as the surviving corporation. As consideration, Shire paid to New River’s shareholders $64 in cash for each share of New River common stock outstanding at the time of the acquisition.<br /><br />The acquisition of New River allowed Shire to capture the full economic value of VYVANSE, and gain control of the future development and commercialization of this product. VYVANSE for ADHD in pediatric populations was approved by the FDA on February 23, 2007 and the Company received notification from the Drug Enforcement Administration (“DEA”) of the final Schedule II classification for VYVANSE on May 3, 2007. <br /><br />The acquisition of New River was accounted for using the purchase method. Under the purchase method of accounting, the assets and liabilities of New River were recorded at their fair values at the acquisition date. The consolidated financial statements and reported results of operations of Shire issued after the completion of the acquisition reflect these fair values, with the results of New River being included within the consolidated statement of operations from April 19, 2007. <br /><br />Total consideration, was $2,594.5 million at the price of $64 per share of New River’s common stock, including direct cash consideration of $2,276.0 million, the cost of settling stock options and SARs of $124.5 million, the cost of settling warrants over shares of New River common stock of $133.0 million and direct acquisition costs of $61.0 million.<br /><br />Accounting for the Effective Settlement of the New River Collaboration Agreement<br /><br />Prior to the acquisition of New River, on January 31, 2005 Shire entered into a collaboration agreement with New River which governed the development, manufacture and commercialization of VYVANSE for the treatment of ADHD in the US and RoW territories. In March 2005, this collaboration agreement was split into two separate agreements, the US Collaboration Agreement and the RoW Territory Licence Agreement (together the “New River Collaboration Agreements”).<br /><br />Under the terms of the New River Collaboration Agreements, the parties were required to collaborate on the development, manufacturing, marketing and sales of VYVANSE in the US. Profits from the collaboration arising in the US were to be divided according to a predetermined formula, based on the scheduling of VYVANSE by the DEA. Post-approval milestones were due under the New River Collaboration Agreements if the product received favorable scheduling (schedule III, IV or V or unscheduled) and on the achievement of certain sales milestones.<br /><br />Through the New River Collaboration Agreements Shire also acquired the license in the RoW territory to develop and commercialize VYVANSE, in consideration of a low double-digit royalty.<br /><br />Shire paid an initial sum of $50 million to New River in January 2005 on signing the original collaboration agreement and a further $50 million was paid by Shire to New River following acceptance of the filing of a New Drug Application (“NDA”) by the FDA in January 2006.<br /><br />As Shire had a pre-existing relationship with New River, Shire accounted for the effective settlement of this relationship as of the completion date of the New River acquisition.<br /><br />Shire measured the effective settlement of the New River Collaboration Agreements resulting from its pre-existing relationship with New River and determined that, in respect of the US Collaboration Agreement, it was less favorable to the Company when compared with pricing for current market transactions for similar items. The RoW Territory License Agreement was determined to be at current market rates. The valuation of the New River Collaboration Agreements and their current market comparators was based upon information available at the time of the acquisition and using the expectations and assumptions that were deemed reasonable by the Company’s management.<br /><br />Although the US Collaboration Agreement was deemed less favorable to the Company at the time of the acquisition when compared with pricing for current market transactions for similar items, the Company did not record a loss on the effective settlement of the pre-existing relationship in the consolidated statement of operations, nor did the Company adjust its purchase price for New River to reflect any such loss resulting from this effective settlement, as settlement provisions in the US Collaboration Agreement available to the Company enabled effective settlement of the New River Collaboration Agreements at no cost to the Company.<br /><br />(a) Purchase price allocation<br /><br />Shire's cost of acquiring New River of approximately $2.6 billion has been allocated to the assets acquired and liabilities assumed according to their estimated fair values at the date of acquisition. Based on this allocation, and at the end of the allocation period, an excess of the fair value of assets acquired and liabilities assumed over the cost of acquisition totaling $122.2 million had arisen which was allocated as a pro rata reduction of amounts that would otherwise have been ascribed to identifiable intangible assets and IPR&D, (such IPR&D being immediately charged to expense, having no alternative future use). The value of other intangible assets and IPR&D below are presented after this pro-rata allocation. <br /><br />During the second half of 2008, after the end of the allocation period, the Company reduced the values ascribed to other intangible assets by $24.1 million from amounts previously assigned to these assets in the purchase price allocation. The change to the values ascribed arose from changes to estimates of deferred taxes: accordingly the excess of the fair value of net assets acquired and liabilities assumed over the cost of the acquisition increased by $24.1 million. This excess was allocated to intangible assets.<br /><br />The following table presents the Company’s allocation of the purchase price to the assets acquired and liabilities assumed, including the post-allocation period adjustment as outlined above, based on their fair values.</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="614" align="left"> </td><td height="17" width="89" align="right"><b>$’M</b></td></tr><tr><td height="17" width="614" align="left"> </td><td height="17" width="89" align="right">_____________</td></tr><tr><td height="17" width="614" align="left">ASSETS</td><td height="17" width="89" align="right"> </td></tr><tr><td height="17" width="614" align="left">Current assets:</td><td height="17" width="89" align="right"> </td></tr><tr><td height="17" width="614" align="left">Cash and cash equivalents</td><td height="17" width="89" align="right">74.9 </td></tr><tr><td height="17" width="614" align="left">Short-term investments</td><td height="17" width="89" align="right">55.8 </td></tr><tr><td height="17" width="614" align="left">Accounts receivable, net</td><td height="17" width="89" align="right">0.3 </td></tr><tr><td height="17" width="614" align="left">Inventories</td><td height="17" width="89" align="right">11.4 </td></tr><tr><td height="17" width="614" align="left">Purchased call option</td><td height="17" width="89" align="right">141.8 </td></tr><tr><td height="17" width="614" align="left">Deferred tax asset</td><td height="17" width="89" align="right">68.1 </td></tr><tr><td height="17" width="614" align="left">Prepaid expenses and other current assets</td><td height="17" width="89" align="right">0.2 </td></tr><tr><td height="17" width="614" align="left"> </td><td height="17" width="89" align="right">_____________</td></tr><tr><td height="17" width="614" align="left">Total current assets</td><td height="17" width="89" align="right">352.5 </td></tr><tr><td height="17" width="614" align="left"> </td><td height="17" width="89" align="right">_____________</td></tr><tr><td height="17" width="614" align="left"> </td><td height="17" width="89" align="right"> </td></tr><tr><td height="17" width="614" align="left">Property, plant and equipment, net</td><td height="17" width="89" align="right">0.8 </td></tr><tr><td height="17" width="614" align="left">Other intangible assets, net</td><td height="17" width="89" align="right"> </td></tr><tr><td height="17" width="614" align="left">-      Intellectual property - developed technology</td><td height="17" width="89" align="right">1,064.5 </td></tr><tr><td height="17" width="614" align="left">-      Favorable manufacturing contracts</td><td height="17" width="89" align="right">8.7 </td></tr><tr><td height="17" width="614" align="left">-      In process research and development</td><td height="17" width="89" align="right">1,866.4 </td></tr><tr><td height="17" width="614" align="left"> </td><td height="17" width="89" align="right">_____________</td></tr><tr><td height="17" width="614" align="left">Total assets</td><td height="17" width="89" align="right">3,292.9 </td></tr><tr><td height="17" width="614" align="left"> </td><td height="17" width="89" align="right">_____________</td></tr><tr><td height="17" width="614" align="left">LIABILITIES </td><td height="17" width="89" align="right"> </td></tr><tr><td height="17" width="614" align="left">Current liabilities:</td><td height="17" width="89" align="right"> </td></tr><tr><td height="17" width="614" align="left">Accounts payable and accrued expenses</td><td height="17" width="89" align="right">33.3 </td></tr><tr><td height="17" width="614" align="left">Convertible loan notes</td><td height="17" width="89" align="right">279.4 </td></tr><tr><td height="17" width="614" align="left"> </td><td height="17" width="89" align="right">_____________</td></tr><tr><td height="17" width="614" align="left"> </td><td height="17" width="89" align="right">312.7 </td></tr><tr><td height="17" width="614" align="left">Non-current liabilities:</td><td height="17" width="89" align="right"> </td></tr><tr><td height="17" width="614" align="left">Deferred tax liability</td><td height="17" width="89" align="right">385.7 </td></tr><tr><td height="17" width="614" align="left"> </td><td height="17" width="89" align="right">_____________</td></tr><tr><td height="17" width="614" align="left">Total liabilities</td><td height="17" width="89" align="right">698.4 </td></tr><tr><td height="17" width="614" align="left"> </td><td height="17" width="89" align="right">_____________</td></tr><tr><td height="17" width="614" align="left">Net assets acquired</td><td height="17" width="89" align="right">2,594.5 </td></tr><tr><td height="17" width="614" align="left"> </td><td height="17" width="89" align="right">_____________</td></tr></table><p>(b) IPR&D<br /><br />A project-by-project valuation was performed to determine the fair values of research and development projects of New River which were in-process, but not completed as of the completion of the acquisition.<br /><br />IPR&D assets totaling $1,866.4 million were identified relating to VYVANSE indicated for ADHD in non-pediatric patients in the US ($1,786.8 million) and VYVANSE indicated for ADHD in RoW, ($79.6 million). Both of these IPR&D assets had not received approval, (either from the FDA or from the relevant regulators in the RoW) at the acquisition date. The Company considered that these IPR&D assets have no alternative future use outside of their current development projects, and these assets were therefore charged to expense in the consolidated statement of operations as of the acquisition date.<br /><br />The fair value of the VYVANSE IPR&D assets was determined through the income approach using the multi-period excess earnings method. The fair value of the acquired IPR&D assets was based on the present value of the probability adjusted incremental cash flows expected to be generated by the research and development projects, after the deduction of contributory asset charges for other assets employed in these projects (such other assets include working capital, the assembled workforce, and the favorable manufacturing contract identified below). The valuation assumed that the effective settlement of the pre-existing New River Collaboration Agreements had occurred and Shire had purchased 100% of the forecast future cash flows. Estimated future cash flows were probability adjusted to take into account the stage of completion and the risks surrounding the successful development and commercialization of the acquired projects. The estimated after tax cash flows were discounted to present value using risk adjusted discount rates between 10% and 12%.<br /><br />The major risks and uncertainties associated with the timely completion of the acquired IPR&D projects consist of the ability to confirm the safety and efficacy of the technology based on the data from ongoing clinical trials and obtaining the necessary regulatory approvals. The valuations were based on information at the time of the acquisition and expectations and assumptions that (i) were deemed reasonable by Shire’s management, and (ii) were based on information, expectations and assumptions that would have been available to and made by a market participant. However, no assurance can be given that the underlying assumptions or events associated with such assets will occur as projected. For these reasons, among others, the actual cash flows may vary from forecast future cash flows.<br /><br />(c) Identifiable intangible assets<br /><br />The acquired identifiable intangible assets were attributable to the following categories: </p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="530" align="left"> </td><td height="17" width="89" align="right">Fair value</td><td height="17" width="89" align="right">Asset life</td></tr><tr><td height="17" width="530" align="left"> </td><td height="17" width="89" align="right">$’M</td><td height="17" width="89" align="right">Years</td></tr><tr><td height="17" width="530" align="left"> </td><td height="17" width="89" align="right">_______________</td><td height="17" width="89" align="right">_______________</td></tr><tr><td height="19" width="530" align="left">Intellectual property - developed technology(1)</td><td height="19" width="89" align="right">1,064.5 </td><td height="19" width="89" align="right">20 </td></tr><tr><td height="19" width="530" align="left">Favorable manufacturing contract(2)</td><td height="19" width="89" align="right">8.7 </td><td height="19" width="89" align="right">5 </td></tr><tr><td height="17" width="530" align="left"> </td><td height="17" width="89" align="right">_______________</td><td height="17" width="89" align="right"> </td></tr><tr><td height="17" width="530" align="left"> </td><td height="17" width="89" align="right">1,073.2 </td><td height="17" width="89" align="right"> </td></tr><tr><td height="17" width="530" align="left"> </td><td height="17" width="89" align="right">_______________</td><td height="17" width="89" align="right"> </td></tr></table><p>(1) Relates to VYVANSE approved for the treatment of ADHD in pediatric patients in the US.<br />(2) The asset life of 20 years represents the period over which management believe the asset will contribute to the future cash flows of Shire, being the expected commercial lifespan of VYVANSE (VYVANSE has patent protection in the US until September 2023).<br /><br />Acquired identifiable intangible assets primarily represent the value ascribed to developed technology, represented by VYVANSE for the treatment of ADHD in pediatric populations in the US. These rights include the rights to develop, use, market, sell and/or offer for sale the technical processes, intellectual property and institutional understanding (including the way in which VYVANSE reacts in body, an understanding of the mechanisms of action which allow VYVANSE to work and the knowledge related to the associated clinical and marketing studies performed for VYVANSE).<br /><br />The fair value of this intellectual property in respect of VYVANSE for the treatment of ADHD in pediatric populations was determined through the income approach using the multi-period excess earnings method. The valuation assumes that the effective settlement of the pre-existing New River Collaboration Agreements has occurred and Shire has purchased 100% of the cash flows of VYVANSE for the treatment of ADHD in pediatric populations in the US. Using the multi-period excess earnings method, the fair value of intellectual property in respect of VYVANSE for the treatment of ADHD in pediatric populations in the US was based on the present value of the incremental after-tax cash flows attributable to the asset, after the deduction of contributory asset charges for other assets employed (including working capital, the assembled workforce, and the favorable manufacturing contract).<br /><br />The valuations were based on information available at the time of the acquisition and the expectations and assumptions that (i) were deemed reasonable by Shire’s management, and (ii) were based on information, expectations and assumptions that would have been available to and made by a market participant. However, no assurance can be given that the underlying assumptions or events associated with such assets will occur as projected. For these reasons, among others, the actual cash flows may vary from forecast future cash flows.<br /><br />(d) Convertible Notes<br /><br />In July 2006, New River issued $137.8 million of 3.5% Convertible Subordinated Notes due 2013 (the “Notes”). On conversion of the Notes New River was obligated to pay the principal amount of the Notes to the Note holders in cash, with any excess of the fair value over their principal amount (the “Excess Conversion Value”) being payable either in cash, shares of New River common stock or a combination of shares of New River common stock and cash at the election of New River.<br /><br />On April 3, 2007 New River announced that it had elected to settle any Excess Conversion Value in cash. Following the change of control of New River as a result of the business combination, Note holders were entitled to a make-whole premium in the form of an increase in the conversion rate if they tendered their Notes for conversion prior to May 17, 2007.<br /><br />The Notes were included in the purchase price allocation at their fair value, being the present value of the estimated future cash flows in respect of the Notes as of the date of acquisition. All the outstanding Notes were tendered for conversion in the period between the acquisition and May 17, 2007 and were therefore settled in cash during the second quarter of 2007 at a value of $279.4 million, which equates to the fair value of the Notes at the acquisition date including the make-whole premium.<br /><br />(e) Purchased Call Option<br /><br />Concurrent with the issue of the Notes, New River also entered into a purchased call option with Merrill Lynch at a cost to New River of $43.5 million, being a convertible note hedge transaction for the Excess Conversion Value of the Notes. The purchased call options covered, subject to customary anti-dilution adjustments, 4,005,811 shares of New River common stock at strike prices which corresponded to the conversion price of the Notes. New River had recorded the cost of acquiring the purchased call option to additional paid in capital.<br /><br />As a result of New River’s election on April 3, 2007 to settle the Excess Conversion Value in cash, Merrill Lynch was obligated to settle the purchased call option in cash. The fair value of the purchased call option represents the Excess Conversion Value of the Notes, including the make-whole premium. This fair value of $141.8 million was recorded by the Company as an asset within the purchase price allocation.<br /><br />Supplemental disclosure of pro-forma information<br /><br />The following unaudited pro forma financial information presents the combined results of the operations of Shire, Jerini and New River as if the acquisitions of New River had occurred on at January 1, 2006 and the acquisition of Jerini at January 1, 2007 based upon Shire’s ownership interest of 100% and 98.6% of New River and Jerini respectively. The unaudited pro forma financial information is not necessarily indicative of what the consolidated results of operations actually would have been had the acquisition been completed at the dates indicated. In addition, the unaudited pro forma financial information does not purport to project the future results of operations of the combined Company.</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="530" align="left"> </td><td height="17" width="89" align="right">2008 </td><td height="17" width="89" align="right">2007 </td></tr><tr><td height="17" width="530" align="left"> </td><td height="17" width="89" align="right">$’M</td><td height="17" width="89" align="right">$’M</td></tr><tr><td height="17" width="530" align="left"> </td><td height="17" width="89" align="right">_______________</td><td height="17" width="89" align="right">_______________</td></tr><tr><td height="17" width="530" align="left">Revenues</td><td height="17" width="89" align="right">3,031.6 </td><td height="17" width="89" align="right">2,461.7 </td></tr><tr><td height="17" width="530" align="left"> </td><td height="17" width="89" align="right"> </td><td height="17" width="89" align="right"> </td></tr><tr><td height="17" width="530" align="left">Net income from continuing operations</td><td height="17" width="89" align="right">114.7 </td><td height="17" width="89" align="right">204.6 </td></tr><tr><td height="17" width="530" align="left">Net income attributable to Shire plc</td><td height="17" width="89" align="right">97.1 </td><td height="17" width="89" align="right">204.6 </td></tr><tr><td height="12" width="530" align="left"> </td><td height="12" width="89" align="right">_______________</td><td height="12" width="89" align="right">_______________</td></tr><tr><td height="17" width="530" align="left"> </td><td height="17" width="89" align="right"> </td><td height="17" width="89" align="right"> </td></tr><tr><td height="17" width="530" align="left">Per share amounts:</td><td height="17" width="89" align="right"> </td><td height="17" width="89" align="right"> </td></tr><tr><td height="17" width="530" align="left">Net income from continuing operations per share - basic</td><td height="17" width="89" align="right">21.2c</td><td height="17" width="89" align="right">37.0c</td></tr><tr><td height="17" width="530" align="left">Net income per ordinary share attributable to Shire plc – basic</td><td height="17" width="89" align="right">18.0c</td><td height="17" width="89" align="right">37.0c</td></tr><tr><td height="17" width="530" align="left"> </td><td height="17" width="89" align="right"> </td><td height="17" width="89" align="right"> </td></tr><tr><td height="17" width="530" align="left">Net income from continuing operations per share - diluted</td><td height="17" width="89" align="right">21.0c</td><td height="17" width="89" align="right">36.4c</td></tr><tr><td height="17" width="530" align="left">Net income per ordinary share attributable to Shire plc – diluted</td><td height="17" width="89" align="right">17.8c</td><td height="17" width="89" align="right">36.4c</td></tr><tr><td height="17" width="530" align="left"> </td><td height="17" width="89" align="right">_______________</td><td height="17" width="89" align="right">_______________</td></tr></table></div>
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<shpgf:TerminationCostsTextBlock id="ID_4649" contextRef="FROM_Jan01_2009_TO_Dec31_2009">
<div style="font-size:12pt"><p>4.        Termination of Duramed Pharmaceuticals, Inc. (“Duramed”) collaboration agreement<br /><br />In August 2006, Shire and Duramed, a subsidiary of Teva Pharmaceutical Industries Ltd, (“Teva”) entered into an agreement related to SEASONIQUE, a number of products using Duramed’s transvaginal ring technology and other oral products (the “Collaboration Products”). Under this agreement, Shire was required to reimburse Duramed for US development expenses incurred on Collaboration Products up to a maximum of $140 million over eight years from September 2006, and Shire had the right to commercialize these products in a number of markets outside of North America, including the larger European markets.<br /><br />On February 24, 2009 Shire and Duramed amended this agreement such that it terminated on December 31, 2009. Pursuant to this amendment, Shire agreed to return to Duramed its rights under the agreement effective February 24, 2009. Shire also agreed to reimburse Duramed for incurred US development expenditures in 2009 up to a maximum of $30.0 million. Shire has no rights with respect to the products on which such development expenditures are incurred. In addition, Shire agreed to a one-time payment to Duramed of $10.0 million, (which was paid during the first quarter of 2009), and to forego royalties receivable from Barr Laboratories, Inc. (“Barr”) (a subsidiary of Teva) and cost of goods otherwise payable by Barr to Shire in 2009 under the License Agreement between the parties for the supply of authorized generic ADDERALL XR, up to a maximum of $25.0 million. During the year to December 31, 2009 the Company recorded a charge of $62.9 million to research and development to reflect the cash payment made in the first quarter of 2009 and other termination related costs. <br /><br />A reconciliation of the contract termination liability is presented below:        </p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="34" width="187" align="left">Year to December 31, 2009</td><td height="34" width="120" align="right">Amount charged to R&D </td><td height="34" width="96" align="right">Amount paid </td><td height="34" width="131" align="right">Utilization of reserve</td><td height="34" width="131" align="right">Closing liability</td></tr><tr><td height="17" width="187" align="left"> </td><td height="17" width="120" align="right">$’M</td><td height="17" width="96" align="right">$’M</td><td height="17" width="131" align="right">$’M</td><td height="17" width="131" align="right">$’M</td></tr><tr><td height="11" width="187" align="left"> </td><td height="11" width="120" align="right">______________________</td><td height="11" width="96" align="right">_________________</td><td height="11" width="131" align="right">_____________________</td><td height="11" width="131" align="right">_______________</td></tr><tr><td height="11" width="187" align="left"> </td><td height="11" width="120" align="right"> </td><td height="11" width="96" align="right"> </td><td height="11" width="131" align="right"> </td><td height="11" width="131" align="right"> </td></tr><tr><td height="17" width="187" align="left">Contract termination costs</td><td height="17" width="120" align="right">62.9 </td><td height="17" width="96" align="right">(27.9)</td><td height="17" width="131" align="right">(25.0)</td><td height="17" width="131" align="right">10.0 </td></tr><tr><td height="11" width="187" align="left"> </td><td height="11" width="120" align="right">______________________</td><td height="11" width="96" align="right">_________________</td><td height="11" width="131" align="right">_____________________</td><td height="11" width="131" align="right">_______________</td></tr></table><p>The charge of $62.9 million has been included within the Specialty Pharmaceuticals segment in the Company’s segmental analysis, see Note 26.</p></div>
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<shpgf:GainLossOnDispositionOfProductRightsTextBlock id="ID_4654" contextRef="FROM_Jan01_2009_TO_Dec31_2009">
<div style="font-size:12pt"><p>5.        Gain on sale of product rights <br /><br />During 2007 and 2008 the Company streamlined its operations through the divestment of certain non-core products. In 2007 the Company received cash consideration of $234.4 million on the disposal of non core products, which included $209.6 million from Laboratorios Almirall S.A (“Almirall”) on the transfer of product licenses, including SOLARAZE and VANIQA, and in 2008 Shire received a further $5.0 million in cash for the transfer of other non-core product rights. <br /><br />The Company recognizes gains in respect of these divested product rights when the relevant regulatory or other consents for the transfer of these product rights are obtained. Accordingly Shire recognized gains of $6.3 million, $20.7 million and $127.8 million in the years to December 31, 2009, 2008 and 2007 respectively on disposal of these non-core assets. At December 31, 2009 the Company recorded as a deposit within Other current liabilities $5.8 million (2008: $12.5 million) of proceeds from the disposal of these products where regulatory or other consents have yet to be obtained.<br /><br />All assets disposed of during 2009, 2008 and 2007 formed part of the Specialty Pharmaceuticals segment.</p></div>
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<shpgf:ReorganizationItemsTextBlock id="ID_4656" contextRef="FROM_Jan01_2009_TO_Dec31_2009">
<div style="font-size:12pt"><p>6.        Reorganization costs<br /><br />Owings Mills<br /><br />In March 2009 Company’s management approved and initiated plans to phase out operations and close the Company’s Specialty Pharmaceuticals manufacturing facility at Owings Mills, Maryland. Over the next three years, all products currently manufactured by Shire at this site will transition to DSM Pharmaceutical Products, and operations and employee numbers at the site will wind down over this period. During the year to December 31, 2009 the Company incurred reorganization costs of $12.7 million (2008: $nil, 2007: $nil) which relate to employee involuntary termination benefits, impairment charges for property, plant and equipment and other costs. <br /><br />As a result of the decision to transfer manufacturing from the Owings Mills site the Company has revised the life of property, plant and equipment in the facility, and in the year to December 31, 2009 has incurred accelerated depreciation of $12.0 million, which has been charged to Cost of product sales. Consequently, the Company estimates an annual accelerated depreciation charge, over the level which would have been charged absent the wind down of operations, of $22.5 million in 2010. The reorganization costs and accelerated depreciation have been recorded within the Specialty Pharmaceuticals reportable segment.<br /><br />Jerini non-core operations<br /><br />As outlined in Note 3, the operations of JOI and certain other non-core pre-clinical operations acquired with Jerini were closed down in the year to December 31, 2009. On closure of these operations the Company recorded a liability for costs associated with these closures of $9.1 million, relating to employee involuntary termination benefits and other closure costs. This liability was recorded within accounts payable and accrued expenses with a corresponding increase to goodwill arising on the acquisition.<br /><br />The aggregate liability for reorganization costs arising on the Owings Mills and Jerini closures at December 31, 2009 is as follows:</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="218" align="left"> </td><td height="17" width="56" align="left"> </td><td height="17" width="100" align="right"> </td><td height="17" width="107" align="right">Assumed</td><td height="17" width="99" align="right"> </td><td height="17" width="101" align="right"> </td></tr><tr><td height="17" width="218" align="left"> </td><td height="17" width="56" align="left"> </td><td height="17" width="100" align="right">Amount</td><td height="17" width="107" align="right">liability through</td><td height="17" width="99" align="right"> </td><td height="17" width="101" align="right"> </td></tr><tr><td height="17" width="218" align="left"> </td><td height="17" width="56" align="left"> </td><td height="17" width="100" align="right">charged to re-</td><td height="17" width="107" align="right">business</td><td height="17" width="99" align="right"> </td><td height="17" width="101" align="right">Closing</td></tr><tr><td height="17" width="218" align="left"> </td><td height="17" width="56" align="left"> </td><td height="17" width="100" align="right">organization</td><td height="17" width="107" align="right">combinations</td><td height="17" width="99" align="right">Paid/Utilized</td><td height="17" width="101" align="right">liability at</td></tr><tr><td height="17" width="218" align="left">Year to December 31, 2009</td><td height="17" width="56" align="left"> </td><td height="17" width="100" align="right">$'M</td><td height="17" width="107" align="right">$'M</td><td height="17" width="99" align="right">$'M</td><td height="17" width="101" align="right">$'M</td></tr><tr><td height="11" width="218" align="right"> </td><td height="11" width="56" align="right"> </td><td height="11" width="100" align="right">____________</td><td height="11" width="107" align="right">___________</td><td height="11" width="99" align="right">___________</td><td height="11" width="101" align="right">___________</td></tr><tr><td height="17" width="218" align="left"> </td><td height="17" width="56" align="right"> </td><td height="17" width="100" align="right"> </td><td height="17" width="107" align="right"> </td><td height="17" width="99" align="right"> </td><td height="17" width="101" align="right"> </td></tr><tr><td height="19" width="218" align="left">Involuntary termination benefits </td><td height="19" width="56" align="right"> </td><td height="19" width="100" align="right">5.6 </td><td height="19" width="107" align="right">5.5 </td><td height="19" width="99" align="right">(7.0)</td><td height="19" width="101" align="right">4.1 </td></tr><tr><td height="19" width="218" align="left">Contract termination costs</td><td height="19" width="56" align="right"> </td><td height="19" width="100" align="right">-  </td><td height="19" width="107" align="right">3.6 </td><td height="19" width="99" align="right">(0.8)</td><td height="19" width="101" align="right">2.8 </td></tr><tr><td height="19" width="218" align="left">Other termination costs </td><td height="19" width="56" align="right"> </td><td height="19" width="100" align="right">2.1 </td><td height="19" width="107" align="right">-  </td><td height="19" width="99" align="right">(2.1)</td><td height="19" width="101" align="right">-  </td></tr><tr><td height="19" width="218" align="left"> </td><td height="19" width="56" align="right"> </td><td height="19" width="100" align="right">____________</td><td height="19" width="107" align="right">___________</td><td height="19" width="99" align="right">___________</td><td height="19" width="101" align="right">___________</td></tr><tr><td height="19" width="218" align="left"> </td><td height="19" width="56" align="right"> </td><td height="19" width="100" align="right">7.7 </td><td height="19" width="107" align="right">9.1 </td><td height="19" width="99" align="right">(9.9)</td><td height="19" width="101" align="right">6.9 </td></tr><tr><td height="19" width="218" align="left">Impairment charges </td><td height="19" width="56" align="right"> </td><td height="19" width="100" align="right">5.0 </td><td height="19" width="107" align="right">___________</td><td height="19" width="99" align="right">___________</td><td height="19" width="101" align="right">___________</td></tr><tr><td height="19" width="218" align="left"> </td><td height="19" width="56" align="right"> </td><td height="19" width="100" align="right">____________</td><td height="19" width="107" align="right"> </td><td height="19" width="99" align="right"> </td><td height="19" width="101" align="right"> </td></tr><tr><td height="37" width="218" align="left">Reorganization costs for the year to December 31, 2009</td><td height="37" width="56" align="right"> </td><td height="37" width="100" align="right">12.7 </td><td height="37" width="107" align="right"> </td><td height="37" width="99" align="right"> </td><td height="37" width="101" align="right"> </td></tr><tr><td height="19" width="218" align="left"> </td><td height="19" width="56" align="right"> </td><td height="19" width="100" align="right">____________</td><td height="19" width="107" align="right"> </td><td height="19" width="99" align="right"> </td><td height="19" width="101" align="right"> </td></tr></table><p>At December 31, 2009 the closing reorganization cost liability was recorded within accounts payable and accrued expenses ($3.9 million) and other non-current liabilities ($3.0 million).</p></div>
</shpgf:ReorganizationItemsTextBlock>
<shpgf:IntegrationAndAcquisitionCostsTextBlock id="ID_5751" contextRef="FROM_Jan01_2009_TO_Dec31_2009">
<div style="font-size:12pt"><p>7.        Integration and acquisition costs<br /><br />Integration costs of $7.7 million (2008: $10.3 million, 2007: $1.3 million), were incurred in the year to December 31, 2009. Integration costs in 2009 and 2008 relate to the integration of Jerini, and in 2007 relate to the integration of New River into Shire.<br /><br />Acquisition costs of $2.9 million (2008: $nil, 2007: $nil), primarily relating to direct acquisition costs and changes in the fair value of contingent consideration recognized on the acquisition of EQUASYM, were incurred in the year to December 31, 2009.</p></div>
</shpgf:IntegrationAndAcquisitionCostsTextBlock>
<us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock id="ID_4660" contextRef="FROM_Jan01_2009_TO_Dec31_2009">
<div style="font-size:12pt"><p>8.        Accounts receivable, net <br /><br />Accounts receivable at December 31, 2009 of $597.5 million (December 31, 2008: $395.0 million), are stated net of a provision for discounts and doubtful accounts of $20.8 million (December 31, 2008: $20.2 million, 2007: $9.8 million). <br /><br />Provision for discounts and doubtful accounts:</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="324" align="left"> </td><td height="17" width="120" align="right"><b>2009 </b></td><td height="17" width="120" align="right"><b>2008 </b></td><td height="17" width="120" align="right"><b>2007 </b></td></tr><tr><td height="17" width="324" align="left"> </td><td height="17" width="120" align="right"><b>$’M</b></td><td height="17" width="120" align="right"><b>$’M</b></td><td height="17" width="120" align="right"><b>$’M</b></td></tr><tr><td height="11" width="324" align="left"> </td><td height="11" width="120" align="right">_____________</td><td height="11" width="120" align="right">_____________</td><td height="11" width="120" align="right">_____________</td></tr><tr><td height="19" width="324" align="left">As at January 1,</td><td height="19" width="120" align="right">20.2 </td><td height="19" width="120" align="right">9.8 </td><td height="19" width="120" align="right">8.8 </td></tr><tr><td height="19" width="324" align="left">Provision charged to operations</td><td height="19" width="120" align="right">127.4 </td><td height="19" width="120" align="right">95.0 </td><td height="19" width="120" align="right">60.1 </td></tr><tr><td height="19" width="324" align="left">Provision utilization</td><td height="19" width="120" align="right">(118.5)</td><td height="19" width="120" align="right">(84.6)</td><td height="19" width="120" align="right">(59.1)</td></tr><tr><td height="19" width="324" align="left">Reclassification</td><td height="19" width="120" align="right">(8.3)</td><td height="19" width="120" align="right">- </td><td height="19" width="120" align="right">- </td></tr><tr><td height="11" width="324" align="left"> </td><td height="11" width="120" align="right">_____________</td><td height="11" width="120" align="right">_____________</td><td height="11" width="120" align="right">_____________</td></tr><tr><td height="19" width="324" align="left">As at December 31,</td><td height="19" width="120" align="right">20.8 </td><td height="19" width="120" align="right">20.2 </td><td height="19" width="120" align="right">9.8 </td></tr><tr><td height="11" width="324" align="left"> </td><td height="11" width="120" align="right">_____________</td><td height="11" width="120" align="right">_____________</td><td height="11" width="120" align="right">_____________</td></tr></table><p>During the year to December 31, 2009 the Company reclassified its provision for Tricare Health Care Program rebates of $8.3 million at January 1, 2009 from provisions for discounts and doubtful accounts to accounts payable and accrued expenses.<br /><br />At December 31, 2009 accounts receivable included $92.4 million (December 31, 2008: $38.4 million) of receivables related to royalty income.</p></div>
</us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock>
<us-gaap:InventoryDisclosureTextBlock id="ID_4663" contextRef="FROM_Jan01_2009_TO_Dec31_2009">
<div style="font-size:12pt"><p>9.        Inventories<br />Inventories are stated at the lower of cost or market and are analyzed as follows:</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="444" align="left"> </td><td height="17" width="120" align="right"><b>December 31,</b></td><td height="17" width="120" align="right"><b>December 31,</b></td></tr><tr><td height="17" width="444" align="left"> </td><td height="17" width="120" align="right"><b>2009 </b></td><td height="17" width="120" align="right"><b>2008 </b></td></tr><tr><td height="17" width="444" align="left"> </td><td height="17" width="120" align="right"><b>$’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">Finished goods</td><td height="19" width="120" align="right">50.9 </td><td height="19" width="120" align="right">41.4 </td></tr><tr><td height="19" width="444" align="left">Work-in-progress</td><td height="19" width="120" align="right">102.1 </td><td height="19" width="120" align="right">78.7 </td></tr><tr><td height="19" width="444" align="left">Raw materials</td><td height="19" width="120" align="right">36.7 </td><td height="19" width="120" align="right">34.4 </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">189.7 </td><td height="19" width="120" align="right">154.5 </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>At December 31, 2009 inventories included $18.8 million (December 31, 2008: $11.5 million) of costs capitalized prior to the regulatory approval of the relevant product. </p></div>
</us-gaap:InventoryDisclosureTextBlock>
<us-gaap:DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock id="ID_4666" contextRef="FROM_Jan01_2009_TO_Dec31_2009">
<div style="font-size:12pt"><p>10.        Assets held for sale <br /><br />At December 31, 2009 assets held for sale had a carrying value of $1.7 million, represented by intangible assets and attributed goodwill for certain products divested to Almirall in 2007 (December 31, 2008: $16.6 million). The recognition of the gains arising on the disposal of these products and the de-recognition of the related assets have been deferred pending the completion of the transfer of the relevant regulatory and other consents to the acquirer (see Note 5). These assets divested to Almirall form part of the Specialty Pharmaceuticals operating segment.<br /><br />At December 31, 2008 assets held for sale also included $14.9 million for the operations of JOI and JPT. In May 2009, JPT was divested for cash consideration of $6.7 million, and a loss on disposal of $0.5 million has been recognized within discontinued operations for the year to December 31, 2009. During the second quarter of 2009 the Company closed JOI, and recorded a re-measurement adjustment of $5.9 million to record the JOI assets at the lower of their fair value and carrying value (see note 3).</p></div>
</us-gaap:DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock>
<us-gaap:DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock id="ID_4667" contextRef="FROM_Jan01_2009_TO_Dec31_2009">
<div style="font-size:12pt"><p>11.        Prepaid expenses and other current assets</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="444" align="left"> </td><td height="17" width="120" align="right"><b>December 31,</b></td><td height="17" width="120" align="right"><b>December 31,</b></td></tr><tr><td height="17" width="444" align="left"> </td><td height="17" width="120" align="right"><b>2009 </b></td><td height="17" width="120" align="right"><b>2008 </b></td></tr><tr><td height="17" width="444" align="left"> </td><td height="17" width="120" align="right"><b>$’M</b></td><td height="17" width="120" align="right"><b> $’M</b></td></tr><tr><td height="17" width="444" align="left"> </td><td height="17" width="120" align="right">______________</td><td height="17" width="120" align="right">____________</td></tr><tr><td height="17" width="444" align="left">Prepaid expenses</td><td height="17" width="120" align="right">44.9 </td><td height="17" width="120" align="right">47.6 </td></tr><tr><td height="17" width="444" align="left">Income tax receivable</td><td height="17" width="120" align="right">-  </td><td height="17" width="120" align="right">33.2 </td></tr><tr><td height="17" width="444" align="left">Value added taxes receivable</td><td height="17" width="120" align="right">37.3 </td><td height="17" width="120" align="right">19.3 </td></tr><tr><td height="17" width="444" align="left">Other current assets</td><td height="17" width="120" align="right">31.3 </td><td height="17" width="120" align="right">41.3 </td></tr><tr><td height="17" width="444" align="left"> </td><td height="17" width="120" align="right">______________</td><td height="17" width="120" align="right">____________</td></tr><tr><td height="17" width="444" align="left"> </td><td height="17" width="120" align="right">113.5 </td><td height="17" width="120" align="right">141.4 </td></tr><tr><td height="17" width="444" align="left"> </td><td height="17" width="120" align="right">______________</td><td height="17" width="120" align="right">____________</td></tr></table></div>
</us-gaap:DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock>
<us-gaap:InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock id="ID_4669" contextRef="FROM_Jan01_2009_TO_Dec31_2009">
<div style="font-size:12pt"><p>12.        Investments</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="480" align="left"><b> </b></td><td height="17" width="108" align="right"><b>December 31,</b></td><td height="17" width="108" align="right"><b>December 31,</b></td></tr><tr><td height="17" width="480" align="left"> </td><td height="17" width="108" align="right"><b>2009 </b></td><td height="17" width="108" align="right"><b>2008 </b></td></tr><tr><td height="17" width="480" align="left"> </td><td height="17" width="108" align="right"><b>$’M</b></td><td height="17" width="108" align="right"><b>$’M</b></td></tr><tr><td height="11" width="480" align="right"> </td><td height="11" width="108" align="right">____________</td><td height="11" width="108" align="right">____________</td></tr><tr><td height="17" width="480" align="left">Investments in private companies</td><td height="17" width="108" align="right">3.9 </td><td height="17" width="108" align="right">19.3 </td></tr><tr><td height="17" width="480" align="left">Available-for-sale securities</td><td height="17" width="108" align="right">87.0 </td><td height="17" width="108" align="right">6.1 </td></tr><tr><td height="17" width="480" align="left">Equity method investments</td><td height="17" width="108" align="right">14.8 </td><td height="17" width="108" align="right">17.5 </td></tr><tr><td height="11" width="480" align="right"> </td><td height="11" width="108" align="right">____________</td><td height="11" width="108" align="right">____________</td></tr><tr><td height="17" width="480" align="left"> </td><td height="17" width="108" align="right">105.7 </td><td height="17" width="108" align="right">42.9 </td></tr><tr><td height="11" width="480" align="right"> </td><td height="11" width="108" align="right">____________</td><td height="11" width="108" align="right">____________</td></tr></table><p>Disposal of Virochem Pharma Inc (“Virochem”)<br /><br />On March 12, 2009 the Company completed the disposal of its cost investment in Virochem to Vertex in a cash and stock transaction. The disposal was part of a transaction entered into by all the shareholders of Virochem with Vertex. The carrying amount of the Company’s investment in Virochem on March 12, 2009 was $14.8 million. Shire received total consideration of $19.2 million in cash and two million Vertex shares (valued at $50.8 million) from the disposal, recognizing a gain on disposal of $55.2 million which has been recognized in Other income/(expense), net during the year to December 31, 2009. <br /><br />Additional consideration of $2.0 million in cash and 0.2 million Vertex shares is being held in escrow until March 11, 2010 pending any warranty claims and breaches of representations made by Virochem and by all selling shareholders, including Shire. The escrow conditions are considered substantive and hence a gain has not been recognized relating to these amounts in the year to December 31, 2009. The Vertex stock received has been accounted for as an available-for-sale investment.<br /><br />Disposal of Questcor Pharmaceutical Inc (“Questcor”) <br /><br />For the year to December 31, 2008 Other (expense)/income net includes a gain of $9.4 million from the sale of Shire’s available-for-sale investment in Questcor, a specialty pharmaceutical company focused on providing prescription drugs for central nervous system disorders. Shire received cash consideration of $10.3 million on the sale of this investment.<br /><br />Other-than-temporary impairment of available-for-sale securities<br /><br />The Company recorded other-than-temporary impairments of $0.8 million, $58.0 million and $3.0 million against its available-for-sale securities in the years to December 31, 2009, 2008 and 2007 respectively.<br /><br />During the year to December 31, 2008 the Company recognized impairment charges of $44.3 million relating to its investment in Renovo Group plc, representing unrealized holding losses that were reclassified out of other comprehensive income into earnings in 2008, as management concluded that the impairment was other than temporary. The decline in the market value of the Company’s investment in Renovo Group plc initially arose from the results of clinical trials for JUVISTA which were announced over 2007 and 2008. During the third quarter of 2008, in considering whether the decline in value was temporary or “other than temporary” the Company considered the following factors: the severity of the decline from historical cost (87%) and its duration (eleven months); market analysts’ targets of Renovo Group plc’s share price for the next 18-24 months; and the revised expected filing date for JUVISTA due to the adoption of a sequential rather than parallel Phase 3 development plan. <br /><br />These factors, together with the significant decline in global equity markets during the third quarter of 2008 meant that the Company was unable to reasonably estimate the period over which a full recovery in the value of its investment in Renovo Group plc could occur. As such, the Company concluded that the decline in value was “other than temporary”. Therefore the full difference between the book value of the investment and the fair (market) value was recognized as an other than temporary impairment. Accordingly the Company recognized an impairment charge of $44.3 million for its investment in Renovo Group plc through the consolidated statement of operations in the third quarter of 2008. For purposes of computing the impairment charge fair value was assumed to be £0.26 per share, representing the closing price of Renovo Group plc securities on the London Stock Exchange on September 30, 2008.</p></div>
</us-gaap:InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock>
<us-gaap:PropertyPlantAndEquipmentTextBlock id="ID_4672" contextRef="FROM_Jan01_2009_TO_Dec31_2009">
<div style="font-size:12pt"><p>13.        Property, plant and equipment, net<br /></p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="480" align="left"><b> </b></td><td height="17" width="107" align="right"><b>December 31,</b></td><td height="17" width="107" align="right"><b>December 31,</b></td></tr><tr><td height="17" width="480" align="left"> </td><td height="17" width="107" align="right"><b>2009 </b></td><td height="17" width="107" align="right"><b>2008 </b></td></tr><tr><td height="17" width="480" align="left"> </td><td height="17" width="107" align="right"><b>$’M</b></td><td height="17" width="107" align="right"><b>$’M</b></td></tr><tr><td height="17" width="480" align="right"> </td><td height="17" width="107" align="right">____________</td><td height="17" width="107" align="right">____________</td></tr><tr><td height="17" width="480" align="left">Land and buildings</td><td height="17" width="107" align="right">398.7 </td><td height="17" width="107" align="right">267.6 </td></tr><tr><td height="17" width="480" align="left">Office furniture, fittings and equipment</td><td height="17" width="107" align="right">280.5 </td><td height="17" width="107" align="right">228.2 </td></tr><tr><td height="17" width="480" align="left">Warehouse, laboratory and manufacturing equipment</td><td height="17" width="107" align="right">114.5 </td><td height="17" width="107" align="right">80.1 </td></tr><tr><td height="17" width="480" align="left">Assets under construction</td><td height="17" width="107" align="right">193.2 </td><td height="17" width="107" align="right">164.3 </td></tr><tr><td height="17" width="480" align="left"> </td><td height="17" width="107" align="right">____________</td><td height="17" width="107" align="right">____________</td></tr><tr><td height="17" width="480" align="left"> </td><td height="17" width="107" align="right">986.9 </td><td height="17" width="107" align="right">740.2 </td></tr><tr><td height="17" width="480" align="left">Less: Accumulated depreciation</td><td height="17" width="107" align="right">(310.1)</td><td height="17" width="107" align="right">(206.0)</td></tr><tr><td height="17" width="480" align="right"> </td><td height="17" width="107" align="right">____________</td><td height="17" width="107" align="right">____________</td></tr><tr><td height="17" width="480" align="left"> </td><td height="17" width="107" align="right">676.8 </td><td height="17" width="107" align="right">534.2 </td></tr><tr><td height="17" width="480" align="right"> </td><td height="17" width="107" align="right">____________</td><td height="17" width="107" align="right">____________</td></tr></table><p>Depreciation expense for the years to December 31, 2009, 2008 and 2007 was $105.0 million, $77.2 million, and $65.3 million respectively. The expense included impairment losses of $6.3 million, $2.2 million and $1.8 million in the years to December 31, 2009, 2008 and 2007 respectively. </p></div>
</us-gaap:PropertyPlantAndEquipmentTextBlock>
<us-gaap:GoodwillAndIntangibleAssetsDisclosureTextBlock id="ID_4675" contextRef="FROM_Jan01_2009_TO_Dec31_2009">
<div style="font-size:12pt"><p>14.        Goodwill</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="480" align="left"><b> </b></td><td height="17" width="107" align="right"><b>December 31,</b></td><td height="17" width="107" align="right"><b>December 31,</b></td></tr><tr><td height="17" width="480" align="left"><b> </b></td><td height="17" width="107" align="right"><b>2009 </b></td><td height="17" width="107" align="right"><b>2008 </b></td></tr><tr><td height="17" width="480" align="left"><b> </b></td><td height="17" width="107" align="right"><b>$’M</b></td><td height="17" width="107" align="right"><b>$’M</b></td></tr><tr><td height="17" width="480" align="right"> </td><td height="17" width="107" align="right">____________</td><td height="17" width="107" align="right">____________</td></tr><tr><td height="17" width="480" align="left">Goodwill arising on businesses acquired</td><td height="17" width="107" align="right">384.7 </td><td height="17" width="107" align="right">350.8 </td></tr><tr><td height="17" width="480" align="right"> </td><td height="17" width="107" align="right">____________</td><td height="17" width="107" align="right">____________</td></tr></table><p>During the year to December 31, 2009 the Company acquired the worldwide rights (excluding the US, Canada and Barbados) to EQUASYM IR and XL for a total consideration of $91.0 million, which resulted in goodwill of $13.2 million (see note 3). The goodwill has been assigned to the Specialty Pharmaceuticals segment.<br /><br />During the year to December 31, 2008 the Company acquired a 98.6% voting interest in Jerini for cash consideration of $556.5 million which resulted in goodwill of $148.0 million (see Note 3). This goodwill has been attributed to the HGT reporting segment.<br /><br />At December 31, 2009 goodwill of $214.5 million (2008: $202.4 million) is held in the Specialty Pharmaceuticals segment and $170.2 million (2008: $148.4 million) in the HGT segment.</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="480" align="left"> </td><td height="17" width="107" align="right"><b>2009 </b></td><td height="17" width="107" align="right"><b>2008 </b></td></tr><tr><td height="17" width="480" align="left"> </td><td height="17" width="107" align="right"><b>$’M</b></td><td height="17" width="107" align="right"><b>$’M</b></td></tr><tr><td height="17" width="480" align="right"> </td><td height="17" width="107" align="right">____________</td><td height="17" width="107" align="right">____________</td></tr><tr><td height="17" width="480" align="left">As at January 1, </td><td height="17" width="107" align="right">350.8 </td><td height="17" width="107" align="right">219.4 </td></tr><tr><td height="17" width="480" align="left">Acquisitions (including finalisation of purchase price allocation)</td><td height="17" width="107" align="right">27.1 </td><td height="17" width="107" align="right">148.0 </td></tr><tr><td height="17" width="480" align="left">Foreign currency translation</td><td height="17" width="107" align="right">6.8 </td><td height="17" width="107" align="right">(16.6)</td></tr><tr><td height="17" width="480" align="left"> </td><td height="17" width="107" align="right">____________</td><td height="17" width="107" align="right">____________</td></tr><tr><td height="17" width="480" align="left">As at December 31,</td><td height="17" width="107" align="right">384.7 </td><td height="17" width="107" align="right">350.8 </td></tr><tr><td height="17" width="480" align="right"> </td><td height="17" width="107" align="right">____________</td><td height="17" width="107" align="right">____________</td></tr></table></div>
</us-gaap:GoodwillAndIntangibleAssetsDisclosureTextBlock>
<us-gaap:IntangibleAssetsDisclosureTextBlock id="ID_4678" contextRef="FROM_Jan01_2009_TO_Dec31_2009">
<div style="font-size:12pt"><p>15.        Other intangible assets, net</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="52" align="left"> </td><td height="17" width="383" align="left"> </td><td height="17" width="19" 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="52" align="left"> </td><td height="17" width="383" align="left"> </td><td height="17" width="19" 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="52" align="left"> </td><td height="17" width="383" align="left"> </td><td height="17" width="19" 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="17" width="52" align="left"> </td><td height="17" width="383" align="left"> </td><td height="17" width="19" align="left"> </td><td height="17" width="120" align="right">________________</td><td height="17" width="120" align="right">________________</td></tr><tr><td width="435" align="left" height="17" colspan="2">Intellectual property rights acquired</td><td height="17" width="19" align="left"> </td><td height="17" width="120" align="right"> </td><td height="17" width="120" align="right"> </td></tr><tr><td height="17" width="52" align="left"> </td><td height="17" width="383" align="left">Currently marketed products</td><td height="17" width="19" align="left"> </td><td height="17" width="120" align="right">2,351.6 </td><td height="17" width="120" align="right">2,253.2 </td></tr><tr><td height="17" width="52" align="left"> </td><td height="17" width="383" align="left">IPR&D</td><td height="17" width="19" align="left"> </td><td height="17" width="120" align="right">6.1 </td><td height="17" width="120" align="right">-  </td></tr><tr><td width="435" align="left" height="17" colspan="2">Favorable manufacturing contracts</td><td height="17" width="19" align="left"> </td><td height="17" width="120" align="right">8.7 </td><td height="17" width="120" align="right">8.7 </td></tr><tr><td height="17" width="52" align="left"> </td><td height="17" width="383" align="left"> </td><td height="17" width="19" align="left"> </td><td height="17" width="120" align="right">________________</td><td height="17" width="120" align="right">________________</td></tr><tr><td height="17" width="52" align="left"> </td><td height="17" width="383" align="left"> </td><td height="17" width="19" align="left"> </td><td height="17" width="120" align="right">2,366.4 </td><td height="17" width="120" align="right">2,261.9 </td></tr><tr><td height="17" width="52" align="left"> </td><td height="17" width="383" align="left"> </td><td height="17" width="19" align="left"> </td><td height="17" width="120" align="right"> </td><td height="17" width="120" align="right"> </td></tr><tr><td width="435" align="left" height="17" colspan="2">Less: Accumulated amortization</td><td height="17" width="19" align="left"> </td><td height="17" width="120" align="right">(575.7)</td><td height="17" width="120" align="right">(437.0)</td></tr><tr><td height="17" width="52" align="left"> </td><td height="17" width="383" align="left"> </td><td height="17" width="19" align="left"> </td><td height="17" width="120" align="right">________________</td><td height="17" width="120" align="right">________________</td></tr><tr><td height="17" width="52" align="left"> </td><td height="17" width="383" align="left"> </td><td height="17" width="19" align="left"> </td><td height="17" width="120" align="right">1,790.7 </td><td height="17" width="120" align="right">1,824.9 </td></tr><tr><td height="17" width="52" align="left"> </td><td height="17" width="383" align="left"> </td><td height="17" width="19" align="left"> </td><td height="17" width="120" align="right">________________</td><td height="17" width="120" align="right">________________</td></tr></table><p>At December 31, 2009 the net book value of intangible assets allocated to the Specialty Pharmaceuticals segment was $1,238.0 million (December 31, 2008: $1,244.9 million) and in the HGT segment was $552.7 million (December 31, 2008: $580.0 million).<br /><br />The change in the net book value of other intangible assets for the year to December 31, 2009 is shown in the table below: </p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="573" align="left"><b> </b></td><td height="17" width="119" align="right"><b>Other intangible</b></td></tr><tr><td height="17" width="573" align="left"><b> </b></td><td height="17" width="119" align="right"><b>assets</b></td></tr><tr><td height="17" width="573" align="left"> </td><td height="17" style="border-bottom: 1px solid #000000;" align="right" width="119"><b>$’M</b></td></tr><tr><td height="11" width="573" align="right"> </td><td height="11" style="border-top: 1px solid #000000;" align="left" width="119"> </td></tr><tr><td height="17" width="573" align="left">As at January 1, 2009</td><td height="17" width="119" align="right">1,824.9 </td></tr><tr><td height="17" width="573" align="left">Acquisitions</td><td height="17" width="119" align="right">84.0 </td></tr><tr><td height="17" width="573" align="left">Amortization charged </td><td height="17" width="119" align="right">(138.6)</td></tr><tr><td height="17" width="573" align="left">Foreign currency translation</td><td height="17" width="119" align="right">20.4 </td></tr><tr><td height="17" width="573" align="right"> </td><td height="17" width="119" align="right">________________</td></tr><tr><td height="17" width="573" align="left">As at December 31, 2009</td><td height="17" width="119" align="right">1,790.7 </td></tr><tr><td height="17" width="573" align="right"> </td><td height="17" width="119" align="right">________________</td></tr></table><p>During the year to December 31, 2009 the Company acquired intangible assets totaling $84.0 million, principally relating to $78.5 million for EQUASYM IR and XL for the treatment of ADHD ($73.0 million for currently marketed products and $5.5 million for IPR&D). The weighted average amortization period for acquired currently marketed products is 13 years. <br /><br />Amortization charged for the years to December 31, 2009, 2008 and 2007 was $138.6 million, $127.9 million and $95.8 million, respectively.<br /><br />The Company recorded impairments of $nil, $97.1 million and $0.4 million in the years to December 31, 2009, 2008 and 2007 respectively, recorded within Selling, general and administrative costs. In 2008 the Company recognized impairment charges of $97.1 million, of which $94.6 million related to the write-down of its DYNEPO intangible asset to its fair value ($nil). Changes in the external environment, including the launch of several competing bio-similars at lower prices made DYNEPO uneconomic for the Company. Accordingly Company has decided to stop commercializing DYNEPO. Product sales were wound down over the second half of 2008 as all patients were transferred off DYNEPO by the end of 2008. The fair value of DYNEPO was determined using an expected present value technique. The impairment charges relate to the Specialty Pharmaceuticals reportable segment.<br /><br />Management estimates that the annual amortization charge in respect of intangible assets held at December 31, 2009 will be approximately $140 million for each of the five years to December 31, 2014. Estimated amortization expense can be affected by various factors including future acquisitions, disposals of product rights, regulatory approval and subsequent amortization of the acquired IPR&D projects, foreign exchange movements and the technological advancement and regulatory approval of competitor products.</p></div>
</us-gaap:IntangibleAssetsDisclosureTextBlock>
<us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock id="ID_4685" contextRef="FROM_Jan01_2009_TO_Dec31_2009">
<div style="font-size:12pt"><p>16.        Accounts payable and accrued expenses</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="444" align="left"> </td><td height="17" width="120" align="right"><b>December 31,</b></td><td height="17" width="120" align="right"><b>December 31,</b></td></tr><tr><td height="17" width="444" align="left"> </td><td height="17" width="120" align="right"><b>2009 </b></td><td height="17" width="120" align="right"><b>2008 </b></td></tr><tr><td height="17" width="444" align="left"> </td><td height="17" width="120" align="right"><b>$’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: $59.9 million), principally due to higher rebates on ADDERALL XR offered to Managed Care Organizations (“MCOs”) from April 1, 2009.</p></div>
</us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock>
<shpgf:OtherCurrentLiabilitiesDisclosureTextBlock id="ID_4688" contextRef="FROM_Jan01_2009_TO_Dec31_2009">
<div style="font-size:12pt"><p>17.        Other current liabilities</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="444" align="left"> </td><td height="17" width="121" align="right"><b>December 31,</b></td><td height="17" width="121" align="right"><b>December 31,</b></td></tr><tr><td height="17" width="444" align="left"> </td><td height="17" width="121" align="right"><b>2009 </b></td><td height="17" width="121" align="right"><b>2008 </b></td></tr><tr><td height="17" width="444" align="left"> </td><td height="17" width="121" align="right"><b>$’M</b></td><td height="17" width="121" align="right"><b> $’M</b></td></tr><tr><td height="11" width="444" align="left"> </td><td height="11" width="121" align="right">_____________</td><td height="11" width="121" align="right">_____________</td></tr><tr><td height="19" width="444" align="left">Income taxes payable</td><td height="19" width="121" align="right">46.7 </td><td height="19" width="121" align="right">25.8 </td></tr><tr><td height="19" width="444" align="left">Value added taxes</td><td height="19" width="121" align="right">10.3 </td><td height="19" width="121" align="right">4.4 </td></tr><tr><td height="19" width="444" align="left">Derivative financial instruments</td><td height="19" width="121" align="right">1.2 </td><td height="19" width="121" align="right">46.9 </td></tr><tr><td height="19" width="444" align="left">Other accrued liabilities</td><td height="19" width="121" align="right">29.8 </td><td height="19" width="121" align="right">27.2 </td></tr><tr><td height="11" width="444" align="left"> </td><td height="11" width="121" align="right">_____________</td><td height="11" width="121" align="right">_____________</td></tr><tr><td height="19" width="444" align="left"> </td><td height="19" width="121" align="right">88.0 </td><td height="19" width="121" align="right">104.3 </td></tr><tr><td height="11" width="444" align="left"> </td><td height="11" width="121" align="right">_____________</td><td height="11" width="121" align="right">_____________</td></tr></table></div>
</shpgf:OtherCurrentLiabilitiesDisclosureTextBlock>
<us-gaap:LongTermDebtTextBlock id="ID_5631" contextRef="FROM_Jan01_2009_TO_Dec31_2009">
<div style="font-size:12pt"><p>18.        Long-term debt <br /><br /><br />Shire 2.75% Convertible Bonds due 2014 <br /><br />On May 9, 2007 Shire issued $1,100 million in principal amount of 2.75% convertible bonds due 2014 and convertible into fully paid ordinary shares of Shire plc (the “Bonds”). The net proceeds of issuing the Bonds, after deducting the commissions and other direct costs of issue, totaled $1,081.7 million. In connection with the Scheme of arrangement the Trust Deed was amended and restated in 2008 in order to provide that, following the substitution of Shire plc in place of Old Shire as the principal obligor and issuer of the Convertible Bonds, the Bonds would be convertible into ordinary shares of Shire plc.<br /><br />The Bonds were issued at 100% of their principal amount, and unless previously purchased and cancelled, redeemed or converted, will be redeemed on May 9, 2014 (the “Final Maturity Date”) at their principal amount. <br />The Bonds bear interest at 2.75% per annum, payable semi-annually in arrears on November 9 and May 9. The Bonds constitute direct, unconditional, unsubordinated and unsecured obligations of the Company, and rank pari passu and ratably, without any preference amongst themselves, and equally with all other existing and future unsecured and unsubordinated obligations of the Company.<br /><br />The Bonds may be redeemed at the option of the Company, (the “Call Option”), at their principal amount together with accrued and unpaid interest if: (i) at any time after May 23, 2012 if on no less than 20 dealing days in any period of 30 consecutive dealing days the value of Shire’s Ordinary Shares underlying each Bond in the principal amount of $100,000 would exceed $130,000; or (ii) at any time conversion rights have been exercised, and/or purchases and corresponding cancellations, and/or redemptions effected in respect of 85% or more in principal amount of Bonds originally issued. The Bonds may also be redeemed at the option of the Bond holder at their principal amount including accrued but unpaid interest on May 9, 2012 (the “Put Option”), or following the occurrence of a change of control. The Bonds are repayable in US dollars, but also contain provisions entitling the Company to settle redemption amounts in Pounds sterling, or in the case of the Final Maturity Date and following exercise of the Put Option, by delivery of the underlying ordinary shares and a cash top-up amount.<br /><br />The Bonds are convertible into ordinary shares during the conversion period, being the period from June 18, 2007 until the earlier of: (i) the close of business on the date falling fourteen days prior to the Final Maturity Date; (ii) if the Bonds have been called for redemption by the Company, the close of business fourteen days before the date fixed for redemption; (iii) the close of business on the day prior to a Bond holder giving notice of redemption in accordance with the conditions; and (iv) the giving of notice by the trustee that the Bonds are accelerated by reason of the occurrence of an event of default.<br /><br />Upon conversion, the Bond holder is entitled to receive ordinary shares at the conversion price of $33.17 per ordinary share, (subject to adjustment as outlined below).<br /><br />The conversion price is subject to adjustment in respect of (i) any dividend or distribution by the Company, (ii) a change of control and (iii) customary anti-dilution adjustments for, inter alia, share consolidations, share splits, spin-off events, rights issues, bonus issues and reorganizations. The initial conversion price of $33.5879 was adjusted to $33.17 with effect from March 11, 2009 as a result of cumulative dividend payments during the period from October 2007 to April 2009 inclusive. The shares issued on conversion will be delivered credited as fully paid, and will rank pari passu in all respects with all fully paid shares in issue on the relevant conversion date.<br /><br />The Bonds have been recorded at their principal amount within Non-current liabilities. Direct costs of issue of the Bonds paid in the year to December 31, 2007 totalled $18.3 million. These costs are being amortized to interest expense using the effective interest method over the five year period to the Put Option date. At December 31, 2009 $8.8 million was deferred ($3.8 million within other current assets and $5.0 million within other non-current assets).<br /><br />Revolving Credit Facilities Agreement<br /><br />Shire has a committed revolving credit facility (the “RCF”) in an aggregate amount of $1,200 million with ABN Amro Bank N.V.; Barclays Capital; Citigroup Global Markets Limited; The Royal Bank of Scotland plc; Lloyds TSB Bank plc; Bank of America N.A.; and Morgan Stanley Bank. The RCF, which includes a $250 million swingline facility, may be used for general corporate purposes and matures on February 20, 2012. There were no borrowings under the RCF as of December 31, 2009.<br /><br />The interest rate on each loan drawn under the RCF for each interest period, is the percentage rate per annum which is the aggregate of the applicable margin (ranging from 0.40 to 0.80 per cent per annum) and LIBOR for the applicable currency and interest period. Shire also pays a commitment fee on undrawn amounts at 35 per cent per annum of the applicable margin.<br /><br />Under the RCF it is required that (i) Shire’s ratio of Net Debt to EBITDA (as defined within the Multicurrency Term and Revolving Facilities Agreement (“the RCF Agreement”)) does not exceed 3.5 to 1 for either the 12 month period ending December 31 or June 30 unless Shire has exercised its option (which is subject to certain conditions) to increase it to 4.0 to 1 for two consecutive testing dates; (ii) the ratio of EBITDA to Net Interest (as defined in the RCF Agreement) must not be less than 4.0 to 1, for either the 12 month period ending December 31 or June 30 and (iii) additional limitations on the creation of liens, disposal of assets, incurrence of indebtedness, making of loans, giving of guarantees and granting security over assets. </p></div>
</us-gaap:LongTermDebtTextBlock>
<shpgf:LongTermDebtDisclosureTextBlock id="ID_5630" contextRef="FROM_Jan01_2009_TO_Dec31_2009">
<div style="font-size:12pt"><p>19.        Other long-term debt<br /><br />During 2007 and 2009 Shire entered into certain multi-year leases for its HGT business unit at North Reading and Lexington, Massachusetts. As Shire is considered, in substance, the owner of these properties over their construction period, Shire recorded an asset (being the fair value of the building element at inception of the relevant lease) of $7.1 million and $32.7 million in the year to December 31, 2009 and 2007 within Property, Plant and Equipment – Assets under construction and the corresponding building financing obligation is recorded within other long term debt. The land element of these leases has been accounted for as an operating lease.<br /><br />Concurrent with entering into a new lease at its Lexington campus, Shire extended the term of certain other existing leases at its Lexington site, such that the terms of these existing leases become co-terminus with the expiration of the new Lexington lease. This lease extension has been accounted for as a substantial modification of the existing building finance obligation, whereby the existing liability ($45.1 million) was derecognized and a building financing obligation based on the fair value of the liability under the revised lease terms ($39.4 million) was recorded in its place. This substantial modification resulted in a non-cash gain of $5.7 million in the year to December 31, 2009 which has been recorded within Other income/(expense), net. </p></div>
</shpgf:LongTermDebtDisclosureTextBlock>
<shpgf:OtherNoncurrentLiabilitiesDisclosureTextBlock id="ID_4692" contextRef="FROM_Jan01_2009_TO_Dec31_2009">
<div style="font-size:12pt"><p>20.        Other non-current liabilities</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="444" align="left"> </td><td height="17" width="121" align="right"><b>December 31,</b></td><td height="17" width="121" align="right"><b>December 31,</b></td></tr><tr><td height="17" width="444" align="left"> </td><td height="17" width="121" align="right"><b>2009 </b></td><td height="17" width="121" align="right"><b>2008 </b></td></tr><tr><td height="17" width="444" align="left"> </td><td height="17" width="121" align="right"><b>$’M</b></td><td height="17" width="121" align="right"><b> $’M</b></td></tr><tr><td height="11" width="444" align="right"> </td><td height="11" width="121" align="right">____________</td><td height="11" width="121" align="right">____________</td></tr><tr><td height="19" width="444" align="left">Income taxes payable</td><td height="19" width="121" align="right">170.4 </td><td height="19" width="121" align="right">220.4 </td></tr><tr><td height="19" width="444" align="left">Deferred revenue</td><td height="19" width="121" align="right">20.0 </td><td height="19" width="121" align="right">29.5 </td></tr><tr><td height="19" width="444" align="left">Deferred rent</td><td height="19" width="121" align="right">14.5 </td><td height="19" width="121" align="right">16.1 </td></tr><tr><td height="19" width="444" align="left">Insurance provisions</td><td height="19" width="121" align="right">18.3 </td><td height="19" width="121" align="right">18.1 </td></tr><tr><td height="19" width="444" align="left">Other accrued liabilities</td><td height="19" width="121" align="right">23.9 </td><td height="19" width="121" align="right">7.2 </td></tr><tr><td height="11" width="444" align="right"> </td><td height="11" width="121" align="right">____________</td><td height="11" width="121" align="right">____________</td></tr><tr><td height="19" width="444" align="left"> </td><td height="19" width="121" align="right">247.1 </td><td height="19" width="121" align="right">291.3 </td></tr><tr><td height="11" width="444" align="right"> </td><td height="11" width="121" align="right">____________</td><td height="11" width="121" align="right">____________</td></tr></table></div>
</shpgf:OtherNoncurrentLiabilitiesDisclosureTextBlock>
<us-gaap:DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock id="ID_4694" contextRef="FROM_Jan01_2009_TO_Dec31_2009">
<div style="font-size:12pt"><p>21.        Derivative instruments<br /><br />Treasury policies and organization<br /><br />The Company’s principal treasury operations are coordinated by its corporate treasury function. All treasury operations are conducted within a framework of policies and procedures approved annually by the Board of Directors. As a matter of policy, the Company does not undertake speculative transactions that would increase its currency or interest rate exposure.<br /><br />Interest rate risk<br /><br />The Company is exposed to interest rate risk on restricted cash, cash and cash equivalents and on foreign exchange contracts on which interest is at floating rates. This exposure is primarily to US dollar, Euro and Canadian dollar interest rates. As the Company maintains all of its investments and foreign exchange contracts on a short term basis for liquidity purposes, this risk is not actively managed. In the year to December 31, 2009 the average interest rate received on cash and liquid investments was less than 1% per annum. The largest proportion of investments was in US dollar money market and liquidity funds.<br />The Company incurs interest at a fixed rate of 2.75% on Shire plc’s $1,100 million in principal amount convertible bonds due 2014. The building financing obligation of $46.7 million is also subject to a fixed interest rate over the lease term on the amount outstanding. <br />No derivative instruments were entered into during the year to December 31, 2009 to manage interest rate exposure. The Company continues to review its interest rate risk and the policies in place to manage the risk. <br /><br />Market risk of investments<br /><br />As at December 31, 2009 the Company has $105.7 million of investments comprising available-for-sale investments in publicly quoted companies ($87.0 million), equity method investments ($14.8 million) and cost method investments in private companies ($3.9 million). The investments in public quoted companies and equity method investments, for certain investment funds which contain a mixed portfolio of public and private investments, are exposed to market risk. No financial instruments or derivatives have been employed to hedge this risk.<br /><br />Credit risk <br /><br />Financial instruments that potentially expose Shire to concentrations of credit risk consist primarily of short-term cash investments, trade accounts receivable (from product sales and from third parties from which the Company receives royalties) and derivative contracts. Cash is invested in short-term money market instruments, including money market and liquidity funds and bank term deposits. The money market and liquidity funds in which Shire invests are all triple A rated by both Standard & Poor’s and by Moody’s credit rating agencies.<br /><br />The Company is exposed to the credit risk of the counterparties with which it enters into derivative contracts. The Company aims to limit this exposure through a system of internal credit limits which require counterparties to have a long term credit rating of A / A2 or better from the major rating agencies. The internal credit limits are approved by the Board of Directors and exposure against these limits is monitored by the corporate treasury function. The counterparties to the derivative contracts are major international financial institutions. <br /><br />The Company’s revenues from product sales are mainly governed by agreements with major pharmaceutical wholesalers and relationships with other pharmaceutical distributors and retail pharmacy chains. For the year to December 31, 2009 there were two customers in the US who accounted for 51% of the Company’s product sales. However, such customers typically have significant cash resources and as such the risk from concentration of credit is considered minimal. The Company has taken positive steps to manage any credit risk associated with these transactions and operates clearly defined credit evaluation procedures.<br /><br />Foreign exchange risk<br /><br />The Company trades in numerous countries and as a consequence has transactional and translational foreign exchange exposure.<br /><br />Transactional exposure arises where transactions occur in currencies different to the functional currency of the relevant subsidiary. The main trading currencies of the Company are the US dollar, the Canadian dollar, Pounds Sterling and the Euro. It is the Company’s policy that these exposures are minimized to the extent practicable by denominating transactions in the subsidiary’s functional currency. <br /><br />Where significant exposures remain, the Company uses foreign exchange contracts (being spot, forward and swap contracts) to manage the exposure in respect of balance sheet assets and liabilities that are denominated in currencies different to the functional currency of the relevant subsidiary. These assets and liabilities relate predominantly to intercompany financing and accruals for royalty receipts. The Company utilizes these derivative instruments to manage currency risk on balance sheet foreign exchange exposures but the foreign exchange contracts have not been designated as hedging instruments.<br /><br />Translational foreign exchange exposure arises on the translation into US dollars of the financial statements of non-US dollar functional subsidiaries. <br /><br />At December 31, 2009 the Company had 26 swap and forward foreign exchange contracts outstanding to manage currency risk. The swaps and forward contracts mature within 90 days. The Company did not have credit risk related contingent features or collateral linked to the derivatives. These foreign exchange contracts were classified in the consolidated balance sheet as follows:</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td width="602" align="left" height="17" colspan="2">December 31,</td><td height="17" width="108" align="right"><b>Fair value</b></td></tr><tr><td height="17" width="75" align="left"> </td><td height="17" width="527" align="left"> </td><td height="17" width="108" align="right"><b>2009 </b></td></tr><tr><td height="17" width="75" align="left"> </td><td height="17" width="527" align="left"> </td><td height="17" width="108" align="right"><b>$’M</b></td></tr><tr><td height="14" width="75" align="left"> </td><td height="14" width="527" align="left"> </td><td height="14" width="108" align="right">_____________</td></tr><tr><td height="22" width="75" align="left">Assets</td><td height="22" width="527" align="left">Prepaid expenses and other current assets</td><td height="22" width="108" align="right">5.4 </td></tr><tr><td height="22" width="75" align="left">Liabilities</td><td height="22" width="527" align="left">Other current liabilities</td><td height="22" width="108" align="right">1.2 </td></tr><tr><td height="12" width="75" align="left"> </td><td height="12" width="527" align="left"> </td><td height="12" width="108" align="right">_____________</td></tr></table><p>Net gains and losses (both realized and unrealized) arising on foreign exchange contracts have been classified in the consolidated statement of operations as follows: <br /></p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="34" width="341" align="left"> </td><td height="34" width="180" align="left"><b>Location of net (loss)/gain recognized in income</b></td><td height="34" width="106" align="left"><b> </b></td><td height="34" width="106" align="right"><b>Amount of net (loss)/gain recognized in income</b></td></tr><tr><td height="12" width="341" align="left"> </td><td height="12" width="180" align="left"><b>__________________________________</b></td><td height="12" width="106" align="left"><b> </b></td><td height="12" width="106" align="right"><b>__________________________</b></td></tr><tr><td height="35" width="341" align="left"> </td><td height="35" width="180" align="left"><b> </b></td><td height="35" width="106" align="left"><b> </b></td><td height="35" width="106" align="right"><b>Year to December 31, </b></td></tr><tr><td height="17" width="341" align="left"> </td><td height="17" width="180" align="left"><b> </b></td><td height="17" width="106" align="left"><b> </b></td><td height="17" width="106" align="right"><b>2009 </b></td></tr><tr><td height="17" width="341" align="left"> </td><td height="17" width="180" align="left"><b> </b></td><td height="17" width="106" align="left"><b> </b></td><td height="17" width="106" align="right"><b>$’M</b></td></tr><tr><td height="17" width="341" align="left"> </td><td height="17" width="180" align="left"> </td><td height="17" width="106" align="left"> </td><td height="17" width="106" align="right">_____________</td></tr><tr><td height="17" width="341" align="left">Foreign exchange contracts</td><td height="17" width="180" align="left">Other income/(expense), net</td><td height="17" width="106" align="left"> </td><td height="17" width="106" align="right">(1.4)</td></tr><tr><td height="11" width="341" align="left"> </td><td height="11" width="180" align="left"> </td><td height="11" width="106" align="left"> </td><td height="11" width="106" align="right">_____________</td></tr></table><p>These net foreign exchange losses are offset within Other income/(expense) by net foreign exchange gains arising on the balance sheet items that these contracts were put in place to manage. </p></div>
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<us-gaap:FairValueDisclosuresTextBlock id="ID_4699" contextRef="FROM_Jan01_2009_TO_Dec31_2009">
<div style="font-size:12pt"><p>22.        Fair value measurement <br /><br />Assets and liabilities that are measured at fair value on a recurring basis<br /><br />The following financial assets and liabilities are measured at fair value on a recurring basis using quoted prices in active markets for identical assets (Level 1); significant other observable inputs (Level 2); and significant unobservable inputs (Level 3).</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="205" align="left"><b> </b><sup><b></b></sup></td><td height="17" width="94" align="right"><b>Carrying</b></td><td width="400" align="center" height="17" colspan="4"><b>Fair value</b></td></tr><tr><td height="17" width="205" align="left"><b> </b><sup><b></b></sup></td><td height="17" width="94" align="right"><b>value</b></td><td height="17" width="100" align="center"><b> </b></td><td height="17" width="100" align="center"><b> </b></td><td height="17" width="100" align="center"><b> </b></td><td height="17" width="100" align="center"><b> </b></td></tr><tr><td height="17" width="205" align="left"><b> </b><sup><b></b></sup></td><td height="17" width="94" align="right"><b> </b></td><td height="17" width="100" align="right"><b>Total</b></td><td height="17" width="100" align="right"><b>Level 1</b></td><td height="17" width="100" align="right"><b>Level 2</b></td><td height="17" width="100" align="right"><b>Level 3</b></td></tr><tr><td height="17" width="205" align="left"><b> </b><sup><b></b></sup></td><td height="17" width="94" align="right"><b>$'M</b></td><td height="17" width="100" align="right"><b>$'M</b></td><td height="17" width="100" align="right"><b>$'M</b></td><td height="17" width="100" align="right"><b>$'M</b></td><td height="17" width="100" align="right"><b>$'M</b></td></tr><tr><td height="11" width="205" align="right"> <sup></sup></td><td height="11" width="94" align="right">____________</td><td height="11" width="100" align="right">____________</td><td height="11" width="100" align="right">___________</td><td height="11" width="100" align="right">___________</td><td height="11" width="100" align="right">___________</td></tr><tr><td height="17" width="205" align="left">Financial assets:<sup></sup></td><td height="17" width="94" align="right"> </td><td height="17" width="100" align="right"> </td><td height="17" width="100" align="right"> </td><td height="17" width="100" align="right"> </td><td height="17" width="100" align="right"> </td></tr><tr><td height="19" width="205" align="left">Available-for-sale securities<sup>(1)</sup></td><td height="19" width="94" align="right">87.0 </td><td height="19" width="100" align="right">87.0 </td><td height="19" width="100" align="right">87.0 </td><td height="19" width="100" align="right">-  </td><td height="19" width="100" align="right">-  </td></tr><tr><td height="17" width="205" align="left">Foreign exchange contracts<sup></sup></td><td height="17" width="94" align="right">5.4 </td><td height="17" width="100" align="right">5.4 </td><td height="17" width="100" align="right">-  </td><td height="17" width="100" align="right">5.4 </td><td height="17" width="100" align="right">-  </td></tr><tr><td height="17" width="205" align="left"> <sup></sup></td><td height="17" width="94" align="right"> </td><td height="17" width="100" align="right"> </td><td height="17" width="100" align="right"> </td><td height="17" width="100" align="right"> </td><td height="17" width="100" align="right"> </td></tr><tr><td height="17" width="205" align="left">Financial liabilities:<sup></sup></td><td height="17" width="94" align="right"> </td><td height="17" width="100" align="right"> </td><td height="17" width="100" align="right"> </td><td height="17" width="100" align="right"> </td><td height="17" width="100" align="right"> </td></tr><tr><td height="17" width="205" align="left">Foreign exchange contracts<sup></sup></td><td height="17" width="94" align="right">1.2 </td><td height="17" width="100" align="right">1.2 </td><td height="17" width="100" align="right">-  </td><td height="17" width="100" align="right">1.2 </td><td height="17" width="100" align="right">-  </td></tr><tr><td height="11" width="205" align="right"> <sup></sup></td><td height="11" width="94" align="right">____________</td><td height="11" width="100" align="right">____________</td><td height="11" width="100" align="right">___________</td><td height="11" width="100" align="right">___________</td><td height="11" width="100" align="right">___________</td></tr></table><p>(1)        Available-for-sale securities are included within Investments in the consolidated balance sheet.<br /><br />Certain estimates and judgments were required to develop the fair value amounts. The fair value amounts shown above are not necessarily indicative of the amounts that the Company would realize upon disposition, nor do they indicate the Company’s intent or ability to dispose of the financial instrument.<br /><br />The following methods and assumptions were used to estimate the fair value of each material class of financial instrument:<br /><br /></p><ul><li>Available-for-sale securities – the fair values of available-for-sale securities are estimated based on quoted market prices for those investments. <br /></li><li>Foreign exchange contracts – the fair value of the swap and forward foreign exchange contracts has been determined using an income approach based on current market expectations about the future cash flows.<br /></li></ul><p><br />Assets and liabilities that have been measured at fair value on a non-recurring basis (after initial recognition)<br /><br />As outlined in Note 19, the building financing obligation for leased property in Lexington, Massachusetts was substantially modified in the year to December 31, 2009, by extension of the term of the relevant underlying lease on July 31, 2009. The existing liability of $45.1 million was derecognized, and a building financing obligation of $39.4 million was recorded, such liability measured using the fair value of the liability under the revised terms. This extension of the term of the building finance obligation was treated as a substantial modification resulting in a gain of $5.7 million, which has been recorded within Other income/(expense), net.<br /><br />The fair value of the building financing obligation was estimated based on the present value of the contractual cash flows under the revised lease and the estimated residual value of the property at the end of the lease term, such payments being discounted at a risk-free interest rate adjusted for Shire’s credit risk. The fair value measurement falls within Level 3 of the fair value hierarchy because the estimate of Shire’s credit risk was based on a significant unobservable input.</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="19" width="386" align="left"><b>  </b></td><td height="19" width="17" align="right"><b> </b></td><td width="300" align="center" colspan="4" style="border-bottom: 1px solid #000000;" height="19"><b>Fair Value at Measurement Date</b></td></tr><tr><td height="19" width="386" align="left"><b>  </b></td><td height="19" width="17" align="right"><b> </b></td><td height="19" style="border-top: 1px solid #000000;" align="center" width="75"><b> </b></td><td height="19" style="border-top: 1px solid #000000;" align="center" width="75"><b> </b></td><td height="19" style="border-top: 1px solid #000000;" align="center" width="75"><b> </b></td><td height="19" style="border-top: 1px solid #000000;" align="center" width="75"><b> </b></td></tr><tr><td height="17" width="386" align="left"><b>  </b></td><td height="17" width="17" align="right"><b> </b></td><td height="17" width="75" align="right"><b>Total</b></td><td height="17" width="75" align="right"><b>Level 1</b></td><td height="17" width="75" align="right"><b>Level 2</b></td><td height="17" width="75" align="right"><b>Level 3</b></td></tr><tr><td height="19" width="386" align="left"><b>  </b></td><td height="19" width="17" align="right"><b> </b></td><td height="19" width="75" align="right"><b>$'M</b></td><td height="19" width="75" align="right"><b>$'M</b></td><td height="19" width="75" align="right"><b>$'M</b></td><td height="19" width="75" align="right"><b>$'M</b></td></tr><tr><td height="17" width="386" align="right">  </td><td height="17" width="17" align="right"> </td><td height="17" width="75" align="right">____________</td><td height="17" width="75" align="right">___________</td><td height="17" width="75" align="right">___________</td><td height="17" width="75" align="right">___________</td></tr><tr><td height="19" width="386" align="left">Building financing obligation</td><td height="19" width="17" align="right"> </td><td height="19" width="75" align="right">39.4 </td><td height="19" width="75" align="right">-</td><td height="19" width="75" align="right">- </td><td height="19" width="75" align="right">39.4 </td></tr><tr><td height="19" width="386" align="left"> </td><td height="19" width="17" align="right"> </td><td height="19" width="75" align="right">____________</td><td height="19" width="75" align="right">____________</td><td height="19" width="75" align="right">____________</td><td height="19" width="75" align="center">____________</td></tr></table><p>Financial assets and liabilities that are not measured at fair value on a recurring basis<br /><br />The carrying amounts and estimated fair values as at December 31, 2009 and 2008 of the Company’s financial assets and liabilities which are not measured at fair value on a recurring basis are as follows:</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="278" align="left"><b> </b></td><td height="17" width="19" align="left"><b> </b></td><td width="199" align="center" height="17" colspan="2"><b>December 31, 2009</b></td><td width="200" align="center" height="17" colspan="2"><b>December 31, 2008</b></td></tr><tr><td height="17" width="278" align="left"><b> </b></td><td height="17" width="19" align="left"><b> </b></td><td height="17" width="100" align="right"><b>Carrying</b></td><td height="17" width="99" align="right"><b> </b></td><td height="17" width="100" align="right"><b>Carrying</b></td><td height="17" width="100" align="right"><b> </b></td></tr><tr><td height="17" width="278" align="left"><b> </b></td><td height="17" width="19" align="left"><b> </b></td><td height="17" width="100" align="right"><b>amount</b></td><td height="17" width="99" align="right"><b>Fair value</b></td><td height="17" width="100" align="right"><b>amount</b></td><td height="17" width="100" align="right"><b>Fair value </b></td></tr><tr><td height="17" width="278" align="left"><b> </b></td><td height="17" width="19" align="left"><b> </b></td><td height="17" width="100" align="right"><b>$’M</b></td><td height="17" width="99" align="right"><b>$’M</b></td><td height="17" width="100" align="right"><b>$’M</b></td><td height="17" width="100" align="right"><b>$’M</b></td></tr><tr><td height="11" width="278" align="right"> </td><td height="11" width="19" align="right"> </td><td height="11" width="100" align="right">____________</td><td height="11" width="99" align="right">____________</td><td height="11" width="100" align="right">____________</td><td height="11" width="100" align="right">___________</td></tr><tr><td height="17" width="278" align="right"> </td><td height="17" width="19" align="right"> </td><td height="17" width="100" align="right"> </td><td height="17" width="99" align="right"> </td><td height="17" width="100" align="right"> </td><td height="17" width="100" align="right"> </td></tr><tr><td height="17" width="278" align="left">Financial assets:</td><td height="17" width="19" align="left"> </td><td height="17" width="100" align="right"> </td><td height="17" width="99" align="right"> </td><td height="17" width="100" align="right"> </td><td height="17" width="100" align="right"> </td></tr><tr><td height="17" width="278" align="left">Option over Avexa shares</td><td height="17" width="19" align="left"> </td><td height="17" width="100" align="right">-  </td><td height="17" width="99" align="right">0.1 </td><td height="17" width="100" align="right">-  </td><td height="17" width="100" align="right">-  </td></tr><tr><td height="17" width="278" align="left"> </td><td height="17" width="19" align="left"> </td><td height="17" width="100" align="right"> </td><td height="17" width="99" align="right"> </td><td height="17" width="100" align="right"> </td><td height="17" width="100" align="right"> </td></tr><tr><td height="17" width="278" align="left">Financial liabilities:</td><td height="17" width="19" align="left"> </td><td height="17" width="100" align="right"> </td><td height="17" width="99" align="right"> </td><td height="17" width="100" align="right"> </td><td height="17" width="100" align="right"> </td></tr><tr><td height="17" width="278" align="left">Convertible bonds</td><td height="17" width="19" align="left"> </td><td height="17" width="100" align="right">1,100.0 </td><td height="17" width="99" align="right">1,067.0 </td><td height="17" width="100" align="right">1,100.0 </td><td height="17" width="100" align="right">892.9 </td></tr><tr><td height="17" width="278" align="left">Building financing obligation</td><td height="17" width="19" align="left"> </td><td height="17" width="100" align="right">46.7 </td><td height="17" width="99" align="right">47.3 </td><td height="17" width="100" align="right">45.6 </td><td height="17" width="100" align="right">40.7 </td></tr><tr><td height="11" width="278" align="right"> </td><td height="11" width="19" align="right"> </td><td height="11" width="100" align="right">____________</td><td height="11" width="99" align="right">____________</td><td height="11" width="100" align="right">____________</td><td height="11" width="100" align="right">___________</td></tr></table><p>Certain estimates and judgments were required to develop the fair value amounts. The fair value amounts shown above are not necessarily indicative of the amounts that the Company would realize upon disposition, nor do they indicate the Company’s intent or ability to dispose of the financial instrument.<br /><br />The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate to fair value because of the short-term maturity of these amounts. <br /><br />The following methods and assumptions were used to estimate the fair value of each material class of financial instrument:<br /><br />1.        Option over Avexa shares - the fair values of the Avexa shares are based on quoted market prices for the shares.<br /><br />2.        Convertible bonds – the fair value of Shire $1,100 million 2.75% convertible bonds due 2014 is estimated by reference to the market price of the instrument as the convertible bonds are publicly traded.<br /><br />3.        Building financing obligations - the fair value of building financing obligations are estimated based on the present value of future cash flows, and an estimate of the residual value of the underlying property at the end of the lease term, associated with these obligations.</p></div>
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<us-gaap:CommitmentsAndContingenciesDisclosureTextBlock id="ID_5733" contextRef="FROM_Jan01_2009_TO_Dec31_2009">
<div style="font-size:12pt"><p>23.        Commitments and contingencies<br /><br />(a)        Leases<br /><br />Future minimum lease payments under operating leases at December 31, 2009 are presented below:</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="567" align="left"> </td><td height="17" width="110" align="right"><b>Operating</b></td></tr><tr><td height="17" width="567" align="left"> </td><td height="17" width="110" align="right"><b>leases</b></td></tr><tr><td height="17" width="567" align="left"> </td><td height="17" width="110" align="right"><b>$’M</b></td></tr><tr><td height="15" width="567" align="left"> </td><td height="15" width="110" align="right">_____________</td></tr><tr><td height="17" width="567" align="right">2010 </td><td height="17" width="110" align="right">31.1 </td></tr><tr><td height="17" width="567" align="right">2011 </td><td height="17" width="110" align="right">22.9 </td></tr><tr><td height="17" width="567" align="right">2012 </td><td height="17" width="110" align="right">20.3 </td></tr><tr><td height="17" width="567" align="right">2013 </td><td height="17" width="110" align="right">19.0 </td></tr><tr><td height="17" width="567" align="right">2014 </td><td height="17" width="110" align="right">18.8 </td></tr><tr><td height="17" width="567" align="left">Thereafter</td><td height="17" width="110" align="right">101.2 </td></tr><tr><td height="15" width="567" align="left"> </td><td height="15" width="110" align="right">_____________</td></tr><tr><td height="19" width="567" align="left"> </td><td height="19" width="110" align="right">213.3 </td></tr><tr><td height="15" width="567" align="left"> </td><td height="15" width="110" align="right">_____________</td></tr></table><p>(i)        Operating leases<br /><br />The Company leases land, facilities, motor vehicles and certain equipment under operating leases expiring through 2027. Lease and rental expense amounted to $35.5 million, $32.6 million and $28.0 million for the years to December 31, 2009, 2008 and 2007, which is predominately included in Selling, general and administrative expenses in the consolidated statements of operations.<br /><br />(b)        Letters of credit and guarantees<br /><br />At December 31, 2009 the Company had irrevocable standby letters of credit and guarantees with various banks in the amount of $15.1 million, providing security for the company’s performance of various obligations. These obligations are primarily in respect of the recoverability of insurance claims, lease obligations and supply commitments. The Company has restricted cash of $9.2 million, as required by these letters of credit.<br /><br />(c)        Collaborative arrangements<br /><br />In-licensing arrangements<br /><br />(i)        Research Collaboration with Santaris Pharma A/S (“Santaris”) on Locked Nucleic Acid (“LNA”) Drug Platform <br /><br />On August 24, 2009 Shire announced that it had entered into a research collaboration with Santaris, to develop its proprietary LNA technology in a range of rare diseases. LNA technology has the benefit of shortened target validation and proof of concept, potentially increasing the speed and lowering the cost of development. As part of the joint research project Santaris will design, develop and deliver pre-clinical LNA oligonucleotides for Shire-selected orphan disease targets, and Shire will have the exclusive right to further develop and commercialize these candidate compounds on a worldwide basis.<br /><br />In the year to December 31, 2009 Shire made an upfront payment of $6.5 million to Santaris, for technology access and R&D funding, which has been expensed to R&D. Shire has remaining obligations to pay Santaris a further $13.5 million subject to certain success criteria, and development and sales milestones up to a maximum of $72 million for each indication. Shire will also pay single or double digit tiered royalties on net sales of the product.<br />Shire and Santaris have formed a joint research committee to monitor R&D activities through preclinical Lead Candidate selection at which point all development and commercialization costs will be the responsibility of Shire.<br /><br />(ii)        JUVISTA<br /><br />On June 19, 2007 Shire signed an agreement with Renovo Limited (“Renovo”) to develop and commercialize JUVISTA, Renovo’s novel drug candidate being investigated for the reduction of scarring in connection with surgery. Renovo has commenced its first pivotal Phase 3 clinical trial in Europe. Under the terms of the agreement, Shire has the exclusive right to commercialize JUVISTA worldwide, with the exception of the EU member states. <br /><br />Shire has remaining obligations to pay Renovo $25 million on the filing of JUVISTA with the FDA; up to $150 million on FDA approval; royalties on net sales of JUVISTA; and up to $525 million on the achievement of very significant sales targets.<br /><br />Shire paid Renovo $75 million, which was expensed as R&D in 2007, and made an equity investment in Renovo Group plc of $50 million. Shire will bear the cost of clinical trials designed specifically for obtaining US regulatory approval. Renovo will bear the costs of clinical trials designed specifically for obtaining EU regulatory approval. Shire and Renovo will share equally the costs of conducting clinical trials that are designed for obtaining both US and EU regulatory approvals. In the year to December 31, 2009 Shire made payments to Renovo of $3.9 million (2008: $7.4 million, 2007: $1.9 million) which has been charged by Shire to R&D.<br /><br />(iii)        Alba Therapeutics Corporation (“Alba”) <br /><br />Shire acquired worldwide rights from Alba to SPD 550, also known as AT-1001, in markets outside of the US and Japan in December 2007. Shire paid an upfront fee of $25 million, which was expensed to R&D in 2007. Alba funded all development until Proof of Concept was completed, after which Shire and Alba equally shared development costs under a joint development plan. In the year to December 31, 2009 Shire paid $nil for reimbursement of shared development costs (2008: $0.5 million; 2007: $nil). On November 15, 2009 following the review of Phase 2 data, Shire terminated the collaboration agreement and returned the rights to SPD 550 to Alba. <br /><br />(iv)        Amicus collaboration for the development of pharmacological chaperones <br /><br />On November 7, 2007 Shire licensed from Amicus the rights to three pharmacological chaperone compounds in markets outside of the US: AMIGAL (HGT-3310) for Fabry disease, PLICERA (HGT-3410) for Gaucher Disease and HGT-3510 (formerly referred to as AT2220) for Pompe disease which were in clinical development. Shire paid Amicus an upfront fee of $50 million, which was expensed to R&D in 2007. On October 29, 2009, Shire and Amicus mutually agreed to terminate the collaboration and to return all rights for the three products to Amicus. In the year to December 31, 2009 Shire paid $18.8 million to Amicus (2008: $18.5 million; 2007: $nil).<br /><br />(v)        Women’s Health Products<br /><br />In August 2006, Shire and Duramed entered into an agreement related to certain Collaboration Products. Under this agreement, Shire was required to reimburse Duramed for US development expenses incurred in respect of the Collaboration Products up to a maximum of $140 million over eight years from September 2006, and Shire had the right to commercialize these products in a number of markets outside of North America, including the larger European markets. US development expenses reimbursed in the year ended December 31, 2008 and 2007 totaled $30.0 million and $15.9 million respectively.<br /><br />On February 24, 2009 Shire and Duramed amended this agreement and it terminated on December 31, 2009. Pursuant to this amendment, Shire agreed to return to Duramed its rights under the agreement effective February 24, 2009. For further information on this amendment see Note 4.<br /><br />Out-licensing arrangements<br /><br />Shire has entered into various collaborative arrangements under which Shire has out-licensed certain product or intellectual property rights for consideration such as up-front payments, development milestones, sales milestones and/or royalty payments. In certain of these arrangements Shire and the licensee are both actively involved in the development and commercialization of the licensed product and have exposure to risks and rewards dependent on its commercial success. In the year to December 31, 2009 Shire received milestone payments totaling $4.0 million (2008: $9.0 million, 2007: $10.0 million) and these payments will be recognized in Other revenues. In the year to December 31, 2009 Shire also recognized milestone income of $8.8 million (2008: $4.2 million, 2007: $1.9 million) within Other revenues and Product sales of $29.4 million (2008: $24.3 million, 2007: $2.3 million) for shipment of product to the relevant licensee.<br /><br />Co-promotion agreements<br /><br />(i)        VYVANSE<br /><br />On March 31, 2009 Shire announced a co-promotion agreement with GSK for VYVANSE with the aim of improving recognition and treatment of ADHD in adults. The three year agreement covers the United States and will more than double the reach and frequency of the current sales effort for VYVANSE. The agreement is based on profit sharing above an agreed upon baseline and these profit share payments will be included within Selling, general and administrative costs. <br /><br />(ii)        LIALDA <br /><br />In the first quarter of 2009 Shire terminated the agreement with Takeda Pharmaceuticals North America, Inc., successor to TAP Pharmaceutical Products, Inc., relating to the co-promotion of LIALDA in the US.<br /><br />(d)        Commitments<br /><br /><br />(i)        Clinical testing <br /><br />At December 31, 2009 the Company had committed to pay approximately $183.9 million (2008: $99.5 million) to contract vendors for administering and executing clinical trials. The Company expects to pay $104.1 million of these commitments in 2010 (2008: $40.7 million in 2009). However, the timing of these payments is dependent upon actual services performed by the organizations as determined by patient enrollment levels and related activities.<br /><br />(ii)        Contract manufacturing<br /><br />At December 31, 2009 the Company had committed to pay approximately $152.3 million (2008: $67.0 million) in respect of contract manufacturing. The Company expects to pay $77.3 million of these commitments in 2010 (2008: $66.9 million in 2009). <br /><br />(iii)        Purchase, service and marketing commitments<br /><br />At December 31, 2009 the Company had committed to pay approximately $22.9 million (2008: $42.6 million) for future purchases and services, predominantly relating to active pharmaceutical ingredients sourcing and IT outsourcing. The Company expects to pay $21.0 million of these commitments in 2010 (2008: $42.4 million in 2009).<br /><br />(iv)        Investment commitments<br /><br />At December 31, 2009 the Company had outstanding commitments to subscribe for interests in companies and partnerships for amounts totaling $5.4 million (2008: $5.7 million) which may all be payable in 2010, depending on the timing of capital calls.<br /><br />(v)        Capital commitments<br /><br />At December 31, 2009 the Company had committed to spend $41.4 million (2008: $95.4 million) on capital projects. This includes commitments for the expansion and modification of its offices in its HGT campus in Lexington, Massachusetts.<br /><br />Legal proceedings<br /><br />General<br /><br />The Company recognizes loss contingency provisions for probable losses when management is able to reasonably estimate the loss. Where the estimated loss lies within a range and no particular amount within that range is a better estimate than any other amount, the minimum amount is recorded. In other cases management's best estimate of the loss is recorded. These estimates are developed substantially before the ultimate loss is known and the estimates are refined in each accounting period in light of additional information becoming known. In instances where the Company is unable to develop a reasonable estimate of loss, no litigation loss is recorded at that time. As information becomes known a loss provision is set up when a reasonable estimate can be made. The estimates are reviewed quarterly and the estimates are changed when expectations are revised. Any outcome upon settlement that deviates from the Company’s estimate may result in an additional expense in a future accounting period. At December 31, 2009 provisions for litigation losses, insurance claims and other disputes totaled $20.1 million (2008: $20.8 million).<br /><br />Specific<br /><br />CARBATROL<br /><br />(i)        Nostrum <br /><br />In August 2003, the Company was notified that Nostrum Pharmaceuticals, Inc. (“Nostrum”) had submitted an abbreviated new drug application (“ANDA”) under the Hatch-Waxman Act seeking permission to market its generic version of the 300mg strength of CARBATROL (Nostrum’s ANDA product) prior to the expiration date of the Company’s Orange Book listed patents for CARBATROL, US patent No. 5,912,013 (“the ‘013 Patent”) and US patent No. 5,326,570 (“the ‘570 Patent”). On September 18, 2003, Shire filed suit against Nostrum in the US District Court for the District of New Jersey alleging infringement of these two patents by Nostrum’s ANDA and ANDA product. Pursuant to the Hatch-Waxman Act, there was a 30 month stay of approval of Nostrum’s ANDA product which expired in February 2006. Nostrum could be in a position to market its 300mg extended-release carbamazepine product upon FDA final approval of its ANDA. On January 23, 2004 the Company amended the complaint to drop the allegations with respect to the ‘013 Patent while maintaining the suit with respect to the ‘570 Patent. On July 17, 2006 the court entered an order staying discovery.<br /><br />In May 2008, the Company was notified that Nostrum had submitted an amendment to the above referenced ANDA seeking permission to market its generic versions of the 100mg and 200mg strengths of CARBATROL prior to the expiration date of the Company’s ‘013 and ‘570 Patents. On July 2, 2008 Shire filed suit against Nostrum in the US District Court for the District of New Jersey alleging infringement of these two patents by Nostrum’s ANDA and ANDA products. Pursuant to the Hatch-Waxman Act, there is a 30 month stay with respect to Nostrum’s 100mg and 200mg ANDA products which will expire in November 2010. This case was referenced as related to the earlier filed case on Nostrum’s 300 mg product and has been assigned to the same Judge as the earlier ongoing case. In a December 15, 2008 decision the court decided that the two cases should proceed separately. No discovery schedule or trial date has been set for either case.<br /><br />(ii)        Corepharma LLC, Teva, Apotex Corp. and Apotex Pharmaceutical Holdings, Inc. (collectively “Apotex”) and Actavis South Atlantic LLC<br /><br />During the course of 2009, Shire settled lawsuits with each of Corepharma, Teva, Apotex and Actavis South Atlantic LLC relating to their respective ANDAs seeking approval to market generic versions of CARBATROL. No payments to these companies are involved in the settlements. As required by law, the Company has submitted to the US Federal Trade Commission and the US Department of Justice all of the agreements entered into as part of these settlements.<br /><br />ADDERALL XR<br /><br />(i)        Sandoz<br /><br />During the course of 2009, Shire settled its lawsuit with Sandoz relating to its ANDA seeking approval to market generic versions of ADDERALL XR. No payments to Sandoz are involved in the settlement. As required by law, the Company has submitted to the US Federal Trade Commission and the US Department of Justice all of the agreements entered into as part of this settlement.<br /><br />(ii)        Teva<br /><br />On October 19, 2009 Teva filed suit in the US District Court for the Southern District of New York against Shire claiming that Shire was in breach of its supply contract for the authorized generic version of ADDERALL XR. Shire has been supplying Teva with authorized generic ADDERALL XR since April 1, 2009. Shire’s ability to supply this product, however, is limited by quota restrictions that the US Drug Enforcement Administration (“DEA”) places on amphetamine, which is the product’s active ingredient. After the lawsuit was filed, DEA granted Shire additional quota for 2009, allowing Shire to supply Teva with additional product. On December 2, 2009 Shire announced that Teva has dismissed its lawsuit, including Teva’s claims for monetary damages, specific performance and equitable relief. No consideration was exchanged by the parties as part of the settlement.<br /><br />REMINYL<br /><br />Generics UK Limited (“Generics UK”) commenced an action in 2007 against the UK Medicines and Healthcare products Regulatory Agency (“MHRA”) seeking judicial review of the MHRA’s application of data exclusivity for REMINYL and the MHRA’s corresponding refusal to grant Generics UK a marketing authorization for a generic version of REMINYL. This case was referred to the European Court of Justice (“ECJ”) which decided the case in favor of the MHRA and upheld data exclusivity for REMINYL until March 2010.<br /><br />In separate proceedings, Generics UK commenced an action in the UK seeking a declaration to nullify the Supplementary Protection Certificate (“SPC”) for EP 236684 (the patent that claims the use of galantamine for the treatment of Alzheimer’s disease). This case was heard in December 2008, and the court’s decision upholding the SPC (which extends the patent’s term to January 2012) was handed down on May 20, 2009. Generics UK’s appeal of that decision was heard on October 14, 2009 the result of which was that the case was referred to the ECJ.<br /><br />FOSRENOL<br /><br />In February 2009 Shire was notified that three separate ANDAs were submitted under the Hatch-Waxman Act seeking permission to market generic versions of 500mg, 750mg and 1,000mg strengths of FOSRENOL. The notices were received from Barr Laboratories, Inc. (“Barr”), Mylan, Inc., Mylan Pharmaceuticals, Inc. and Matrix Laboratories, Inc. (collectively “Mylan”) and Natco Pharma Limited (“Natco”) and related to ANDAs for generic versions of 500mg, 750mg and 1,000mg FOSRENOL. Within the requisite 45 day period, Shire filed lawsuits in the US District Court of the Southern District of New York against each of Barr, Mylan and Natco for infringement of certain of Shire’s FOSRENOL patents. The filing of the lawsuits triggered a stay of approval of these ANDAs for up to 30 months. The lawsuits have been consolidated into a single case. A Markman hearing is scheduled to occur on May 5, 2010. No trial date has been set.<br /><br />VYVANSE<br /><br />On February 24, 2009 Actavis Elizabeth LLC brought a lawsuit against the FDA seeking to overturn the FDA's decision granting new chemical entity exclusivity to VYVANSE. Shire has intervened in the lawsuit. On October 23, 2009, following a period for public comment, the FDA issued a letter setting forth its analysis of the legal and regulatory issues and reaffirming its decision that VYVANSE is entitled to new chemical entity exclusivity. A hearing on cross-motions for summary judgment was held on February 17, 2010. No rulings on the cross-motions were made at the hearing.<br /><br />Subpoena related to ADDERALL XR, DAYTRANA and VYVANSE<br /><br />On September 23, 2009 the Company received a subpoena from the US Department of Health and Human Services Office of Inspector General in coordination with the US Attorney for the Eastern District of Pennsylvania seeking production of documents related to the sales and marketing of ADDERALL XR, DAYTRANA and VYVANSE. The Company is cooperating with this investigation.</p></div>
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<us-gaap:StockholdersEquityNoteDisclosureTextBlock id="ID_4710" contextRef="FROM_Jan01_2009_TO_Dec31_2009">
<div style="font-size:12pt"><p>24.        Shareholders’ equity<br /><br />Authorized common stock<br /><br />The authorized stock of Shire plc as at December 31, 2009 was 1,000,000,000 ordinary shares and 2 subscriber ordinary shares.<br /><br />On February 20, 2007 the Company raised $877.3 million, net of associated issue costs, through the private placement of 42.9 million new ordinary shares to certain institutional investors at a price of 1075 pence per share. The newly issued shares represented approximately 8.4 per cent of Shire plc’s issued ordinary share capital prior to the placing.<br /><br />Dividends<br /><br />Under Jersey law, Shire plc is entitled to make payments of dividends from its accumulated profits and other distributable reserves. At December 31, 2009 Shire plc’s distributable reserves were approximately $3.7 billion.<br /><br />Treasury stock <br /><br />The Company records the purchase of its own shares by the ESOT as a reduction of shareholders’ equity based on the price paid for the shares. At December 31, 2009, the ESOT held 5.8 million ordinary shares (2008: 7.3 million; 2007: 8.5 million) and 4.0 million ADSs (2008: 4.5 million; 2007: 1.8 million). During the year to December 31, 2009 a total of 0.1 million (2008: 0.2 million; 2007: 3.0 million) ordinary shares and 0.02 million (2008: 2.8 million; 2007: 1.8 million) ADSs had been purchased for total consideration of $1.0 million (2008: $146.6 million; 2007: $186.0 million), including stamp duty and broker commission. <br /><br />Income Access Share Arrangements (“IAS Trust”)<br /><br />Shire has put into place the IAS Trust which enables Shire ordinary shareholders, other than Shire ADS holders, to elect to receive their dividends either from a company resident for tax purposes in the Republic of Ireland from a Shire group company resident for tax purposes in the UK. <br /><br />Old Shire has issued one income access share to the IAS Trust which is held by the income access share trustee. The mechanics of the arrangements are as follows:<br /><br />(i)        If a dividend is announced or declared by Shire plc on the Shire ordinary shares, an amount is paid by Old Shire by way of a dividend on the income access share to the income access share trustee, and such amount is paid by the income access share trustee to the Shire ordinary shareholders who have elected (or are deemed to have elected) to receive dividends under these arrangements. The dividend which would otherwise be payable by Shire to such Shire ordinary shareholders will be reduced by an amount equal to the amount paid to such Shire ordinary shareholders by the income access share trustee.<br /><br />(ii)        If the dividend paid on the income access share and on-paid by the income access share trustee to the Shire ordinary shareholders is less than the total amount of the dividend announced or declared by Shire on the Shire ordinary shares, Shire will be obliged to pay a dividend on the Shire ordinary shares equivalent to the amount of the shortfall. In such a case, any dividend paid on the Shire ordinary shares will generally be subject to Irish withholding tax at the rate of 20% or such lower rate as may be applicable under exemptions from withholding tax contained in Irish law.<br /><br />(iii)        A Shire ordinary shareholder is entitled to make an income access share election such that he will receive his dividends (which would otherwise be payable by Shire) under these arrangements from Old Shire.<br /><br />(iv)        A Shire ordinary shareholder who held 25,000 or fewer Shire ordinary shares at the time he became a Shire ordinary shareholder pursuant to the court sanctioned Scheme of Arrangement, and who did not make a contrary election, is deemed to have made an election (pursuant to the Shire articles of association) such that he will receive his dividends under these arrangements from Old Shire.<br /><br />The ADS Depositary has made an election on behalf of all holders of Shire ADSs such that they will receive dividends from Old Shire under the income access share arrangements. Dividends paid by Old Shire under the income access share arrangements will not under current legislation be subject to any UK or Irish withholding taxes. If a holder of Shire ADSs does not wish to receive dividends from Old Shire under the income access share arrangements, he must withdraw his Shire ordinary shares from the Shire ADS program prior to the dividend record date set by the Depositary and request delivery of the Shire ordinary shares. This will enable him to receive dividends from Shire (if necessary, by making an election to that effect).<br /><br />It is the expectation, although there can be no certainty, that Old Shire will distribute dividends on the income access share to the income access share trustee for the benefit of all Shire ordinary shareholders who make (or are deemed to make) an income access share election in an amount equal to what would have been such Shire ordinary shareholders’ entitlement to dividends from Shire in the absence of the income access share election. If any dividend paid on the income access share and or paid to the Shire ordinary shareholders is less than such ordinary shareholders’ entitlement to dividends from Shire in the absence of the income access share election, the dividend on the income access share will be allocated pro rata among the Shire Ordinary shareholders and Shire will pay the balance by way of dividend. In such circumstances, there will be no grossing up by Shire in respect of, and Old Shire and Shire will not compensate those Shire ordinary shareholders for, any adverse consequences including any Irish withholding tax consequences. <br /><br />Shire will be able to suspend or terminate these arrangements at any time, in which case the full Shire dividend will be paid directly by Shire to those Shire ordinary shareholders (including the Depositary) who have made (or are deemed to have made) an income access share election. In such circumstances, there will be no grossing up by Shire in respect of, and Old Shire and Shire will not compensate those Shire ordinary shareholders for, any adverse consequences including any Irish withholding tax consequences.<br /><br />In the year to December 31, 2009 Old Shire paid dividends totaling $45.9 million (2008: $7.2 million) on the income access share to the income access share trustee in an amount equal to the dividend Shire ordinary shareholders would have received from Shire.<br /><br />Exchangeable shares<br /><br />On February 12, 2008 a subsidiary of Shire exercised a redemption call right and purchased all remaining exchangeable shares of Shire Acquisition Inc. in public ownership. Exchangeable shareholders received either three ordinary shares of Shire plc or one Shire ADS representing three ordinary shares of Shire plc for each Exchangeable Share held. Exchangeable Shares were issued to Canadian resident shareholders of Biochem Pharma Inc. (now Shire Canada, Inc.) in 2001 as consideration for the acquisition by the Shire group of Biochem Pharma Inc. The Exchangeable Shares were delisted from the Toronto Stock Exchange during 2008.<br /></p></div>
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<us-gaap:EarningsPerShareTextBlock id="ID_4712" contextRef="FROM_Jan01_2009_TO_Dec31_2009">
<div style="font-size:12pt"><p>25.        Earnings per share<br /><br />The following table reconciles net income/(loss) attributable to Shire plc and the weighted average ordinary shares outstanding for basic and diluted earnings per share for the periods presented:</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="414" align="left"><b>Year to December 31,</b><sup></sup></td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td></tr><tr><td height="17" width="414" align="left"> <sup></sup></td><td height="17" width="103" align="right"><b>2009 </b></td><td height="17" width="103" align="right"><b>2008 </b></td><td height="17" width="103" align="right"><b>2007 </b></td></tr><tr><td height="17" width="414" align="left">Amounts attributable to Shire plc shareholders<sup></sup></td><td height="17" width="103" align="right"><b>$’M</b></td><td height="17" width="103" align="right"><b>$’M</b></td><td height="17" width="103" align="right"><b>$’M</b></td></tr><tr><td height="11" width="414" align="left"> <sup></sup></td><td height="11" width="103" align="right">_________________</td><td height="11" width="103" align="right">_________________</td><td height="11" width="103" align="right">_________________</td></tr><tr><td height="17" width="414" align="left">Income/(loss) from continuing operations, net of taxes<sup></sup></td><td height="17" width="103" align="right">503.8 </td><td height="17" width="103" align="right">170.0 </td><td height="17" width="103" align="right">(1,451.8)</td></tr><tr><td height="17" width="414" align="left">Loss from discontinued operations <sup></sup></td><td height="17" width="103" align="right">(12.4)</td><td height="17" width="103" align="right">(17.6)</td><td height="17" width="103" align="right">-  </td></tr><tr><td height="17" width="414" align="left">Net loss attributable to noncontrolling interest in subsidiaries<sup></sup></td><td height="17" width="103" align="right">0.2 </td><td height="17" width="103" align="right">3.6 </td><td height="17" width="103" align="right">-  </td></tr><tr><td height="11" width="414" align="left"> <sup></sup></td><td height="11" width="103" align="right">_________________</td><td height="11" width="103" align="right">_________________</td><td height="11" width="103" align="right">_________________</td></tr><tr><td height="19" width="414" align="left">Numerator for basic and diluted earnings per share<sup>(1)</sup></td><td height="19" width="103" align="right">491.6 </td><td height="19" width="103" align="right">156.0 </td><td height="19" width="103" align="right">(1,451.8)</td></tr><tr><td height="17" width="414" align="left"> <sup></sup></td><td height="17" width="103" align="right">_________________</td><td height="17" width="103" align="right">_________________</td><td height="17" width="103" align="right">_________________</td></tr><tr><td height="10" width="414" align="left"> <sup></sup></td><td height="10" width="103" align="left"> </td><td height="10" width="103" align="left"> </td><td height="10" width="103" align="left"> </td></tr><tr><td height="19" width="414" align="left">Weighted average number of shares: <sup></sup></td><td height="19" width="103" align="left"> </td><td height="19" width="103" align="left"> </td><td height="19" width="103" align="left"> </td></tr><tr><td height="19" width="414" align="left">  <sup></sup></td><td height="19" width="103" align="right">Millions</td><td height="19" width="103" align="right">Millions</td><td height="19" width="103" align="right">Millions</td></tr><tr><td height="12" width="414" align="left"> <sup></sup></td><td height="12" width="103" align="right">_________________</td><td height="12" width="103" align="right">_________________</td><td height="12" width="103" align="right">_________________</td></tr><tr><td height="19" width="414" align="left">Basic<sup>(2)</sup></td><td height="19" width="103" align="right">540.7 </td><td height="19" width="103" align="right">541.6 </td><td height="19" width="103" align="right">540.3 </td></tr><tr><td height="17" width="414" align="left">Effect of dilutive shares:<sup></sup></td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td></tr><tr><td height="19" width="414" align="left">Stock based awards to employees<sup>(3)</sup></td><td height="19" width="103" align="right">7.3 </td><td height="19" width="103" align="right">3.8 </td><td height="19" width="103" align="right">-  </td></tr><tr><td height="14" width="414" align="left"> <sup></sup></td><td height="14" width="103" align="right">_________________</td><td height="14" width="103" align="right">_________________</td><td height="14" width="103" align="right">_________________</td></tr><tr><td height="17" width="414" align="left">Diluted<sup></sup></td><td height="17" width="103" align="right">548.0 </td><td height="17" width="103" align="right">545.4 </td><td height="17" width="103" align="right">540.3 </td></tr><tr><td height="11" width="414" align="left"> <sup></sup></td><td height="11" width="103" align="right">_________________</td><td height="11" width="103" align="right">_________________</td><td height="11" width="103" align="right">_________________</td></tr></table><p>(1) For the years to December 31, 2009, 2008 and 2007 interest on the convertible bonds has not been added back as the effect would be anti-dilutive.<br />(2) Excludes shares purchased by the ESOT and presented by the Company as treasury stock.<br />(3) Calculated using the treasury stock method. </p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="414" align="left"><b>Year to December 31,</b></td><td height="17" width="103" align="right"><b>2009 </b></td><td height="17" width="103" align="right"><b>2008 </b></td><td height="17" width="103" align="right"><b>2007 </b></td></tr><tr><td height="10" width="414" align="left"> </td><td height="10" width="103" align="right">_______________</td><td height="10" width="103" align="right">_______________</td><td height="10" width="103" align="right">_______________</td></tr><tr><td height="17" width="414" align="left"><b>Earnings/(loss) per ordinary share -</b></td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td></tr><tr><td height="17" width="414" align="left"><b>basic</b></td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td></tr><tr><td height="34" width="414" align="left">Earnings/(loss) from continuing operations attributable to Shire plc shareholders</td><td height="34" width="103" align="right">93.2c </td><td height="34" width="103" align="right">32.1c </td><td height="34" width="103" align="right">(268.7c)</td></tr><tr><td height="9" width="414" align="left"> </td><td height="9" width="103" align="right"> </td><td height="9" width="103" align="right"> </td><td height="9" width="103" align="right"> </td></tr><tr><td height="34" width="414" align="left">Loss from discontinued operations attributable to Shire plc shareholders</td><td height="34" width="103" align="right">(2.3c)</td><td height="34" width="103" align="right">(3.3c)</td><td height="34" width="103" align="right">-  </td></tr><tr><td height="11" width="414" align="left"> </td><td height="11" width="103" align="right">_______________</td><td height="11" width="103" align="right"><i>_______________</i></td><td height="11" width="103" align="right"><i>_______________</i></td></tr><tr><td height="9" width="414" align="left"> </td><td height="9" width="103" align="right"> </td><td height="9" width="103" align="right"><i> </i></td><td height="9" width="103" align="right"><i> </i></td></tr><tr><td height="34" width="414" align="left">Earnings/(loss) per ordinary share attributable to Shire plc shareholders - basic </td><td height="34" width="103" align="right">90.9c </td><td height="34" width="103" align="right">28.8c </td><td height="34" width="103" align="right">(268.7c)</td></tr><tr><td height="9" width="414" align="left"><b> </b></td><td height="9" width="103" align="right">_______________</td><td height="9" width="103" align="right"><i>_______________</i></td><td height="9" width="103" align="right"><i>_______________</i></td></tr><tr><td height="7" width="414" align="left"> </td><td height="7" width="103" align="right"> </td><td height="7" width="103" align="right"> </td><td height="7" width="103" align="right"> </td></tr><tr><td height="17" width="414" align="left"><b>Earnings/(loss) per ordinary share -</b></td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td></tr><tr><td height="17" width="414" align="left"><b>diluted</b></td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td></tr><tr><td height="34" width="414" align="left">Earnings/(loss) from continuing operations attributable to Shire plc shareholders</td><td height="34" width="103" align="right">91.9c </td><td height="34" width="103" align="right">31.8c </td><td height="34" width="103" align="right">(268.7c)</td></tr><tr><td height="10" width="414" align="left"> </td><td height="10" width="103" align="right"> </td><td height="10" width="103" align="right"> </td><td height="10" width="103" align="right"> </td></tr><tr><td height="34" width="414" align="left">Loss from discontinued operations attributable to Shire plc shareholders</td><td height="34" width="103" align="right">(2.2c)</td><td height="34" width="103" align="right">(3.2c)</td><td height="34" width="103" align="right">-  </td></tr><tr><td height="11" width="414" align="left"> </td><td height="11" width="103" align="right">_______________</td><td height="11" width="103" align="right"><i>_______________</i></td><td height="11" width="103" align="right"><i>_______________</i></td></tr><tr><td height="34" width="414" align="left">Earnings/(loss) per ordinary share attributable to Shire plc shareholders – diluted</td><td height="34" width="103" align="right">89.7c </td><td height="34" width="103" align="right">28.6c </td><td height="34" width="103" align="right">(268.7c)</td></tr><tr><td height="8" width="414" align="left"> </td><td height="8" width="103" align="right">_______________</td><td height="8" width="103" align="right"><i>_______________</i></td><td height="8" width="103" align="right"><i>_______________</i></td></tr></table><p>The share equivalents not included in the calculation of the diluted weighted average number of shares are shown below:</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="19" width="414" align="left"> </td><td height="19" width="103" align="right"><b>2009 </b><sup>(2) (3)</sup></td><td height="19" width="103" align="right"><b>2008 </b><sup>(2) (3)</sup></td><td height="19" width="103" align="right"><b>2007 </b><sup>(1)</sup></td></tr><tr><td height="17" width="414" align="left"> </td><td height="17" width="103" align="right"><b> No. of shares</b><sup></sup></td><td height="17" width="103" align="right"><b>No. of shares</b><sup></sup></td><td height="17" width="103" align="right"><b>No. of shares</b><sup></sup></td></tr><tr><td height="17" width="414" align="left"> </td><td height="17" width="103" align="right"><b>Millions</b><sup></sup></td><td height="17" width="103" align="right"><b>Millions</b><sup></sup></td><td height="17" width="103" align="right"><b>Millions</b><sup></sup></td></tr><tr><td height="17" width="414" align="left"> </td><td height="17" width="103" align="right">_________________<sup></sup></td><td height="17" width="103" align="right">_________________<sup></sup></td><td height="17" width="103" align="right">_________________<sup></sup></td></tr><tr><td height="17" width="414" align="left">Share options in the money</td><td height="17" width="103" align="right">-  <sup></sup></td><td height="17" width="103" align="right">-  <sup></sup></td><td height="17" width="103" align="right">8.4 <sup></sup></td></tr><tr><td height="17" width="414" align="left">Share options out of the money</td><td height="17" width="103" align="right">16.4 <sup></sup></td><td height="17" width="103" align="right">17.3 <sup></sup></td><td height="17" width="103" align="right">2.9 <sup></sup></td></tr><tr><td height="17" width="414" align="left">Warrants</td><td height="17" width="103" align="right">-  <sup></sup></td><td height="17" width="103" align="right">-  <sup></sup></td><td height="17" width="103" align="right">0.3 <sup></sup></td></tr><tr><td height="17" width="414" align="left">Convertible bonds 2.75% due 2014</td><td height="17" width="103" align="right">33.1 <sup></sup></td><td height="17" width="103" align="right">32.7 <sup></sup></td><td height="17" width="103" align="right">21.2 <sup></sup></td></tr><tr><td height="17" width="414" align="left"> </td><td height="17" width="103" align="right">_________________<sup></sup></td><td height="17" width="103" align="right">_________________<sup></sup></td><td height="17" width="103" align="right">_________________<sup></sup></td></tr></table></div>
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<div style="font-size:12pt"><p>26.        Segmental reporting<br /><br />Shire’s internal financial reporting is in line with its business unit and management reporting structure based on two segments: Specialty Pharmaceuticals (which aggregates ADHD, GI and other Specialty Pharmaceutical products) and HGT. The Specialty Pharmaceuticals and HGT reportable segments represent the Company’s revenues and costs in respect of currently promoted and sold products, together with the costs of developing projects for future commercialization. ‘All Other’ has been included in the table below in order to reconcile the two operating segments to the total consolidated figures.<br /><br />The Company evaluates performance based on revenue and operating income. The Company does not have inter-segment transactions. Assets that are directly attributable or allocable to the segments have been separately disclosed. </p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="36" width="276" align="left"> <sup></sup></td><td height="36" width="122" align="right"><b>Specialty Pharmaceuticals</b></td><td height="36" width="103" align="right"><b>HGT</b></td><td height="36" width="103" align="right"><b>All Other</b></td><td height="36" width="103" align="right"><b>Total</b></td></tr><tr><td height="20" width="276" align="right"><b>2009 </b><sup><b></b></sup></td><td height="20" width="122" align="right">$’M</td><td height="20" width="103" align="right">$’M</td><td height="20" width="103" align="right">$’M</td><td height="20" width="103" align="right">$’M</td></tr><tr><td height="11" width="276" align="left"> <sup></sup></td><td height="11" width="122" align="right">___________</td><td height="11" width="103" align="right">___________</td><td height="11" width="103" align="right">___________</td><td height="11" width="103" align="right">___________</td></tr><tr><td height="20" width="276" align="left">Product sales<sup></sup></td><td height="20" width="122" align="right">2,138.2 </td><td height="20" width="103" align="right">555.5 </td><td height="20" width="103" align="right">-  </td><td height="20" width="103" align="right">2,693.7 </td></tr><tr><td height="20" width="276" align="left">Royalties<sup></sup></td><td height="20" width="122" align="right">127.2 </td><td height="20" width="103" align="right">-  </td><td height="20" width="103" align="right"> 165.3 </td><td height="20" width="103" align="right">292.5 </td></tr><tr><td height="20" width="276" align="left">Other revenues<sup></sup></td><td height="20" width="122" align="right">9.9 </td><td height="20" width="103" align="right">2.6 </td><td height="20" width="103" align="right"> 9.0 </td><td height="20" width="103" align="right">21.5 </td></tr><tr><td height="11" width="276" align="left"> <sup></sup></td><td height="11" width="122" align="right">___________</td><td height="11" width="103" align="right">____________</td><td height="11" width="103" align="right">___________</td><td height="11" width="103" align="right">___________</td></tr><tr><td height="20" width="276" align="left">Total revenues<sup></sup></td><td height="20" width="122" align="right">2,275.3 </td><td height="20" width="103" align="right">558.1 </td><td height="20" width="103" align="right"> 174.3 </td><td height="20" width="103" align="right">3,007.7 </td></tr><tr><td height="11" width="276" align="left"> <sup></sup></td><td height="11" width="122" align="right">___________</td><td height="11" width="103" align="right">____________</td><td height="11" width="103" align="right">___________</td><td height="11" width="103" align="right">___________</td></tr><tr><td height="17" width="276" align="left"> <sup></sup></td><td height="17" width="122" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td></tr><tr><td height="20" width="276" align="left">Cost of product sales<sup>(1) (2)</sup></td><td height="20" width="122" align="right">299.3 </td><td height="20" width="103" align="right">88.7 </td><td height="20" width="103" align="right">-  </td><td height="20" width="103" align="right">388.0 </td></tr><tr><td height="20" width="276" align="left">Research and development<sup>(1) (2)</sup></td><td height="20" width="122" align="right">375.0 </td><td height="20" width="103" align="right">257.2 </td><td height="20" width="103" align="right">6.1 </td><td height="20" width="103" align="right">638.3 </td></tr><tr><td height="20" width="276" align="left">Selling, general and administrative<sup>(1) (2)</sup></td><td height="20" width="122" align="right">954.4 </td><td height="20" width="103" align="right">208.7 </td><td height="20" width="103" align="right">179.5 </td><td height="20" width="103" align="right">1,342.6 </td></tr><tr><td height="20" width="276" align="left">Gain on sale of product rights<sup></sup></td><td height="20" width="122" align="right">(6.3)</td><td height="20" width="103" align="right">-  </td><td height="20" width="103" align="right">-  </td><td height="20" width="103" align="right">(6.3)</td></tr><tr><td height="20" width="276" align="left">IPR&D charge<sup></sup></td><td height="20" width="122" align="right">-  </td><td height="20" width="103" align="right">1.6 </td><td height="20" width="103" align="right">-  </td><td height="20" width="103" align="right">1.6 </td></tr><tr><td height="20" width="276" align="left">Reorganization costs<sup></sup></td><td height="20" width="122" align="right">12.7 </td><td height="20" width="103" align="right">-  </td><td height="20" width="103" align="right">-  </td><td height="20" width="103" align="right">12.7 </td></tr><tr><td height="20" width="276" align="left">Integration and acquisition costs<sup></sup></td><td height="20" width="122" align="right">2.9 </td><td height="20" width="103" align="right">7.7 </td><td height="20" width="103" align="right">-  </td><td height="20" width="103" align="right">10.6 </td></tr><tr><td height="11" width="276" align="left"> <sup></sup></td><td height="11" width="122" align="right">_____________</td><td height="11" width="103" align="right">____________</td><td height="11" width="103" align="right">___________</td><td height="11" width="103" align="right">___________</td></tr><tr><td height="20" width="276" align="left">Total operating expenses<sup></sup></td><td height="20" width="122" align="right">1,638.0 </td><td height="20" width="103" align="right">563.9 </td><td height="20" width="103" align="right">185.6 </td><td height="20" width="103" align="right">2,387.5 </td></tr><tr><td height="11" width="276" align="left"> <sup></sup></td><td height="11" width="122" align="right">_____________</td><td height="11" width="103" align="right">____________</td><td height="11" width="103" align="right">___________</td><td height="11" width="103" align="right">___________</td></tr><tr><td height="20" width="276" align="left">Operating income/(loss)<sup></sup></td><td height="20" width="122" align="right">637.3 </td><td height="20" width="103" align="right">(5.8)</td><td height="20" width="103" align="right">(11.3)</td><td height="20" width="103" align="right">620.2 </td></tr><tr><td height="11" width="276" align="left"> <sup></sup></td><td height="11" width="122" align="right">_____________</td><td height="11" width="103" align="right">____________</td><td height="11" width="103" align="right">___________</td><td height="11" width="103" align="right">___________</td></tr><tr><td height="19" width="276" align="left"> <sup></sup></td><td height="19" width="122" align="right"> </td><td height="19" width="103" align="right"> </td><td height="19" width="103" align="right"> </td><td height="19" width="103" align="right"> </td></tr><tr><td height="20" width="276" align="left">Total assets<sup></sup></td><td height="20" width="122" align="right">2,067.1 </td><td height="20" width="103" align="right">1,576.1 </td><td height="20" width="103" align="right">974.3 </td><td height="20" width="103" align="right">4,617.5 </td></tr><tr><td height="20" width="276" align="left">Long-lived assets<sup>(3)</sup></td><td height="20" width="122" align="right">202.6 </td><td height="20" width="103" align="right">422.4 </td><td height="20" width="103" align="right">55.6 </td><td height="20" width="103" align="right">680.6 </td></tr><tr><td height="20" width="276" align="left">Capital expenditure on long-lived assets<sup>(3)</sup></td><td height="20" width="122" align="right">46.9 </td><td height="20" width="103" align="right">194.4 </td><td height="20" width="103" align="right">18.0 </td><td height="20" width="103" align="right">259.3 </td></tr><tr><td height="11" width="276" align="left"> <sup></sup></td><td height="11" width="122" align="right">_____________</td><td height="11" width="103" align="right">___________</td><td height="11" width="103" align="right">___________</td><td height="11" width="103" align="right">___________</td></tr></table><p>(1) Stock-based compensation of $65.7 million is included in: Cost of product sales ($4.4 million), Research and development ($20.1 million) and Selling, general and administrative ($41.2 million).<br />(2) Depreciation from manufacturing plants ($21.8 million) and amortization of favorable manufacturing contracts ($1.7 million) is included in Cost of product sales; depreciation of research and development assets ($15.5 million) is included in Research and development; and all other depreciation and amortization ($204.7 million) is included in Selling, general and administrative.<br />(3) Long-lived assets comprise all non-current assets, (excluding goodwill and other intangible assets, deferred tax assets, investments, income tax receivable and financial instruments).<br /></p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="36" width="276" align="left"> <sup></sup></td><td height="36" width="122" align="right"><b>Specialty Pharmaceuticals</b></td><td height="36" width="103" align="right"><b>HGT</b></td><td height="36" width="103" align="right"><b>All Other</b></td><td height="36" width="103" align="right"><b>Total</b></td></tr><tr><td height="20" width="276" align="right"><b>2008 </b><sup><b></b></sup></td><td height="20" width="122" align="right">$’M</td><td height="20" width="103" align="right">$’M</td><td height="20" width="103" align="right">$’M</td><td height="20" width="103" align="right">$’M</td></tr><tr><td height="11" width="276" align="left"> <sup></sup></td><td height="11" width="122" align="right">___________</td><td height="11" width="103" align="right">___________</td><td height="11" width="103" align="right">___________</td><td height="11" width="103" align="right">___________</td></tr><tr><td height="20" width="276" align="left">Product sales<sup></sup></td><td height="20" width="122" align="right">2,272.5 </td><td height="20" width="103" align="right">481.7 </td><td height="20" width="103" align="right">-  </td><td height="20" width="103" align="right">2,754.2 </td></tr><tr><td height="20" width="276" align="left">Royalties<sup></sup></td><td height="20" width="122" align="right">1.5 </td><td height="20" width="103" align="right">-  </td><td height="20" width="103" align="right">244.0 </td><td height="20" width="103" align="right">245.5 </td></tr><tr><td height="20" width="276" align="left">Other revenues<sup></sup></td><td height="20" width="122" align="right">8.2 </td><td height="20" width="103" align="right">4.0 </td><td height="20" width="103" align="right">10.3 </td><td height="20" width="103" align="right">22.5 </td></tr><tr><td height="11" width="276" align="left"> <sup></sup></td><td height="11" width="122" align="right">___________</td><td height="11" width="103" align="right">____________</td><td height="11" width="103" align="right">___________</td><td height="11" width="103" align="right">___________</td></tr><tr><td height="20" width="276" align="left">Total revenues<sup></sup></td><td height="20" width="122" align="right">2,282.2 </td><td height="20" width="103" align="right">485.7 </td><td height="20" width="103" align="right">254.3 </td><td height="20" width="103" align="right">3,022.2 </td></tr><tr><td height="11" width="276" align="left"> <sup></sup></td><td height="11" width="122" align="right">___________</td><td height="11" width="103" align="right">____________</td><td height="11" width="103" align="right">___________</td><td height="11" width="103" align="right">___________</td></tr><tr><td height="17" width="276" align="left"> <sup></sup></td><td height="17" width="122" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td></tr><tr><td height="20" width="276" align="left">Cost of product sales<sup>(1) (2)</sup></td><td height="20" width="122" align="right">329.0 </td><td height="20" width="103" align="right">58.9 </td><td height="20" width="103" align="right">20.1 </td><td height="20" width="103" align="right">408.0 </td></tr><tr><td height="20" width="276" align="left">Research and development<sup>(1) (2)</sup></td><td height="20" width="122" align="right">288.0 </td><td height="20" width="103" align="right">200.3 </td><td height="20" width="103" align="right">6.0 </td><td height="20" width="103" align="right">494.3 </td></tr><tr><td height="20" width="276" align="left">Selling, general and administrative<sup>(1) (2)</sup></td><td height="20" width="122" align="right">1,118.5 </td><td height="20" width="103" align="right">172.7 </td><td height="20" width="103" align="right">164.0 </td><td height="20" width="103" align="right">1,455.2 </td></tr><tr><td height="20" width="276" align="left">In-process R&D charge<sup></sup></td><td height="20" width="122" align="right">-  </td><td height="20" width="103" align="right">263.1 </td><td height="20" width="103" align="right">-  </td><td height="20" width="103" align="right">263.1 </td></tr><tr><td height="20" width="276" align="left">Gain on sale of product rights<sup></sup></td><td height="20" width="122" align="right">(20.7)</td><td height="20" width="103" align="right">-  </td><td height="20" width="103" align="right">-  </td><td height="20" width="103" align="right">(20.7)</td></tr><tr><td height="20" width="276" align="left">Integration and acquisition costs<sup></sup></td><td height="20" width="122" align="right">-  </td><td height="20" width="103" align="right">-  </td><td height="20" width="103" align="right">10.3 </td><td height="20" width="103" align="right">10.3 </td></tr><tr><td height="11" width="276" align="left"> <sup></sup></td><td height="11" width="122" align="right">_____________</td><td height="11" width="103" align="right">____________</td><td height="11" width="103" align="right">___________</td><td height="11" width="103" align="right">___________</td></tr><tr><td height="20" width="276" align="left">Total operating expenses<sup></sup></td><td height="20" width="122" align="right">1,714.8 </td><td height="20" width="103" align="right">695.0 </td><td height="20" width="103" align="right">200.4 </td><td height="20" width="103" align="right">2,610.2 </td></tr><tr><td height="11" width="276" align="left"> <sup></sup></td><td height="11" width="122" align="right">_____________</td><td height="11" width="103" align="right">____________</td><td height="11" width="103" align="right">___________</td><td height="11" width="103" align="right">___________</td></tr><tr><td height="20" width="276" align="left">Operating income/(loss)<sup></sup></td><td height="20" width="122" align="right">567.4 </td><td height="20" width="103" align="right">(209.3)</td><td height="20" width="103" align="right">53.9 </td><td height="20" width="103" align="right">412.0 </td></tr><tr><td height="11" width="276" align="left"> <sup></sup></td><td height="11" width="122" align="right">_____________</td><td height="11" width="103" align="right">____________</td><td height="11" width="103" align="right">___________</td><td height="11" width="103" align="right">___________</td></tr><tr><td height="19" width="276" align="left"> <sup></sup></td><td height="19" width="122" align="right"> </td><td height="19" width="103" align="right"> </td><td height="19" width="103" align="right"> </td><td height="19" width="103" align="right"> </td></tr><tr><td height="20" width="276" align="left">Total assets<sup></sup></td><td height="20" width="122" align="right">2,161.2 </td><td height="20" width="103" align="right">1,107.7 </td><td height="20" width="103" align="right">664.8 </td><td height="20" width="103" align="right">3,933.7 </td></tr><tr><td height="20" width="276" align="left">Long-lived assets<sup>(3)</sup></td><td height="20" width="122" align="right">192.2 </td><td height="20" width="103" align="right">263.5 </td><td height="20" width="103" align="right">82.1 </td><td height="20" width="103" align="right">537.8 </td></tr><tr><td height="20" width="276" align="left">Capital expenditure on long-lived assets<sup></sup></td><td height="20" width="122" align="right">54.1 </td><td height="20" width="103" align="right">169.5 </td><td height="20" width="103" align="right">30.6 </td><td height="20" width="103" align="right">254.2 </td></tr><tr><td height="11" width="276" align="left"> <sup></sup></td><td height="11" width="122" align="right">_____________</td><td height="11" width="103" align="right">___________</td><td height="11" width="103" align="right">___________</td><td height="11" width="103" align="right">___________</td></tr></table><p>(1) Stock-based compensation of $65.2 million is included in: Cost of product sales ($3.9 million), Research and development ($18.9 million) and Selling, general and administrative ($42.4 million).<br />(2) Depreciation from manufacturing plants ($16.2 million) and amortization of favorable manufacturing contracts ($1.7 million) is included in Cost of product sales; depreciation of research and development assets ($12.5 million) is included in Research and development; and all other depreciation, amortization and intangible asset impairment charges ($271.9 million) are included in Selling, general and administrative.<br />(3) Long-lived assets comprise all non-current assets, (excluding goodwill and other intangible assets, deferred tax assets, investments and financial instruments).</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="36" width="276" align="left"> <sup></sup></td><td height="36" width="122" align="right"><b>Specialty Pharmaceuticals</b></td><td height="36" width="103" align="right"><b>HGT</b></td><td height="36" width="103" align="right"><b>All Other</b></td><td height="36" width="103" align="right"><b>Total</b></td></tr><tr><td height="20" width="276" align="right"><b>2007 </b><sup><b></b></sup></td><td height="20" width="122" align="right">$’M</td><td height="20" width="103" align="right">$’M</td><td height="20" width="103" align="right">$’M</td><td height="20" width="103" align="right">$’M</td></tr><tr><td height="11" width="276" align="left"> <sup></sup></td><td height="11" width="122" align="right">___________</td><td height="11" width="103" align="right">___________</td><td height="11" width="103" align="right">___________</td><td height="11" width="103" align="right">___________</td></tr><tr><td height="20" width="276" align="left">Product sales<sup></sup></td><td height="20" width="122" align="right">1,844.5 </td><td height="20" width="103" align="right">325.7 </td><td height="20" width="103" align="right">-  </td><td height="20" width="103" align="right">2,170.2 </td></tr><tr><td height="20" width="276" align="left">Royalties<sup></sup></td><td height="20" width="122" align="right">1.6 </td><td height="20" width="103" align="right">-  </td><td height="20" width="103" align="right">245.6 </td><td height="20" width="103" align="right">247.2 </td></tr><tr><td height="20" width="276" align="left">Other revenues<sup></sup></td><td height="20" width="122" align="right">9.5 </td><td height="20" width="103" align="right">4.3 </td><td height="20" width="103" align="right">5.1 </td><td height="20" width="103" align="right">18.9 </td></tr><tr><td height="11" width="276" align="left"> <sup></sup></td><td height="11" width="122" align="right">___________</td><td height="11" width="103" align="right">____________</td><td height="11" width="103" align="right">___________</td><td height="11" width="103" align="right">___________</td></tr><tr><td height="20" width="276" align="left">Total revenues<sup></sup></td><td height="20" width="122" align="right">1,855.6 </td><td height="20" width="103" align="right">330.0 </td><td height="20" width="103" align="right">250.7 </td><td height="20" width="103" align="right">2,436.3 </td></tr><tr><td height="11" width="276" align="left"> <sup></sup></td><td height="11" width="122" align="right">___________</td><td height="11" width="103" align="right">____________</td><td height="11" width="103" align="right">___________</td><td height="11" width="103" align="right">___________</td></tr><tr><td height="17" width="276" align="left"> <sup></sup></td><td height="17" width="122" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td></tr><tr><td height="20" width="276" align="left">Cost of product sales<sup>(1) (2)</sup></td><td height="20" width="122" align="right">263.3 </td><td height="20" width="103" align="right">44.3 </td><td height="20" width="103" align="right">12.7 </td><td height="20" width="103" align="right">320.3 </td></tr><tr><td height="20" width="276" align="left">Research and development<sup>(1) (2)</sup></td><td height="20" width="122" align="right">331.1 </td><td height="20" width="103" align="right">213.5 </td><td height="20" width="103" align="right">-  </td><td height="20" width="103" align="right">544.6 </td></tr><tr><td height="20" width="276" align="left">Selling, general and administrative<sup>(1) (2)</sup></td><td height="20" width="122" align="right">895.5 </td><td height="20" width="103" align="right">125.0 </td><td height="20" width="103" align="right">190.1 </td><td height="20" width="103" align="right">1,210.6 </td></tr><tr><td height="20" width="276" align="left">In-process R&D charge<sup></sup></td><td height="20" width="122" align="right">1,866.4 </td><td height="20" width="103" align="right">-  </td><td height="20" width="103" align="right">-  </td><td height="20" width="103" align="right">1,866.4 </td></tr><tr><td height="20" width="276" align="left">Gain on sale of product rights<sup></sup></td><td height="20" width="122" align="right">(127.8)</td><td height="20" width="103" align="right">-  </td><td height="20" width="103" align="right">-  </td><td height="20" width="103" align="right">(127.8)</td></tr><tr><td height="20" width="276" align="left">Integration and acquisition costs<sup></sup></td><td height="20" width="122" align="right">1.3 </td><td height="20" width="103" align="right">-  </td><td height="20" width="103" align="right">-  </td><td height="20" width="103" align="right">1.3 </td></tr><tr><td height="11" width="276" align="left"> <sup></sup></td><td height="11" width="122" align="right">_____________</td><td height="11" width="103" align="right">____________</td><td height="11" width="103" align="right">___________</td><td height="11" width="103" align="right">___________</td></tr><tr><td height="20" width="276" align="left">Total operating expenses<sup></sup></td><td height="20" width="122" align="right">3,229.8 </td><td height="20" width="103" align="right">382.8 </td><td height="20" width="103" align="right">202.8 </td><td height="20" width="103" align="right">3,815.4 </td></tr><tr><td height="11" width="276" align="left"> <sup></sup></td><td height="11" width="122" align="right">_____________</td><td height="11" width="103" align="right">____________</td><td height="11" width="103" align="right">___________</td><td height="11" width="103" align="right">___________</td></tr><tr><td height="20" width="276" align="left">Operating (loss)/income<sup></sup></td><td height="20" width="122" align="right">(1,374.2)</td><td height="20" width="103" align="right">(52.8)</td><td height="20" width="103" align="right">47.9 </td><td height="20" width="103" align="right">(1,379.1)</td></tr><tr><td height="11" width="276" align="left"> <sup></sup></td><td height="11" width="122" align="right">_____________</td><td height="11" width="103" align="right">____________</td><td height="11" width="103" align="right">___________</td><td height="11" width="103" align="right">___________</td></tr><tr><td height="19" width="276" align="left"> <sup></sup></td><td height="19" width="122" align="right"> </td><td height="19" width="103" align="right"> </td><td height="19" width="103" align="right"> </td><td height="19" width="103" align="right"> </td></tr><tr><td height="20" width="276" align="left">Total assets<sup></sup></td><td height="20" width="122" align="right">2,394.5 </td><td height="20" width="103" align="right">586.6 </td><td height="20" width="103" align="right">1,349.0 </td><td height="20" width="103" align="right">4,330.1 </td></tr><tr><td height="20" width="276" align="left">Long-lived assets<sup>(3)</sup></td><td height="20" width="122" align="right">174.8 </td><td height="20" width="103" align="right">114.6 </td><td height="20" width="103" align="right">79.2 </td><td height="20" width="103" align="right">368.6 </td></tr><tr><td height="20" width="276" align="left">Capital expenditure on long-lived assets<sup>(3)</sup></td><td height="20" width="122" align="right">37.3 </td><td height="20" width="103" align="right">77.5 </td><td height="20" width="103" align="right">27.9 </td><td height="20" width="103" align="right">142.7 </td></tr><tr><td height="11" width="276" align="left"> <sup></sup></td><td height="11" width="122" align="right">_____________</td><td height="11" width="103" align="right">___________</td><td height="11" width="103" align="right">___________</td><td height="11" width="103" align="right">___________</td></tr></table><p>(1) Stock-based compensation of $75.2 million is included in: Cost of product sales ($5.5 million), Research and development ($17.0 million) and Selling, general and administrative ($52.7 million).<br />(2) Depreciation from manufacturing plants ($11.8 million) and amortization of favorable manufacturing contracts ($1.2 million) is included in Cost of product sales; depreciation of research and development assets ($11.3 million) is included in Research and development; and all other depreciation, amortization and intangible asset impairment charges ($137.1 million) are included in Selling, general and administrative.<br />(3) Long-lived assets comprise all non-current assets, (excluding goodwill and other intangible assets, deferred tax assets, investments and financial instruments).</p><p>Geographic information <br /><br />Revenues (based on the geographic location from which the sale originated): <br /></p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="414" align="left"> </td><td height="17" width="103" align="right"><b>2009 </b></td><td height="17" width="103" align="right"><b>2008 </b></td><td height="17" width="103" align="right"><b>2007 </b></td></tr><tr><td height="17" width="414" align="left"><b>Year to December 31,</b></td><td height="17" width="103" align="right">$’M</td><td height="17" width="103" align="right">$’M</td><td height="17" width="103" align="right">$’M</td></tr><tr><td height="17" width="414" align="left"> </td><td height="17" width="103" align="right">___________</td><td height="17" width="103" align="right">___________</td><td height="17" width="103" align="right">___________</td></tr><tr><td height="17" width="414" align="left">Ireland </td><td height="17" width="103" align="right">19.5 </td><td height="17" width="103" align="right">17.8 </td><td height="17" width="103" align="right">16.2 </td></tr><tr><td height="17" width="414" align="left">United Kingdom</td><td height="17" width="103" align="right">163.9 </td><td height="17" width="103" align="right">160.0 </td><td height="17" width="103" align="right">177.0 </td></tr><tr><td height="17" width="414" align="left">North America </td><td height="17" width="103" align="right">2,141.3 </td><td height="17" width="103" align="right">2,299.6 </td><td height="17" width="103" align="right">1,798.2 </td></tr><tr><td height="17" width="414" align="left">Rest of World</td><td height="17" width="103" align="right">683.0 </td><td height="17" width="103" align="right">544.8 </td><td height="17" width="103" align="right">444.9 </td></tr><tr><td height="17" width="414" align="left"> </td><td height="17" width="103" align="right">____________</td><td height="17" width="103" align="right">___________</td><td height="17" width="103" align="right">___________</td></tr><tr><td height="17" width="414" align="left">Total revenues</td><td height="17" width="103" align="right">3,007.7 </td><td height="17" width="103" align="right">3,022.2 </td><td height="17" width="103" align="right">2,436.3 </td></tr><tr><td height="17" width="414" align="left"> </td><td height="17" width="103" align="right">____________</td><td height="17" width="103" align="right">___________</td><td height="17" width="103" align="right">___________</td></tr></table><p>Long-lived assets comprise all non-current assets, (excluding goodwill and other intangible assets, deferred tax assets, investments and financial instruments) based on the geographic location within which the economic benefits arise: <br /></p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="512" align="left"> </td><td height="17" width="103" align="right"><b>2009 </b></td><td height="17" width="103" align="right"><b>2008 </b></td></tr><tr><td height="17" width="512" align="left"><b>Year to December 31,</b></td><td height="17" width="103" align="right">$’M</td><td height="17" width="103" align="right">$’M</td></tr><tr><td height="17" width="512" align="left"> </td><td height="17" width="103" align="right">___________</td><td height="17" width="103" align="right">___________</td></tr><tr><td height="17" width="512" align="left">Ireland </td><td height="17" width="103" align="right">0.7 </td><td height="17" width="103" align="right">1.0 </td></tr><tr><td height="17" width="512" align="left">United Kingdom</td><td height="17" width="103" align="right">79.5 </td><td height="17" width="103" align="right">61.6 </td></tr><tr><td height="17" width="512" align="left">North America </td><td height="17" width="103" align="right">593.5 </td><td height="17" width="103" align="right">468.6 </td></tr><tr><td height="17" width="512" align="left">Rest of World</td><td height="17" width="103" align="right">6.9 </td><td height="17" width="103" align="right">6.6 </td></tr><tr><td height="17" width="512" align="left"> </td><td height="17" width="103" align="right">____________</td><td height="17" width="103" align="right">___________</td></tr><tr><td height="17" width="512" align="left">Total </td><td height="17" width="103" align="right">680.6 </td><td height="17" width="103" align="right">537.8 </td></tr><tr><td height="17" width="512" align="left"> </td><td height="17" width="103" align="right">____________</td><td height="17" width="103" align="right">___________</td></tr></table><p>Material customers<br /><br />In the periods set out below, certain customers, all within the Specialty Pharmaceuticals operating segment, accounted for greater than 10% of the Company’s total revenues:<br /></p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="120" align="left"> </td><td height="17" width="103" align="right"><b>2009 </b></td><td height="17" width="103" align="right"><b>2009 </b></td><td height="17" width="103" align="right"><b>2008 </b></td><td height="17" width="103" align="right"><b>2008 </b></td><td height="17" width="103" align="right"><b>2007 </b></td><td height="17" width="103" align="right"><b>2007 </b></td></tr><tr><td height="34" width="120" align="left"><b>Year to December 31,</b></td><td height="34" width="103" align="right">$’M</td><td height="34" width="103" align="right">% revenue</td><td height="34" width="103" align="right">$’M</td><td height="34" width="103" align="right">% revenue</td><td height="34" width="103" align="right">$’M</td><td height="34" width="103" align="right">% revenue</td></tr><tr><td height="17" width="120" align="left"> </td><td height="17" width="103" align="right">___________</td><td height="17" width="103" align="right">___________</td><td height="17" width="103" align="right">___________</td><td height="17" width="103" align="right">___________</td><td height="17" width="103" align="right">___________</td><td height="17" width="103" align="right">___________</td></tr><tr><td height="17" width="120" align="left">Cardinal Health Inc.</td><td height="17" width="103" align="right">797.0 </td><td height="17" width="103" align="right">27 </td><td height="17" width="103" align="right">888.7 </td><td height="17" width="103" align="right">29 </td><td height="17" width="103" align="right">666.1 </td><td height="17" width="103" align="right">27 </td></tr><tr><td height="17" width="120" align="left">McKesson Corp.</td><td height="17" width="103" align="right">576.3 </td><td height="17" width="103" align="right">19 </td><td height="17" width="103" align="right">674.3 </td><td height="17" width="103" align="right">22 </td><td height="17" width="103" align="right">546.0 </td><td height="17" width="103" align="right">22 </td></tr><tr><td height="9" width="120" align="left"> </td><td height="9" width="103" align="right">____________</td><td height="9" width="103" align="right">___________</td><td height="9" width="103" align="right">___________</td><td height="9" width="103" align="right">___________</td><td height="9" width="103" align="right">___________</td><td height="9" width="103" align="right">___________</td></tr><tr><td height="17" width="120" align="left"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td></tr><tr><td width="738" align="left" height="17" colspan="7">Amounts outstanding as at December 31, in respect of these material customers were as follows:</td></tr><tr><td height="17" width="120" align="left"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td></tr><tr><td height="17" width="120" align="left"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"><b>2009 </b></td><td height="17" width="103" align="right"><b>2008 </b></td></tr><tr><td height="17" width="120" align="left"><b>December 31,</b></td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right">$’M</td><td height="17" width="103" align="right">$’M</td></tr><tr><td height="17" width="120" align="left"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right">___________</td><td height="17" width="103" align="right">___________</td></tr><tr><td height="17" width="120" align="left">Cardinal Health Inc.</td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right">113.0 </td><td height="17" width="103" align="right">72.3 </td></tr><tr><td height="17" width="120" align="left">McKesson Corp.</td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right">82.9 </td><td height="17" width="103" align="right">69.6 </td></tr><tr><td height="7" width="120" align="left"> </td><td height="7" width="103" align="right"> </td><td height="7" width="103" align="right"> </td><td height="7" width="103" align="right"> </td><td height="7" width="103" align="right"> </td><td height="7" width="103" align="right">____________</td><td height="7" width="103" align="right">___________</td></tr><tr><td height="17" width="120" align="left"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td></tr></table><p>Revenue by product<br /><br />In the periods set out below, revenues by major product were as follows:<br /></p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="414" align="left"> </td><td height="17" width="103" align="right"><b>2009 </b></td><td height="17" width="103" align="right"><b>2008 </b></td><td height="17" width="103" align="right"><b>2007 </b></td></tr><tr><td height="17" width="414" align="left"><b> </b></td><td height="17" width="103" align="right">$’M</td><td height="17" width="103" align="right">$’M</td><td height="17" width="103" align="right">$’M</td></tr><tr><td height="17" width="414" align="left"> </td><td height="17" width="103" align="right">___________</td><td height="17" width="103" align="right">___________</td><td height="17" width="103" align="right">___________</td></tr><tr><td height="17" width="414" align="left"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td></tr><tr><td height="17" width="414" align="left"><b><i>Specialty Pharmaceuticals</i></b></td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td></tr><tr><td height="17" width="414" align="left">ADDERALL XR</td><td height="17" width="103" align="right">626.5 </td><td height="17" width="103" align="right">1,101.7 </td><td height="17" width="103" align="right">1,030.9 </td></tr><tr><td height="17" width="414" align="left">VYVANSE</td><td height="17" width="103" align="right">504.7 </td><td height="17" width="103" align="right">318.9 </td><td height="17" width="103" align="right">76.5 </td></tr><tr><td height="17" width="414" align="left">DAYTRANA</td><td height="17" width="103" align="right">71.0 </td><td height="17" width="103" align="right">78.7 </td><td height="17" width="103" align="right">64.2 </td></tr><tr><td height="17" width="414" align="left">EQUASYM </td><td height="17" width="103" align="right">22.8 </td><td height="17" width="103" align="right">-  </td><td height="17" width="103" align="right">-  </td></tr><tr><td height="17" width="414" align="left">INTUNIV </td><td height="17" width="103" align="right">5.4 </td><td height="17" width="103" align="right">-  </td><td height="17" width="103" align="right">-  </td></tr><tr><td height="17" width="414" align="left">PENTASA</td><td height="17" width="103" align="right">214.8 </td><td height="17" width="103" align="right">185.5 </td><td height="17" width="103" align="right">176.4 </td></tr><tr><td height="17" width="414" align="left">LIALDA / MEZAVANT</td><td height="17" width="103" align="right">235.9 </td><td height="17" width="103" align="right">140.4 </td><td height="17" width="103" align="right">50.5 </td></tr><tr><td height="17" width="414" align="left">FOSRENOL</td><td height="17" width="103" align="right">184.4 </td><td height="17" width="103" align="right">155.4 </td><td height="17" width="103" align="right">102.2 </td></tr><tr><td height="17" width="414" align="left">CALCICHEW</td><td height="17" width="103" align="right">43.7 </td><td height="17" width="103" align="right">52.8 </td><td height="17" width="103" align="right">54.2 </td></tr><tr><td height="17" width="414" align="left">CARBATROL</td><td height="17" width="103" align="right">82.4 </td><td height="17" width="103" align="right">75.9 </td><td height="17" width="103" align="right">72.3 </td></tr><tr><td height="17" width="414" align="left">REMINYL/REMINYL XL</td><td height="17" width="103" align="right">42.4 </td><td height="17" width="103" align="right">34.4 </td><td height="17" width="103" align="right">31.2 </td></tr><tr><td height="17" width="414" align="left">XAGRID</td><td height="17" width="103" align="right">84.8 </td><td height="17" width="103" align="right">78.7 </td><td height="17" width="103" align="right">66.8 </td></tr><tr><td height="17" width="414" align="left">Other</td><td height="17" width="103" align="right">19.4 </td><td height="17" width="103" align="right">50.1 </td><td height="17" width="103" align="right">119.3 </td></tr><tr><td height="17" width="414" align="left"> </td><td height="17" width="103" align="right">____________</td><td height="17" width="103" align="right">___________</td><td height="17" width="103" align="right">___________</td></tr><tr><td height="17" width="414" align="left"> </td><td height="17" width="103" align="right">2,138.2 </td><td height="17" width="103" align="right">2,272.5 </td><td height="17" width="103" align="right">1,844.5 </td></tr><tr><td height="8" width="414" align="left"> </td><td height="8" width="103" align="right">____________</td><td height="8" width="103" align="right">___________</td><td height="8" width="103" align="right">___________</td></tr><tr><td height="17" width="414" align="left"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td></tr><tr><td height="17" width="414" align="left"><b><i>Human Genetic Therapies</i></b></td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td></tr><tr><td height="17" width="414" align="left">ELAPRASE</td><td height="17" width="103" align="right">353.1 </td><td height="17" width="103" align="right">305.1 </td><td height="17" width="103" align="right">181.8 </td></tr><tr><td height="17" width="414" align="left">REPLAGAL</td><td height="17" width="103" align="right">193.8 </td><td height="17" width="103" align="right">176.1 </td><td height="17" width="103" align="right">143.9 </td></tr><tr><td height="17" width="414" align="left">FIRAZYR</td><td height="17" width="103" align="right">6.1 </td><td height="17" width="103" align="right">0.5 </td><td height="17" width="103" align="right">-</td></tr><tr><td height="17" width="414" align="left">VPRIV</td><td height="17" width="103" align="right">2.5 </td><td height="17" width="103" align="right">-  </td><td height="17" width="103" align="right">-  </td></tr><tr><td height="17" width="414" align="left"> </td><td height="17" width="103" align="right">____________</td><td height="17" width="103" align="right">___________</td><td height="17" width="103" align="right">___________</td></tr><tr><td height="17" width="414" align="left"> </td><td height="17" width="103" align="right">555.5 </td><td height="17" width="103" align="right">481.7 </td><td height="17" width="103" align="right">325.7 </td></tr><tr><td height="17" width="414" align="left"> </td><td height="17" width="103" align="right">____________</td><td height="17" width="103" align="right">___________</td><td height="17" width="103" align="right">___________</td></tr><tr><td height="7" width="414" align="left"> </td><td height="7" width="103" align="right"> </td><td height="7" width="103" align="right"> </td><td height="7" width="103" align="right"> </td></tr><tr><td height="17" width="414" align="left"> </td><td height="17" width="103" align="right">2,693.7 </td><td height="17" width="103" align="right">2,754.2 </td><td height="17" width="103" align="right">2,170.2 </td></tr><tr><td height="12" width="414" align="left"> </td><td height="12" width="103" align="right">____________</td><td height="12" width="103" align="right">___________</td><td height="12" width="103" align="right">___________</td></tr></table></div>
</us-gaap:SegmentReportingDisclosureTextBlock>
<us-gaap:InterestExpensePolicyTextBlock id="ID_4736" contextRef="FROM_Jan01_2009_TO_Dec31_2009">
<div style="font-size:12pt"><p>27.        Interest expense <br /><br />Interest expense for the years to December 31, 2009, 2008 and 2007 was $39.8 million, $139.0 million and $70.8 million respectively. Interest expense primarily includes interest on Shire’s convertible bond of $33.3 million (2008: $33.3 million; 2007: $18.3 million).<br /><br />Interest expense for the year to December 31, 2008 included $87.3 million (2009: $nil and 2007: $28.0 million) in respect to the TKT appraisal rights litigation. On November 5, 2008 Shire successfully settled all aspects of this litigation with all parties. Shire paid the same price of $37 per share originally offered to all TKT shareholders at the time of the July 2005 merger, plus interest. The Delaware Chancery Court approved dismissal of the case and Shire made payment to the dissenting shareholders on November 7, 2008. The settlement represented a total payment of $567.5 million, representing consideration at $37 per share of $419.9 million and an interest cost of $147.6 million. <br /><br />Prior to reaching this settlement, the Company accrued interest based on a reasonable estimate of the amount that may be awarded by the Court to those former TKT shareholders who requested appraisal. This estimate of interest was based on Shire’s cost of borrowing. Between the close of the merger and November 5, 2008 the Company applied this interest rate on a quarterly compounding basis to the $419.9 million of consideration to calculate its provision for interest.<br /><br />Upon reaching agreement in principle with all the dissenting shareholders, the Company determined that settlement had become the probable manner through which the appraisal rights litigation would be resolved. Under current law, (although not applicable in this case because the merger was entered into before the relevant amendment to the law became effective) the court presumptively awarded interest in appraisal rights cases at a statutory rate that is 5 percentage points above the Federal Reserve discount rate (as it varies over the duration of the case). In connection with the settlement, the Company agreed to an interest rate that approximates to this statutory rate. Based on the settlement, the Company amended the method of determining its interest provision to reflect this revised manner of resolution and upon reaching settlement with the dissenting shareholders recorded an additional interest expense of $73.0 million in its consolidated financial statements for the year to December 31, 2008. </p></div>
</us-gaap:InterestExpensePolicyTextBlock>
<us-gaap:OtherIncomeAndOtherExpenseDisclosureTextBlock id="ID_4737" contextRef="FROM_Jan01_2009_TO_Dec31_2009">
<div style="font-size:12pt"><p>28.        Other income/(expense), net</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="404" align="left"><b>Year to December 31,</b></td><td height="17" width="103" align="right"><b>2009 </b></td><td height="17" width="103" align="right"><b>2008 </b></td><td height="17" width="103" align="right"><b>2007 </b></td></tr><tr><td height="17" width="404" align="left"><b> </b></td><td height="17" width="103" align="right"><b>$’M</b></td><td height="17" width="103" align="right"><b>$’M</b></td><td height="17" width="103" align="right"><b>$’M</b></td></tr><tr><td height="10" width="404" align="left"> </td><td height="10" width="103" align="right">_______________</td><td height="10" width="103" align="right">_______________</td><td height="10" width="103" align="right">_______________</td></tr><tr><td height="17" width="404" align="left"><b> </b></td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td></tr><tr><td height="17" width="404" align="left">Impairment of non-current investments (see note 12)</td><td height="17" width="103" align="right">(0.8)</td><td height="17" width="103" align="right">(58.0)</td><td height="17" width="103" align="right">(3.0)</td></tr><tr><td height="17" width="404" align="left">GeneChem Funds management fee</td><td height="17" width="103" align="right">-  </td><td height="17" width="103" align="right">1.9 </td><td height="17" width="103" align="right">3.6 </td></tr><tr><td height="17" width="404" align="left">Gain on sale of non-current investment (see note 12)</td><td height="17" width="103" align="right">55.2 </td><td height="17" width="103" align="right">9.4 </td><td height="17" width="103" align="right">0.1 </td></tr><tr><td height="17" width="404" align="left">Gain on substantial modification of building finance obligation (see note 19)</td><td height="17" width="103" align="right">5.7 </td><td height="17" width="103" align="right">-  </td><td height="17" width="103" align="right">-  </td></tr><tr><td height="17" width="404" align="left">Foreign exchange</td><td height="17" width="103" align="right">2.3 </td><td height="17" width="103" align="right">14.1 </td><td height="17" width="103" align="right">(0.8)</td></tr><tr><td height="17" width="404" align="left">Other</td><td height="17" width="103" align="right">(1.7)</td><td height="17" width="103" align="right">(0.3)</td><td height="17" width="103" align="right">1.3 </td></tr><tr><td height="17" width="404" align="left"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"><i> </i></td><td height="17" width="103" align="right"><i> </i></td></tr><tr><td height="11" width="404" align="left"> </td><td height="11" width="103" align="right">_______________</td><td height="11" width="103" align="right"><i>_______________</i></td><td height="11" width="103" align="right"><i>_______________</i></td></tr><tr><td height="17" width="404" align="left"> </td><td height="17" width="103" align="right">60.7 </td><td height="17" width="103" align="right">(32.9)</td><td height="17" width="103" align="right">1.2 </td></tr><tr><td height="8" width="404" align="left"> </td><td height="8" width="103" align="right">_______________</td><td height="8" width="103" align="right"><i>_______________</i></td><td height="8" width="103" align="right"><i>_______________</i></td></tr></table></div>
</us-gaap:OtherIncomeAndOtherExpenseDisclosureTextBlock>
<us-gaap:PensionAndOtherPostretirementBenefitsDisclosureTextBlock id="ID_4739" contextRef="FROM_Jan01_2009_TO_Dec31_2009">
<div style="font-size:12pt"><p>29.        Retirement benefits<br /><br />The Company makes contributions to defined contribution retirement plans that together cover substantially all employees. The level of the Company’s contribution is fixed at a set percentage of employee’s pay. <br /><br />Company contributions to personal defined contribution pension plans totaled $27.9 million, $26.3 million and $22.3 million for the years to December 31, 2009, 2008 and 2007, respectively, and were charged to operations as they became payable.</p></div>
</us-gaap:PensionAndOtherPostretirementBenefitsDisclosureTextBlock>
<us-gaap:IncomeTaxDisclosureTextBlock id="ID_4740" contextRef="FROM_Jan01_2009_TO_Dec31_2009">
<div style="font-size:12pt"><p>30.        Taxation<br />The components of pre tax income/(loss) from continuing operations are as follows:<br /></p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="414" align="left"> </td><td height="17" width="103" align="right"><b>2009 </b></td><td height="17" width="103" align="right"><b>2008 </b></td><td height="17" width="103" align="right"><b>2007 </b></td></tr><tr><td height="17" width="414" align="left"><b>Year to December 31,</b></td><td height="17" width="103" align="right"><b>$’M</b></td><td height="17" width="103" align="right"><b>$’M</b></td><td height="17" width="103" align="right"><b>$’M</b></td></tr><tr><td height="17" width="414" align="left"> </td><td height="17" width="103" align="right">___________</td><td height="17" width="103" align="right">___________</td><td height="17" width="103" align="right">___________</td></tr><tr><td height="17" width="414" align="left">Republic of Ireland</td><td height="17" width="103" align="right">(232.3)</td><td height="17" width="103" align="right">(83.5)</td><td height="17" width="103" align="right">(99.5)</td></tr><tr><td height="17" width="414" align="left">UK</td><td height="17" width="103" align="right">62.8 </td><td height="17" width="103" align="right">39.2 </td><td height="17" width="103" align="right">94.7 </td></tr><tr><td height="17" width="414" align="left">US</td><td height="17" width="103" align="right">552.2 </td><td height="17" width="103" align="right">238.7 </td><td height="17" width="103" align="right">27.6 </td></tr><tr><td height="17" width="414" align="left">IPR&D</td><td height="17" width="103" align="right">(1.6)</td><td height="17" width="103" align="right">(263.1)</td><td height="17" width="103" align="right">(1,866.4)</td></tr><tr><td height="17" width="414" align="left">Other jurisdictions</td><td height="17" width="103" align="right">261.9 </td><td height="17" width="103" align="right">334.3 </td><td height="17" width="103" align="right">445.5 </td></tr><tr><td height="17" width="414" align="left"> </td><td height="17" width="103" align="right">___________</td><td height="17" width="103" align="right">____________</td><td height="17" width="103" align="right">___________</td></tr><tr><td height="17" width="414" align="left"> </td><td height="17" width="103" align="right">643.0 </td><td height="17" width="103" align="right">265.6 </td><td height="17" width="103" align="right">(1,398.1)</td></tr><tr><td height="17" width="414" align="left"> </td><td height="17" width="103" align="right">___________</td><td height="17" width="103" align="right">____________</td><td height="17" width="103" align="right">___________</td></tr><tr><td height="17" width="414" align="left"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td></tr></table><p>The provision/(benefit) for income taxes by location of the taxing jurisdiction for the years to December 31, consisted of the following:<br /></p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="414" align="left"><b>Year to December 31,</b><sup><b></b></sup></td><td height="17" width="103" align="right"><b> </b></td><td height="17" width="103" align="right"><b> </b></td><td height="17" width="103" align="right"><b> </b></td></tr><tr><td height="17" width="414" align="left"><b> </b><sup><b></b></sup></td><td height="17" width="103" align="right"><b>2009 </b></td><td height="17" width="103" align="right"><b>2008 </b></td><td height="17" width="103" align="right"><b>2007 </b></td></tr><tr><td height="17" width="414" align="left"><b> </b><sup><b></b></sup></td><td height="17" width="103" align="right"><b>$’M</b></td><td height="17" width="103" align="right"><b>$’M</b></td><td height="17" width="103" align="right"><b>$’M</b></td></tr><tr><td height="17" width="414" align="right"> <sup></sup></td><td height="17" width="103" align="right">__________</td><td height="17" width="103" align="right">__________</td><td height="17" width="103" align="right">___________</td></tr><tr><td height="17" width="414" align="left">Current income taxes:<sup></sup></td><td height="17" width="103" align="left"> </td><td height="17" width="103" align="left"> </td><td height="17" width="103" align="left"> </td></tr><tr><td height="17" width="414" align="left">Republic of Ireland<sup></sup></td><td height="17" width="103" align="right"> - </td><td height="17" width="103" align="right"> - </td><td height="17" width="103" align="right">0.2 </td></tr><tr><td height="17" width="414" align="left">US federal tax<sup></sup></td><td height="17" width="103" align="right">154.3 </td><td height="17" width="103" align="right">12.0 </td><td height="17" width="103" align="right">84.5 </td></tr><tr><td height="17" width="414" align="left">US state and local taxes<sup></sup></td><td height="17" width="103" align="right">14.4 </td><td height="17" width="103" align="right">6.4 </td><td height="17" width="103" align="right">4.9 </td></tr><tr><td height="17" width="414" align="left">UK corporation tax<sup></sup></td><td height="17" width="103" align="right"> - </td><td height="17" width="103" align="right">0.3 </td><td height="17" width="103" align="right">20.3 </td></tr><tr><td height="17" width="414" align="left">Other <sup></sup></td><td height="17" width="103" align="right">16.8 </td><td height="17" width="103" align="right">(10.8)</td><td height="17" width="103" align="right">24.8 </td></tr><tr><td height="17" width="414" align="right"> <sup></sup></td><td height="17" width="103" align="right">__________</td><td height="17" width="103" align="right">__________</td><td height="17" width="103" align="right">__________</td></tr><tr><td height="17" width="414" align="left">Total current taxes<sup></sup></td><td height="17" width="103" align="right"> 185.5 </td><td height="17" width="103" align="right"> 7.9 </td><td height="17" width="103" align="right">134.7 </td></tr><tr><td height="17" width="414" align="right"> <sup></sup></td><td height="17" width="103" align="right">__________</td><td height="17" width="103" align="right">__________</td><td height="17" width="103" align="right">__________</td></tr><tr><td height="17" width="414" align="left"> <sup></sup></td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td></tr><tr><td height="17" width="414" align="left">Deferred taxes:<sup></sup></td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td></tr><tr><td height="17" width="414" align="left">Republic of Ireland<sup></sup></td><td height="17" width="103" align="right">(1.0)</td><td height="17" width="103" align="right">(1.3)</td><td height="17" width="103" align="right">9.1 </td></tr><tr><td height="17" width="414" align="left">US federal tax<sup></sup></td><td height="17" width="103" align="right">(24.5)</td><td height="17" width="103" align="right">75.2 </td><td height="17" width="103" align="right">(91.4)</td></tr><tr><td height="17" width="414" align="left">US state and local taxes<sup></sup></td><td height="17" width="103" align="right">(32.2)</td><td height="17" width="103" align="right">(17.2)</td><td height="17" width="103" align="right">(5.2)</td></tr><tr><td height="17" width="414" align="left">UK corporation tax<sup></sup></td><td height="17" width="103" align="right">6.1 </td><td height="17" width="103" align="right">29.8 </td><td height="17" width="103" align="right">14.4 </td></tr><tr><td height="17" width="414" align="left">Other <sup></sup></td><td height="17" width="103" align="right">4.6 </td><td height="17" width="103" align="right">3.6 </td><td height="17" width="103" align="right">(6.1)</td></tr><tr><td height="17" width="414" align="left"> <sup></sup></td><td height="17" width="103" align="right">__________</td><td height="17" width="103" align="right">__________</td><td height="17" width="103" align="right">__________</td></tr><tr><td height="17" width="414" align="left">Total deferred taxes<sup></sup></td><td height="17" width="103" align="right">(47.0)</td><td height="17" width="103" align="right">90.1 </td><td height="17" width="103" align="right">(79.2)</td></tr><tr><td height="17" width="414" align="left"> <sup></sup></td><td height="17" width="103" align="right">__________</td><td height="17" width="103" align="right">__________</td><td height="17" width="103" align="right">__________</td></tr><tr><td height="17" width="414" align="left">Total income taxes<sup>(1)</sup></td><td height="17" width="103" align="right">138.5 </td><td height="17" width="103" align="right">98.0 </td><td height="17" width="103" align="right">55.5 </td></tr><tr><td height="17" width="414" align="left"> <sup></sup></td><td height="17" width="103" align="right">__________</td><td height="17" width="103" align="right">__________</td><td height="17" width="103" align="right">__________</td></tr></table><p>(1) Total income taxes relate solely to continuing operations as there is no tax provision/(benefit) relating to discontinued operations for the years to December 31, 2009, 2008 or 2007. <br /><br />The reconciliation of income/(loss) from continuing operations before income taxes, noncontrolling interests and equity in earnings of equity method investees at the statutory tax rate to the provision for income taxes is shown in the table below:<br /></p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="22" align="left"> </td><td height="17" width="397" align="left"><b>Year to December 31,</b><sup><b></b></sup></td><td height="17" width="103" align="right"><b> </b></td><td height="17" width="103" align="right"><b> </b></td><td height="17" width="103" align="left"><b> </b></td></tr><tr><td height="17" width="22" align="left"> </td><td height="17" width="397" align="left"><b> </b><sup><b></b></sup></td><td height="17" width="103" align="right"><b>2009 </b></td><td height="17" width="103" align="right"><b>2008 </b></td><td height="17" width="103" align="right"><b>2007 </b></td></tr><tr><td height="17" width="22" align="left"> </td><td height="17" width="397" align="left"><b> </b><sup><b></b></sup></td><td height="17" width="103" align="right"><b>$’M</b></td><td height="17" width="103" align="right"><b>$’M</b></td><td height="17" width="103" align="right"><b>$’M</b></td></tr><tr><td height="11" width="22" align="left"> </td><td height="11" width="397" align="right"> <sup></sup></td><td height="11" width="103" align="right">___________</td><td height="11" width="103" align="right">___________</td><td height="11" width="103" align="right">___________</td></tr><tr><td width="419" align="left" height="37" colspan="2">Income/(loss) from continuing operations before income taxes and equity in earnings of equity method investees <sup></sup></td><td height="37" width="103" align="right">643.0 </td><td height="37" width="103" align="right">265.6 </td><td height="37" width="103" align="right">(1,398.1)</td></tr><tr><td height="13" width="22" align="left"> </td><td height="13" width="397" align="right">  <sup></sup></td><td height="13" width="103" align="right">___________</td><td height="13" width="103" align="right">___________</td><td height="13" width="103" align="right">___________</td></tr><tr><td width="419" align="left" height="17" colspan="2">Statutory tax rate<sup>(1) (2)</sup></td><td height="17" width="103" align="right">25.0% </td><td height="17" width="103" align="right">25.0% </td><td height="17" width="103" align="right">30.0% </td></tr><tr><td height="17" width="22" align="left"> </td><td height="17" width="397" align="right">  <sup></sup></td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td></tr><tr><td width="419" align="left" height="17" colspan="2">Adjustments to derive effective rate: <sup></sup></td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td></tr><tr><td width="419" align="left" height="17" colspan="2">Non-deductible items: <sup></sup></td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td></tr><tr><td width="419" align="left" height="17" colspan="2">IPR&D <sup></sup></td><td height="17" width="103" align="right"> - </td><td height="17" width="103" align="right">12.1% </td><td height="17" width="103" align="right">(40.0%)</td></tr><tr><td width="419" align="left" height="17" colspan="2">Other permanent differences:<sup></sup></td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td></tr><tr><td height="17" width="22" align="left"> </td><td height="17" width="397" align="left">US Research and development credit<sup></sup></td><td height="17" width="103" align="right">(5.2%)</td><td height="17" width="103" align="right">(9.1%)</td><td height="17" width="103" align="right">2.0% </td></tr><tr><td height="17" width="22" align="left"> </td><td height="17" width="397" align="left">Effect of the convertible bond<sup></sup></td><td height="17" width="103" align="right">2.0% </td><td height="17" width="103" align="right">(5.0%)</td><td height="17" width="103" align="right">0.5% </td></tr><tr><td height="17" width="22" align="left"> </td><td height="17" width="397" align="left">Intangible asset amortization<sup>(3)</sup></td><td height="17" width="103" align="right">0.1% </td><td height="17" width="103" align="right">(6.5%)</td><td height="17" width="103" align="right">1.5% </td></tr><tr><td height="17" width="22" align="left"> </td><td height="17" width="397" align="left">Disposals not subject to tax<sup></sup></td><td height="17" width="103" align="right"> - </td><td height="17" width="103" align="right">-</td><td height="17" width="103" align="right">2.2% </td></tr><tr><td height="17" width="22" align="left"> </td><td height="17" width="397" align="left">Intra-group items<sup>(4)</sup></td><td height="17" width="103" align="right">(11.8%)</td><td height="17" width="103" align="right">6.2% </td><td height="17" width="103" align="right">0.6% </td></tr><tr><td height="17" width="22" align="left"> </td><td height="17" width="397" align="left">Other permanent items<sup></sup></td><td height="17" width="103" align="right">2.2% </td><td height="17" width="103" align="right">1.4% </td><td height="17" width="103" align="right">(0.2%)</td></tr><tr><td width="419" align="left" height="17" colspan="2">Other items: <sup></sup></td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td></tr><tr><td width="419" align="left" height="17" colspan="2">Change in valuation allowance <sup></sup></td><td height="17" width="103" align="right">1.3% </td><td height="17" width="103" align="right">12.4% </td><td height="17" width="103" align="right">0.3% </td></tr><tr><td width="419" align="left" height="17" colspan="2">Difference in taxation rates <sup></sup></td><td height="17" width="103" align="right">8.5% </td><td height="17" width="103" align="right">3.1% </td><td height="17" width="103" align="right">1.3% </td></tr><tr><td width="419" align="left" height="17" colspan="2">Change in provisions for uncertain tax positions <sup></sup></td><td height="17" width="103" align="right">2.3% </td><td height="17" width="103" align="right">1.9% </td><td height="17" width="103" align="right">(2.7%)</td></tr><tr><td width="419" align="left" height="17" colspan="2">Prior year adjustment <sup></sup></td><td height="17" width="103" align="right">(2.7%)</td><td height="17" width="103" align="right">(9.2%)</td><td height="17" width="103" align="right">0.8% </td></tr><tr><td width="419" align="left" height="17" colspan="2">Change in tax rates <sup></sup></td><td height="17" width="103" align="right">1.9% </td><td height="17" width="103" align="right">(0.2%)</td><td height="17" width="103" align="right">(0.5%)</td></tr><tr><td width="419" align="left" height="17" colspan="2">Other <sup></sup></td><td height="17" width="103" align="right">(2.1%)</td><td height="17" width="103" align="right">4.8% </td><td height="17" width="103" align="right">0.2% </td></tr><tr><td height="13" width="22" align="left"> </td><td height="13" width="397" align="left">  <sup></sup></td><td height="13" width="103" align="right">___________</td><td height="13" width="103" align="right">___________</td><td height="13" width="103" align="right">___________</td></tr><tr><td width="419" align="left" height="17" colspan="2">Provision for income taxes on continuing operations <sup></sup></td><td height="17" width="103" align="right">21.5% </td><td height="17" width="103" align="right">36.9% </td><td height="17" width="103" align="right">(4.0%)</td></tr><tr><td height="10" width="22" align="left"> </td><td height="10" width="397" align="left"> <sup></sup></td><td height="10" width="103" align="right">___________</td><td height="10" width="103" align="right">___________</td><td height="10" width="103" align="right">___________</td></tr></table><p><br />(1) In addition to being subject to the Irish Corporation tax rate of 25% (2007: UK Corporation tax rate of 30%), in 2009 the Company is also subject to income tax in other territories in which the Company operates, including: Canada (19.5%); France (33.3%); Germany (15%); Italy (27.5%); Malta (35%); the Netherlands (25.5%); Spain (30%); Sweden (28%); Switzerland (8.5%); United Kingdom (28.5%) and the US (35%). The rates quoted represent the headline federal income tax rates in each territory, and do not include any state taxes or equivalents or surtaxes or other taxes charged in individual territories, and do not purport to represent the effective tax rate for the Company in each territory.<br />(2) During 2008 Shire introduced a new holding company resident in the Republic of Ireland, as a result the reconciliation of income from continuing operations before income taxes, noncontrolling interests and equity in earnings of equity method investees for the year to December 31, 2008 has been prepared using the Irish non-trading corporation tax rate of 25% which is the rate applicable to Shire plc. In 2007 the reconciliation of income from continuing operations before income taxes, noncontrolling interests and equity in earnings of equity method investees was prepared using the UK corporation tax rate of 30%.<br /> (3) The permanent difference results from tax deductible amortization available following inter-company asset transfers for which the recognition of a deferred tax asset is prohibited.<br />(4) Intra-group items principally relate to the effect of inter-company dividends, capital receipts (either taxable or non-taxable) and other intra-territory eliminations, the pre-tax effect of which has been eliminated in arriving at the Company’s consolidated income/(loss) from continuing operations before income taxes, noncontrolling interests and equity in earnings of equity method investees.<br />Provisions for uncertain tax positions<br /><br />The Company files income tax returns in the Republic of Ireland, the UK, the US (both federal and state) and various other jurisdictions (see footnote (1) to the table above for major jurisdictions). With few exceptions, the Company is no longer subject to income tax examinations by tax authorities for years before 1999. Tax authorities in various jurisdictions are in the process of auditing the Company’s tax returns for fiscal periods from 1999; these tax audits cover a range of issues, including transfer pricing, potential restrictions on the utilization of net operating losses, potential taxation of overseas dividends and controlled foreign companies’ rules.<br /><br />A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="19" width="414" align="left"><b> </b><sup><b></b></sup></td><td height="19" width="103" align="right"><b>2009 </b></td><td height="19" width="103" align="right"><b>2008 </b></td><td height="19" width="103" align="right"><b>2007 </b></td></tr><tr><td height="17" width="414" align="left"><b> </b><sup><b></b></sup></td><td height="17" width="103" align="right"><b>$’M</b></td><td height="17" width="103" align="right"><b>$’M</b></td><td height="17" width="103" align="right"><b>$’M</b></td></tr><tr><td height="17" width="414" align="left"><b> </b><sup><b></b></sup></td><td height="17" width="103" align="right">___________</td><td height="17" width="103" align="right">___________</td><td height="17" width="103" align="right">___________</td></tr><tr><td height="17" width="414" align="left">Balance at January 1<sup></sup></td><td height="17" width="103" align="right">228.7 </td><td height="17" width="103" align="right">292.2 </td><td height="17" width="103" align="right">234.4 </td></tr><tr><td height="17" width="414" align="left">Increases based on tax positions related to the current year<sup></sup></td><td height="17" width="103" align="right">4.2 </td><td height="17" width="103" align="right">30.5 </td><td height="17" width="103" align="right">25.6 </td></tr><tr><td height="17" width="414" align="left">Reductions based on tax positions taken in the current year<sup></sup></td><td height="17" width="103" align="right">(0.2)</td><td height="17" width="103" align="right">-</td><td height="17" width="103" align="right">(12.5)</td></tr><tr><td height="17" width="414" align="left">Increases for tax positions taken in prior years<sup></sup></td><td height="17" width="103" align="right">25.2 </td><td height="17" width="103" align="right">3.9 </td><td height="17" width="103" align="right">51.7 </td></tr><tr><td height="18" width="414" align="left">Reductions for tax positions taken in prior years<sup>(1)</sup></td><td height="18" width="103" align="right">(19.4)</td><td height="18" width="103" align="right">(17.4)</td><td height="18" width="103" align="right">(10.4)</td></tr><tr><td height="17" width="414" align="left">Decreases resulting from settlements with the taxing authorities<sup></sup></td><td height="17" width="103" align="right">(16.1)</td><td height="17" width="103" align="right">(16.6)</td><td height="17" width="103" align="right">-</td></tr><tr><td height="17" width="414" align="left">Reductions as a result of expiration of the statute of limitations<sup></sup></td><td height="17" width="103" align="right"> - </td><td height="17" width="103" align="right">(13.8)</td><td height="17" width="103" align="right">(38.3)</td></tr><tr><td height="18" width="414" align="left">Foreign currency translation adjustments<sup>(2)</sup></td><td height="18" width="103" align="right">31.6 </td><td height="18" width="103" align="right">(50.1)</td><td height="18" width="103" align="right">41.7 </td></tr><tr><td height="17" width="414" align="left"> <sup></sup></td><td height="17" width="103" align="right">___________</td><td height="17" width="103" align="right">___________</td><td height="17" width="103" align="right">___________</td></tr><tr><td height="18" width="414" align="left">Balance at December 31<sup>(3)</sup></td><td height="18" width="103" align="right">254.0 </td><td height="18" width="103" align="right">228.7 </td><td height="18" width="103" align="right">292.2 </td></tr><tr><td height="17" width="414" align="left"> <sup></sup></td><td height="17" width="103" align="right">___________</td><td height="17" width="103" align="right">___________</td><td height="17" width="103" align="right">___________</td></tr></table><p>(1) Included within this amount is $nil (2008: increase of $3.2 million, 2007: a reduction of $4.0 million) which affected the purchase price allocation of New River<br />(2) Recognized within Other Comprehensive Income<br />(3) The full amount of which would affect the effective rate if recognized<br /><br /><br />The Company considers it reasonably possible that the total amount of unrecognized tax benefits recorded at December 31, 2009 could decrease by approximately $17 million in the next twelve months as a result of the conclusion of audits currently being conducted by various tax authorities. While tax audits remain open, the Company also considers it reasonably possible that issues may be raised by tax authorities resulting in increases to the balance of unrecognized tax benefits, however an estimate of such an increase cannot be made. <br /><br />The Company is required in certain tax jurisdictions to make advance deposits to tax authorities on receipt of a tax assessment. These payments have been offset against the income tax liability within the balance sheet but have not reduced the provision for unrecognized tax benefits.<br /><br />The Company recognizes interest and penalties accrued related to unrecognized tax benefits within income taxes. During the years ended December 31, 2009, 2008 and 2007, the Company recognized $21.3 million, $26.1 million and $18.0 million in interest and penalties and the Company had a liability of $111.5 million and $76.2 million for the payment of interest and penalties accrued at December 31, 2009 and 2008, respectively.<br /><br />Deferred taxes<br /><br />The significant components of deferred tax assets and liabilities and their balance sheet classifications, as at December 31, are as follows:<br /></p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="512" align="left"><b> </b></td><td height="17" width="103" align="right"><b>December 31,</b></td><td height="17" width="103" align="right"><b>December 31,</b></td></tr><tr><td height="17" width="512" align="left"> </td><td height="17" width="103" align="right"><b>2009 </b></td><td height="17" width="103" align="right"><b>2008 </b></td></tr><tr><td height="17" width="512" align="left"> </td><td height="17" width="103" align="right"><b>$’M</b></td><td height="17" width="103" align="right"><b>$’M</b></td></tr><tr><td height="17" width="512" align="right"> </td><td height="17" width="103" align="right">____________</td><td height="17" width="103" align="right">____________</td></tr><tr><td height="17" width="512" align="left">Deferred tax assets:</td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td></tr><tr><td height="17" width="512" align="left">Deferred revenue</td><td height="17" width="103" align="right">24.6 </td><td height="17" width="103" align="right">9.1 </td></tr><tr><td height="17" width="512" align="left">Inventory & warranty provisions</td><td height="17" width="103" align="right">28.4 </td><td height="17" width="103" align="right">26.4 </td></tr><tr><td height="17" width="512" align="left">Losses carried forward (including tax credits)</td><td height="17" width="103" align="right">278.5 </td><td height="17" width="103" align="right">295.0 </td></tr><tr><td height="17" width="512" align="left">Provisions for product returns and doubtful accounts</td><td height="17" width="103" align="right">66.9 </td><td height="17" width="103" align="right">54.7 </td></tr><tr><td height="17" width="512" align="left">Restructuring</td><td height="17" width="103" align="right">1.5 </td><td height="17" width="103" align="right">2.0 </td></tr><tr><td height="17" width="512" align="left">Intangible assets</td><td height="17" width="103" align="right">17.8 </td><td height="17" width="103" align="right">17.7 </td></tr><tr><td height="17" width="512" align="left">Share-based compensation</td><td height="17" width="103" align="right">45.0 </td><td height="17" width="103" align="right">38.7 </td></tr><tr><td height="17" width="512" align="left">Excess of tax value over book value of assets</td><td height="17" width="103" align="right">26.4 </td><td height="17" width="103" align="right">8.7 </td></tr><tr><td height="17" width="512" align="left">Other</td><td height="17" width="103" align="right">26.1 </td><td height="17" width="103" align="right">19.4 </td></tr><tr><td height="17" width="512" align="right"> </td><td height="17" width="103" align="right">____________</td><td height="17" width="103" align="right">____________</td></tr><tr><td height="17" width="512" align="left">Gross deferred tax assets</td><td height="17" width="103" align="right">515.2 </td><td height="17" width="103" align="right">471.7 </td></tr><tr><td height="17" width="512" align="left">Less: valuation allowance</td><td height="17" width="103" align="right">(149.2)</td><td height="17" width="103" align="right">(119.3)</td></tr><tr><td height="17" width="512" align="right"> </td><td height="17" width="103" align="right">____________</td><td height="17" width="103" align="right">____________</td></tr><tr><td height="17" width="512" align="left"> </td><td height="17" width="103" align="right">366.0 </td><td height="17" width="103" align="right">352.4 </td></tr><tr><td height="17" width="512" align="left">Deferred tax liabilities:</td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td></tr><tr><td height="17" width="512" align="left">Intangible assets</td><td height="17" width="103" align="right">(448.4)</td><td height="17" width="103" align="right">(503.7)</td></tr><tr><td height="17" width="512" align="right"> </td><td height="17" width="103" align="right">____________</td><td height="17" width="103" align="right">____________</td></tr><tr><td height="17" width="512" align="left">Net deferred tax liabilities</td><td height="17" width="103" align="right">(82.4)</td><td height="17" width="103" align="right">(151.3)</td></tr><tr><td height="17" width="512" align="right"> </td><td height="17" width="103" align="right">____________</td><td height="17" width="103" align="right">____________</td></tr><tr><td height="17" width="512" align="left"> </td><td height="17" width="103" align="left"> </td><td height="17" width="103" align="left"> </td></tr><tr><td height="17" width="512" align="left">Balance sheet classifications:</td><td height="17" width="103" align="left"> </td><td height="17" width="103" align="left"> </td></tr><tr><td height="17" width="512" align="left">Deferred tax assets - current</td><td height="17" width="103" align="right">135.8 </td><td height="17" width="103" align="right">89.5 </td></tr><tr><td height="17" width="512" align="left">Deferred tax assets - non-current</td><td height="17" width="103" align="right">79.0 </td><td height="17" width="103" align="right">118.1 </td></tr><tr><td height="17" width="512" align="left">Deferred tax liabilities - current</td><td height="17" width="103" align="right">(2.9)</td><td height="17" width="103" align="right">(10.9)</td></tr><tr><td height="17" width="512" align="left">Deferred tax liabilities - non-current</td><td height="17" width="103" align="right">(294.3)</td><td height="17" width="103" align="right">(348.0)</td></tr><tr><td height="17" width="512" align="right"> </td><td height="17" width="103" align="right">____________</td><td height="17" width="103" align="right">____________</td></tr><tr><td height="17" width="512" align="left"> </td><td height="17" width="103" align="right">(82.4)</td><td height="17" width="103" align="right">(151.3)</td></tr><tr><td height="17" width="512" align="right"> </td><td height="17" width="103" align="right">____________</td><td height="17" width="103" align="right">____________</td></tr></table><p>During the year to December 31, 2009 the net deferred tax liability has decreased primarily as a result of: a reduction in deferred tax liabilities on intangible assets acquired through business combinations; the benefit of a change in the effective State tax rate following a change in Massachusetts state tax law on the net state deferred tax balances; and increases in the excess of tax over book value of assets following the capitalization of R&D payments for tax purposes. <br /><br />At December 31, 2009, the Company had a valuation allowance of $149.2 million (2008: $119.3 million) to reduce its deferred tax assets to estimated realizable value. These valuation allowances related primarily to operating loss, capital loss and tax-credit carry-forwards in Ireland (2009: $56.3 million, 2008 $42.0 million); the US (2009: $40.6 million, 2008: $65.5 million); Germany (2009: $24.2 million, 2008: $nil); and other foreign tax jurisdictions (2009: $28.1 million, 2008: $11.8 million).<br /><br />The net increase in valuation allowances of $29.9 million is principally due to an increase of $40.2 million and $20.7 million in respect of losses and other temporary differences in European jurisdictions and US affiliates outside the Company’s US consolidated tax group, respectively, as the Company’s management considers that there is insufficient future taxable income, taxable temporary differences and feasible tax-planning strategies to overcome cumulative losses and therefore it is more likely than not that the relevant deferred tax assets would not be realized. This increase is partially offset by a decrease in valuation allowances relating to state tax credits and loss carry forwards of $31.2 million following Massachusetts state tax changes in 2009.<br /><br />At December 31, 2009, based upon a consideration in combination of the profit history of the relevant affiliates, projections of future taxable income over the periods in which temporary differences are anticipated to reverse, any restrictions on uses of loss carryforwards and prudent and feasible tax-planning strategies, management believes it is more likely than not that the Company will realize the benefits of these deductible differences, net of the valuation allowances. However, the amount of the deferred tax asset considered realizable could be adjusted in the future if these factors are revised in future periods.<br /><br />The approximate NOLs, capital losses and tax credit carry-forwards as at December 31, are as follows:</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="512" align="left"> </td><td height="17" width="103" align="right"><b>2009 </b></td><td height="17" width="103" align="right"><b>2008 </b></td></tr><tr><td height="17" width="512" align="left"> </td><td height="17" width="103" align="right"><b>$’M</b></td><td height="17" width="103" align="right"><b>$’M</b></td></tr><tr><td height="17" width="512" align="right"> </td><td height="17" width="103" align="right">____________</td><td height="17" width="103" align="right">____________</td></tr><tr><td height="17" width="512" align="left">US federal tax NOLs</td><td height="17" width="103" align="right">31.2 </td><td height="17" width="103" align="right">-</td></tr><tr><td height="17" width="512" align="left">US state tax NOLs</td><td height="17" width="103" align="right">57.0 </td><td height="17" width="103" align="right">94.2 </td></tr><tr><td height="17" width="512" align="left">UK NOLs</td><td height="17" width="103" align="right">103.3 </td><td height="17" width="103" align="right">114.0 </td></tr><tr><td height="17" width="512" align="left">Republic of Ireland NOLs</td><td height="17" width="103" align="right">319.9 </td><td height="17" width="103" align="right">238.4 </td></tr><tr><td height="17" width="512" align="left">Foreign tax jurisdictions</td><td height="17" width="103" align="right">168.4 </td><td height="17" width="103" align="right">88.7 </td></tr><tr><td height="17" width="512" align="left">R&D tax credits </td><td height="17" width="103" align="right">124.6 </td><td height="17" width="103" align="right">208.1 </td></tr><tr><td height="17" width="512" align="left">Capital losses</td><td height="17" width="103" align="right">-</td><td height="17" width="103" align="right">27.3 </td></tr><tr><td height="17" width="512" align="right"> </td><td height="17" width="103" align="right">____________</td><td height="17" width="103" align="right">____________</td></tr><tr><td height="17" width="512" align="left"> </td><td height="17" width="103" align="left"> </td><td height="17" width="103" align="left"> </td></tr><tr><td width="718" align="left" height="17" colspan="3">The NOLs, capital losses and tax credit carry-forwards shown above have the following expiration dates:</td></tr><tr><td height="17" width="512" align="left"> </td><td height="17" width="103" align="left"> </td><td height="17" width="103" align="left"> </td></tr><tr><td height="17" width="512" align="left"><b> </b></td><td height="17" width="103" align="left"><b> </b></td><td height="17" width="103" align="right"><b>December 31,</b></td></tr><tr><td height="17" width="512" align="left"> </td><td height="17" width="103" align="left"><b> </b></td><td height="17" width="103" align="right"><b>2009 </b></td></tr><tr><td height="17" width="512" align="left"> </td><td height="17" width="103" align="left"> </td><td height="17" width="103" align="right"><b>$’M</b></td></tr><tr><td height="17" width="512" align="right"> </td><td height="17" width="103" align="left"> </td><td height="17" width="103" align="right">___________</td></tr><tr><td height="17" width="512" align="left">Within 1 year</td><td height="17" width="103" align="left"> </td><td height="17" width="103" align="right">10.1 </td></tr><tr><td height="17" width="512" align="left">Within 1 to 2 years</td><td height="17" width="103" align="left"> </td><td height="17" width="103" align="right">4.3 </td></tr><tr><td height="17" width="512" align="left">Within 2 to 3 years</td><td height="17" width="103" align="left"> </td><td height="17" width="103" align="right">2.9 </td></tr><tr><td height="17" width="512" align="left">Within 3 to 4 years</td><td height="17" width="103" align="left"> </td><td height="17" width="103" align="right">-</td></tr><tr><td height="17" width="512" align="left">Within 4 to 5 years</td><td height="17" width="103" align="left"> </td><td height="17" width="103" align="right">0.3 </td></tr><tr><td height="17" width="512" align="left">Within 5 to 6 years</td><td height="17" width="103" align="left"> </td><td height="17" width="103" align="right">1.7 </td></tr><tr><td height="17" width="512" align="left">After 6 years</td><td height="17" width="103" align="left"> </td><td height="17" width="103" align="right">362.0 </td></tr><tr><td height="17" width="512" align="left">Indefinitely</td><td height="17" width="103" align="left"> </td><td height="17" width="103" align="right">423.1 </td></tr></table><p>At December 31, 2009 the Company had not recorded deferred taxes on approximately $6.2 billion (2008: $3.7 billion) of un-remitted earnings of the Company’s foreign subsidiaries. At December 31, 2009 these earnings are expected to be permanently reinvested overseas. It is not practical to compute the estimated deferred tax liability on these earnings.</p></div>
</us-gaap:IncomeTaxDisclosureTextBlock>
<us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock id="ID_4756" contextRef="FROM_Jan01_2009_TO_Dec31_2009">
<div style="font-size:12pt"><p>31.        Share-based compensation plans<br />The Company measures share-based compensation cost at the grant date, based on the fair value of the award, and recognizes the expense over the employee requisite service period. The following table shows the total share-based compensation expense (see below for types of share-based awards) included in the consolidated statements of operations:<br /></p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="414" align="left"><b> </b></td><td height="17" width="103" align="right"><b> </b></td><td height="17" width="103" align="right"><b> </b></td><td height="17" width="103" align="left"><b> </b></td></tr><tr><td height="17" width="414" align="left"><b> </b></td><td height="17" width="103" align="right"><b>2009 </b></td><td height="17" width="103" align="right"><b>2008 </b></td><td height="17" width="103" align="right"><b>2007 </b></td></tr><tr><td height="17" width="414" align="left"><b> </b></td><td height="17" width="103" align="right"><b>$’M</b></td><td height="17" width="103" align="right"><b>$’M</b></td><td height="17" width="103" align="right"><b>$’M</b></td></tr><tr><td height="10" width="414" align="left"> </td><td height="10" width="103" align="right">____________</td><td height="10" width="103" align="right">____________</td><td height="10" width="103" align="right">____________</td></tr><tr><td height="17" width="414" align="left">Cost of product sales</td><td height="17" width="103" align="right">4.4 </td><td height="17" width="103" align="right">3.9 </td><td height="17" width="103" align="right">5.5 </td></tr><tr><td height="17" width="414" align="left">Research and development</td><td height="17" width="103" align="right">20.1 </td><td height="17" width="103" align="right">18.9 </td><td height="17" width="103" align="right">17.0 </td></tr><tr><td height="17" width="414" align="left">Selling, general and administrative</td><td height="17" width="103" align="right">41.2 </td><td height="17" width="103" align="right">42.4 </td><td height="17" width="103" align="right">52.7 </td></tr><tr><td height="17" width="414" align="left"> </td><td height="17" width="103" align="right">____________</td><td height="17" width="103" align="right">____________</td><td height="17" width="103" align="right">____________</td></tr><tr><td height="17" width="414" align="left">Total </td><td height="17" width="103" align="right">65.7 </td><td height="17" width="103" align="right">65.2 </td><td height="17" width="103" align="right">75.2 </td></tr><tr><td height="17" width="414" align="left">Less tax</td><td height="17" width="103" align="right">(19.4)</td><td height="17" width="103" align="right">(15.3)</td><td height="17" width="103" align="right">(11.7)</td></tr><tr><td height="17" width="414" align="left"> </td><td height="17" width="103" align="right">____________</td><td height="17" width="103" align="right">____________</td><td height="17" width="103" align="right">____________</td></tr><tr><td height="17" width="414" align="left"> </td><td height="17" width="103" align="right">46.3 </td><td height="17" width="103" align="right">49.9 </td><td height="17" width="103" align="right">63.5 </td></tr><tr><td height="14" width="414" align="left"> </td><td height="14" width="103" align="right">____________</td><td height="14" width="103" align="right">____________</td><td height="14" width="103" align="right">____________</td></tr></table><p>There were no capitalized share-based compensation costs at December 31, 2009 and 2008.<br /><br />At December 31, 2009 $74.3 million (2008: $83.7 million) of total unrecognized compensation cost relating to non-vested awards, is expected to be recognized over a period of 5 years. <br /><br />At December 31, 2009 $52.5 million (2008: $40.7 million) of total unrecognized compensation cost relating to non-vested in the money awards, is expected to be recognized over a weighted average period of 1.9 years (2008: 1.9 years). The total fair value of in the money share and share option awards at December 31, 2009 was $24.9 million (2008: $34.4 million).<br /><br />Share-based compensation plans<br /><br />The Company grants stock-settled share appreciation rights (“SARS”) and performance share awards over ordinary shares and ADSs to directors and employees under the Shire Portfolio Share Plan (Parts A and B). Prior to 2005, awards were made under legacy plans. The Company also operates an Employee Share Purchase Plan and a Sharesave Scheme.<br /><br />The following awards were outstanding as at December 31, 2009:</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="51" width="246" align="left"><b> </b></td><td height="51" width="173" align="right"><b>Compensation type</b></td><td height="51" width="103" align="right"><b>Number of awards</b><sup>*</sup></td><td height="51" width="103" align="right"><b>Expiration period from date of issue</b></td><td height="51" width="103" align="right"><b>Vesting period</b></td></tr><tr><td height="10" width="246" align="left"> </td><td height="10" width="173" align="right">____________</td><td height="10" width="103" align="right">____________<sup></sup></td><td height="10" width="103" align="right">____________</td><td height="10" width="103" align="right">____________</td></tr><tr><td height="85" width="246" align="left">Portfolio Share Plan - Part A</td><td height="85" width="173" align="right">SARs</td><td height="85" width="103" align="right">29,105,047 <sup></sup></td><td height="85" width="103" align="right">5 years</td><td height="85" width="103" align="right">3 years, subject to performance criteria for executive directors only</td></tr><tr><td height="34" width="246" align="left">Sharesave Scheme</td><td height="34" width="173" align="right">Stock options </td><td height="34" width="103" align="right"> 345,614 <sup></sup></td><td height="34" width="103" align="right">6 months after vesting</td><td height="34" width="103" align="right">3 or 5 years</td></tr><tr><td height="17" width="246" align="left">Stock Purchase Plan</td><td height="17" width="173" align="right">Stock options </td><td height="17" width="103" align="right"> 705,469 <sup></sup></td><td height="17" width="103" align="right">On vesting date</td><td height="17" width="103" align="right">1 to 5 months</td></tr><tr><td height="68" width="246" align="left">Legacy Plans</td><td height="68" width="173" align="right">Stock options </td><td height="68" width="103" align="right"> 4,226,803 <sup></sup></td><td height="68" width="103" align="right">7 to 10 years</td><td height="68" width="103" align="right">3-10 years, subject to performance criteria</td></tr><tr><td height="17" width="246" align="left"> </td><td height="17" width="173" align="right"> </td><td height="17" width="103" align="right"> <sup></sup></td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td></tr><tr><td height="17" width="246" align="left"> </td><td height="17" width="173" align="right"> </td><td height="17" width="103" align="right">__________________<sup></sup></td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td></tr><tr><td width="419" align="left" height="17" colspan="2"><b>Stock-settled SARs and stock options</b></td><td height="17" width="103" align="right">34,382,933 <sup></sup></td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td></tr><tr><td height="17" width="246" align="left"> </td><td height="17" width="173" align="right"> </td><td height="17" width="103" align="right">__________________<sup></sup></td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td></tr><tr><td height="89" width="246" align="left">Portfolio Share Plan - Part B</td><td height="89" width="173" align="right">Performance share awards</td><td height="89" width="103" align="right"> 5,209,621 <sup></sup></td><td height="89" width="103" align="right">3 years</td><td height="89" width="103" align="right">3 years, subject to performance criteria for executive directors only </td></tr><tr><td height="17" width="246" align="left"> </td><td height="17" width="173" align="right"> </td><td height="17" width="103" align="right">__________________<sup></sup></td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td></tr><tr><td width="419" align="left" height="17" colspan="2"><b>Performance share awards</b></td><td height="17" width="103" align="right">5,209,621 <sup></sup></td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td></tr><tr><td height="17" width="246" align="right"> </td><td height="17" width="173" align="right"> </td><td height="17" width="103" align="right">__________________<sup></sup></td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td></tr></table><p>* Number of awards are stated in terms of ordinary share equivalents.<br /><br />Stock settled SARs and stock options<br /><br />(a)        Portfolio Share Plan – Part A<br /><br />Stock-settled share appreciation rights granted under the Portfolio Share Plan – Part A are exercisable subject to certain market and service criteria.<br /><br />In respect of any award made to executive directors market conditions will be based on relative total shareholder return. Vesting of awards made to executive directors will depend on relative total shareholder return performance against two comparator groups. For one-third of the award, the comparator group will be the Financial Times Stock Exchange 100 constituents (excluding financial institutions) and for two-thirds of the award the comparator group will be a group of international companies from the pharmaceutical sector. In addition, before awards granted to executive directors will vest, the Remuneration Committee must be satisfied that the underlying performance of the Company is sufficient to justify this. Where median performance is achieved, 33 1/3 per cent of stock-settled share appreciation rights will vest, rising on a straight-line basis to full vesting at upper quartile performance.<br /><br />Awards granted to employees below executive director level are not subject to market conditions, and are only subject to service conditions. <br /><br />Once awards have vested, participants will have until the fifth anniversary of the date of grant to exercise their awards.<br /><br />(b)        Shire Sharesave Scheme (Sharesave Scheme)<br /><br />Options granted under the Sharesave Scheme are granted with an exercise price equal to 80% of the mid-market price on the day before invitations are issued to employees. Employees may enter into three or five-year savings contracts. No performance conditions apply.<br /><br />(c)        Shire Employee Stock Purchase Plan (Stock Purchase Plan)<br /><br />Under the Stock Purchase Plan, options are granted with an exercise price equal to 85% of the fair market value of a share on the enrolment date (the first day of the offering period) or the exercise date (the last day of the offering period), whichever is the lower. Employees agree to save for a period up to 27 months. No performance conditions apply.<br /><br />(d)        Legacy plans – Principally the Shire 2000 Executive Share Option Scheme <br /><br />Options granted under this scheme were subject to certain performance criteria, which were based on the Company’s share price or diluted EPS growth compared to a fixed growth rate. At December 31, 2009 all stock options outstanding under this scheme had met the required conditions and were exercisable. <br /><br />A summary of the status of the Company’s SARs and stock options as at December 31, 2009 and of the related transactions during the periods then ended is presented below:</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="51" width="414" align="left"><b> </b></td><td height="51" width="103" align="right"><b>Weighted average exercise price </b></td><td height="51" width="103" align="right"><b> </b></td><td height="51" width="103" align="right"><b> </b></td></tr><tr><td height="17" width="414" align="left"><b>Year to December 31, 2009</b></td><td height="17" width="103" align="right"><b>£</b></td><td height="17" width="103" align="right"><b>Number of </b></td><td height="17" width="103" align="right"><b>Intrinsic Value</b></td></tr><tr><td height="17" width="414" align="left"><b> </b></td><td height="17" width="103" align="left"> </td><td height="17" width="103" align="right"><b>shares</b></td><td height="17" width="103" align="right"><b>£’ M</b></td></tr><tr><td height="10" width="414" align="left"> </td><td height="10" width="103" align="right">_______________</td><td height="10" width="103" align="right">_______________</td><td height="10" width="103" align="right">_______________</td></tr><tr><td height="17" width="414" align="left">Outstanding as at beginning of period</td><td height="17" width="103" align="right">8.27 </td><td height="17" width="103" align="right">35,462,015 </td><td height="17" width="103" align="right"> </td></tr><tr><td height="17" width="414" align="left">Granted</td><td height="17" width="103" align="right">9.10 </td><td height="17" width="103" align="right">8,385,348 </td><td height="17" width="103" align="right"> </td></tr><tr><td height="17" width="414" align="left">Exercised</td><td height="17" width="103" align="right">6.75 </td><td height="17" width="103" align="right">(6,944,361)</td><td height="17" width="103" align="right"> </td></tr><tr><td height="17" width="414" align="left">Expired</td><td height="17" width="103" align="right">9.15 </td><td height="17" width="103" align="right">(2,520,069)</td><td height="17" width="103" align="right"> </td></tr><tr><td height="17" width="414" align="left"> </td><td height="17" width="103" align="right">_______________</td><td height="17" width="103" align="right">_______________</td><td height="17" width="103" align="right">________________</td></tr><tr><td height="18" width="414" align="left">Outstanding as at end of period</td><td height="18" width="103" align="right">8.72 </td><td height="18" width="103" align="right">34,382,933 </td><td height="18" width="103" align="right">30.7 </td></tr><tr><td height="17" width="414" align="left"> </td><td height="17" width="103" align="right">_______________</td><td height="17" width="103" align="right">_______________</td><td height="17" width="103" align="right">________________</td></tr><tr><td height="17" width="414" align="left">Exercisable as at end of period</td><td height="17" width="103" align="right">7.76 </td><td height="17" width="103" align="right">9,517,341 </td><td height="17" width="103" align="right">19.9 </td></tr><tr><td height="17" width="414" align="right"> </td><td height="17" width="103" align="right">_______________</td><td height="17" width="103" align="right">_______________</td><td height="17" width="103" align="right">________________</td></tr></table><p>The weighted average grant date fair value of SARs and stock options granted in the year ended December 31, 2009 was £2.35.<br />SARs and stock options outstanding as at December 31, 2009 have the following characteristics:</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="85" width="122" align="right"><b>Number of options outstanding</b></td><td height="85" width="122" align="right"><b>Exercise prices</b></td><td height="85" width="122" align="right"><b>Weighted Average Remaining Contractual term Years</b></td><td height="85" width="122" align="right"><b>Weighted average exercise price of options outstanding </b></td><td height="85" width="122" align="right"><b>Number of options exercisable</b></td><td height="85" width="122" align="right"><b>Weighted average exercise price of options exercisable</b></td></tr><tr><td height="17" width="122" align="right"><b> </b></td><td height="17" width="122" align="right"><b>£</b></td><td height="17" width="122" align="left"> </td><td height="17" width="122" align="right"><b>£</b></td><td height="17" width="122" align="right"><b> </b></td><td height="17" width="122" align="right"><b>£</b></td></tr><tr><td height="11" width="122" align="right">________________</td><td height="11" width="122" align="right">______________</td><td height="11" width="122" align="right">__________</td><td height="11" width="122" align="right">_______________</td><td height="11" width="122" align="right">_____________</td><td height="11" width="122" align="right">_____________</td></tr><tr><td height="17" width="122" align="right"> </td><td height="17" width="122" align="right"> </td><td height="17" width="122" align="right"> </td><td height="17" width="122" align="right"> </td><td height="17" width="122" align="right"> </td><td height="17" width="122" align="right"> </td></tr><tr><td height="17" width="122" align="right">2,670,782 </td><td height="17" width="122" align="right">3.38-6.00</td><td height="17" width="122" align="right">4.6 </td><td height="17" width="122" align="right">5.2 </td><td height="17" width="122" align="right">2,670,782 </td><td height="17" width="122" align="right">5.2 </td></tr><tr><td height="17" width="122" align="right">28,829,467 </td><td height="17" width="122" align="right">6.01-11.00</td><td height="17" width="122" align="right">2.9 </td><td height="17" width="122" align="right">9.4 </td><td height="17" width="122" align="right">6,157,905 </td><td height="17" width="122" align="right">8.3 </td></tr><tr><td height="17" width="122" align="right">2,882,684 </td><td height="17" width="122" align="right">11.01-14.30</td><td height="17" width="122" align="right">2.7 </td><td height="17" width="122" align="right">12.0 </td><td height="17" width="122" align="right">688,654 </td><td height="17" width="122" align="right">12.6 </td></tr><tr><td height="17" width="122" align="right">________________</td><td height="17" width="122" align="right"> </td><td height="17" width="122" align="right"> </td><td height="17" width="122" align="right"> </td><td height="17" width="122" align="right">_____________</td><td height="17" width="122" align="right"> </td></tr><tr><td height="19" width="122" align="right">34,382,933 </td><td height="19" width="122" align="right"> </td><td height="19" width="122" align="right"> </td><td height="19" width="122" align="right"> </td><td height="19" width="122" align="right">9,517,341 </td><td height="19" width="122" align="right"> </td></tr><tr><td height="17" width="122" align="right">________________</td><td height="17" width="122" align="right"> </td><td height="17" width="122" align="right"> </td><td height="17" width="122" align="right"> </td><td height="17" width="122" align="right">_____________</td><td height="17" width="122" align="right"> </td></tr></table><p>Performance shares<br /><br />Portfolio Share Plan – Part B<br /><br />Performance share awards granted to executive directors under the Portfolio Share Plan – Part B are exercisable subject to certain market and service criteria. In respect of any award made to executive directors market conditions will be based on relative total shareholder return. Vesting will depend on relative total shareholder return performance against two comparator groups. For one-third of an award, the comparator group will be the Financial Times Stock Exchange 100 constituents (excluding financial institutions) and for two-thirds of the award the comparator group will be a group of international companies from the pharmaceutical sector. In addition, before awards granted to executive directors will vest, the Committee must be satisfied that the underlying performance of the Company is sufficient to justify this. Where median performance is achieved, 33 1/3 per cent of performance shares will vest, rising on a straight-line basis to full vesting at upper quartile performance.<br />Awards granted to employees below executive director level are not subject to market conditions, and are only subject to service conditions.<br />A summary of the status of the Company’s performance share awards as at December 31, 2009 and of the related transactions during the periods then ended is presented below:<br /></p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="51" width="391" align="left"><b>Performance share awards </b></td><td height="51" width="28" align="left"><b> </b></td><td height="51" width="103" align="right"><b>Number of shares</b></td><td height="51" width="103" align="right"><b>Aggregate intrinsic value £’M</b></td><td height="51" width="103" align="right"><b>Weighted average remaining life</b></td></tr><tr><td height="10" width="391" align="left"> </td><td height="10" width="28" align="left"> </td><td height="10" width="103" align="right">_______________</td><td height="10" width="103" align="right">_______________</td><td height="10" width="103" align="right">_______________</td></tr><tr><td height="17" width="391" align="left">Outstanding as at beginning of period</td><td height="17" width="28" align="left"> </td><td height="17" width="103" align="right"> 3,232,727 </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td></tr><tr><td height="17" width="391" align="left">Granted</td><td height="17" width="28" align="left"> </td><td height="17" width="103" align="right"> 2,749,533 </td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td></tr><tr><td height="17" width="391" align="left">Exercised</td><td height="17" width="28" align="left"> </td><td height="17" width="103" align="right">(588,233)</td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td></tr><tr><td height="17" width="391" align="left">Expired</td><td height="17" width="28" align="left"> </td><td height="17" width="103" align="right">(184,406)</td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td></tr><tr><td height="17" width="391" align="left"> </td><td height="17" width="28" align="left"> </td><td height="17" width="103" align="right">_______________</td><td height="17" width="103" align="right"> </td><td height="17" width="103" align="right"> </td></tr><tr><td height="23" width="391" align="left">Outstanding as at end of period</td><td height="23" width="28" align="left"> </td><td height="23" width="103" align="right"> 5,209,621 </td><td height="23" width="103" align="right">50.4 </td><td height="23" width="103" align="right">1.6 </td></tr><tr><td height="17" width="391" align="left"> </td><td height="17" width="28" align="left"> </td><td height="17" width="103" align="right">_______________</td><td height="17" width="103" align="right">_______________</td><td height="17" width="103" align="right">________________</td></tr><tr><td height="12" width="391" align="right"> </td><td height="12" width="28" align="left"> </td><td height="12" width="103" align="right">_______________</td><td height="12" width="103" align="right">_______________</td><td height="12" width="103" align="right">_______________</td></tr><tr><td height="17" width="391" align="left"> </td><td height="17" width="28" align="left"> </td><td height="17" width="103" align="left"> </td><td height="17" width="103" align="left"> </td><td height="17" width="103" align="left"> </td></tr><tr><td width="728" align="left" height="17" colspan="5">The weighted-average grant date fair value of performance share awards granted in the year to December 31, 2009 is £8.83.</td></tr><tr><td height="17" width="391" align="left"> </td><td height="17" width="28" align="left"> </td><td height="17" width="103" align="left"> </td><td height="17" width="103" align="left"> </td><td height="17" width="103" align="left"> </td></tr></table><p>Exercises of employee share-based awards<br /><br />The total intrinsic values of share-based awards exercised for the years to December 31, 2009, 2008 and 2007 were $43.8 million, $23.8 million and $67.9 million, respectively. The total cash received from employees as a result of employee share option exercises for the period to December 31, 2009, 2008 and 2007 was approximately $14.6 million, $11.4 million and $30.4 million, respectively. In connection with these exercises, the excess tax benefit/(deficit) credited/(charged) to additional paid-in capital for the period to December 31, 2009, 2008 and 2007 was $16.8 million credit, $3.8 million charge and $nil respectively.<br /><br />The Company will settle future employee share award exercises with either newly listed common shares or with shares held in an ESOT. The number of shares to be purchased by the ESOT during 2010 will be dependent on the number of employee share awards granted and exercised during the year and Shire plc’s share price. At December 31, 2009 the ESOT held 5.8 million ordinary shares and 4.0 million ADSs.<br /><br />Valuation methodologies<br /><br />The Company estimates the fair value of its share-based awards using a Black-Scholes valuation model. Key input assumptions used to estimate the fair value of share–based awards include the grant price of the award, the expected stock-based award term, volatility of the Company’s share, the risk-free rate and the Company’s dividend yield. The Company believes that the valuation technique and the approach utilized to develop the underlying assumptions are appropriate in estimating the fair values of Shire’s stock-based awards. Estimates of fair value are not intended to predict actual future events or the value ultimately realized by employees who receive equity awards, and subsequent events are not indicative of the reasonableness of the original estimates of fair value made by the Company under guidance issued by the FASB on share based payment transactions.<br /><br />The fair value of share awards granted was estimated using the following assumptions:</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="414" align="left"><b>Period ended December 31, </b></td><td height="17" width="103" align="right"><b>2009 </b></td><td height="17" width="103" align="right"><b>2008 </b></td><td height="17" width="103" align="right"><b>2007 </b></td></tr><tr><td height="17" width="414" align="left"> </td><td height="17" width="103" align="right">______________</td><td height="17" width="103" align="right">______________</td><td height="17" width="103" align="right">______________</td></tr><tr><td height="19" width="414" align="left">Risk-free interest rate(1)</td><td height="19" width="103" align="right">0.5-2.7%</td><td height="19" width="103" align="right">1.3-5.3%</td><td height="19" width="103" align="right">3.4-5.35%</td></tr><tr><td height="17" width="414" align="left">Expected dividend yield</td><td height="17" width="103" align="right">0-0.7%</td><td height="17" width="103" align="right">0-0.5%</td><td height="17" width="103" align="right">0-0.5%</td></tr><tr><td height="17" width="414" align="left">Expected life</td><td height="17" width="103" align="right">3-4 years</td><td height="17" width="103" align="right">3-4 years</td><td height="17" width="103" align="right">3-4 years</td></tr><tr><td height="17" width="414" align="left">Weighted average volatility</td><td height="17" width="103" align="right">33% </td><td height="17" width="103" align="right">29% </td><td height="17" width="103" align="right">27% </td></tr><tr><td height="17" width="414" align="left">Forfeiture rate</td><td height="17" width="103" align="right">5% </td><td height="17" width="103" align="right">5% </td><td height="17" width="103" align="right">5% </td></tr></table><p>(1)        Risk free interest rate is for UK and US grants<br /><br />The following assumptions were used to value share-based awards:<br /></p><ul><li>risk-free interest rate – For awards granted over ADSs, the US Federal Reserve treasury constant maturities rate with a term consistent with the expected life of the award is used. For awards granted over ordinary shares, the yield on UK government bonds with a term consistent with the expected life of the award is used;<br /></li><li>expected dividend yield – measured as the average annualized dividend estimated to be paid by the Company over the expected life of the award as a percentage of the share price at the grant date;<br /></li><li>expected life – estimated based on the contractual term of the awards and the effects of employees’ expected exercise and post-vesting employment termination behaviour; <br /></li><li>weighted average expected volatility – measured using historical daily price changes of the Company’s share price over the respective expected life of the share-based awards at the date of the award; and<br /></li><li>the forfeiture rate is estimated using historical trends of the number of awards forfeited prior to vesting.</li></ul><p></p></div>
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<div style="font-size:12pt"><p>32.        Restatement of previously issued financial statements <br /><br /><br />Subsequent to the issuance of the Company’s financial statements for the year ended December 31, 2008, the Company’s management determined that its non-current deferred tax liabilities were overstated by $29 million, following a misstatement in computing the temporary difference between the tax and book value of its other intangible assets. The Company has corrected this misstatement by restating its previously issued financial statements for the years ended December 31, 2008 and 2007.<br /><br />This prior period adjustment does not affect the Company’s net income/(loss) or earnings per share for the years ended December 31, 2008 and 2007. The effect of correcting this misstatement has increased retained earnings at January 1, 2007 by $29 million and has reduced non-current deferred tax liabilities by a corresponding amount. The restatement does not affect the Company’s net income/(loss) or cash flows in either of the years to December 31, 2008 or 2007. </p></div>
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<div style="font-size:12pt"><p>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM<br /><br />To Lloyds TSB Offshore Trust Company Limited, Trustee of the Shire Income Access Share Trust and the Board of Directors and Stockholders of Shire plc <br /><br />We have audited the accompanying balance sheets of the Shire Income Access Share Trust (the “Trust”) as of December 31, 2009 and 2008 and the related statements of income, statements of changes in equity and statements of cash flows for the year ended December 31, 2009 and the period from August 29, 2008 to December 31, 2008. These financial statements are the responsibility of the Trustee and Shire plc’s management. Our responsibility is to express an opinion on these financial statements based on our audit. <br /><br />We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Trust is not required to have an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the Trust’s internal control over financial reporting. Accordingly, we express no such separate opinion. Our audit of the financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.<br /><br />In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Shire Income Access Share Trust at December 31, 2009 and 2008, and the results of its operations and cash flows for the year to December 31, 2009 and the period from August 29, 2008 to December 31, 2008, in conformity with accounting principles generally accepted in the United States of America. <br /><br /><br /><br />DELOITTE LLP<br />London, United Kingdom<br />February 26, 2010<br /><br /></p><p>SHIRE INCOME ACCESS SHARE TRUST<br />BALANCE SHEETS</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="362" align="left"><b> </b></td><td height="17" width="61" align="center"><b>Notes</b></td><td height="17" width="145" align="right"><b>December 31, 2009</b></td><td height="17" width="145" align="right"><b>December 31, 2008</b></td></tr><tr><td height="17" width="362" align="left"><b> </b></td><td height="17" width="61" align="left"> </td><td height="17" width="145" align="right"><b>$’M </b></td><td height="17" width="145" align="right"><b>$’M </b></td></tr><tr><td height="17" width="362" align="right"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">ASSETS</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="left"> </td><td height="17" width="145" align="left"> </td></tr><tr><td height="17" width="362" align="left"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right"> </td><td height="17" width="145" align="right"> </td></tr><tr><td height="17" width="362" align="left">Total assets</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">-</td><td height="17" width="145" align="right">-</td></tr><tr><td height="17" width="362" align="left"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">LIABILITIES AND EQUITY</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="left"> </td><td height="17" width="145" align="left"> </td></tr><tr><td height="17" width="362" align="left"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right"> </td><td height="17" width="145" align="right"> </td></tr><tr><td height="17" width="362" align="left">Total liabilities</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">-</td><td height="17" width="145" align="right">-</td></tr><tr><td height="17" width="362" align="left"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">Equity:</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right"> </td><td height="17" width="145" align="right"> </td></tr><tr><td height="17" width="362" align="left">Capital account</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">-</td><td height="17" width="145" align="right">-</td></tr><tr><td height="17" width="362" align="left"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">Total equity</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">-</td><td height="17" width="145" align="right">-</td></tr><tr><td height="17" width="362" align="left"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">Total liabilities and equity </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">-</td><td height="17" width="145" align="right">-</td></tr><tr><td height="17" width="362" align="left"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr></table><p><br />SHIRE INCOME ACCESS SHARE TRUST<br />STATEMENTS OF INCOME</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="362" align="left"><b> </b></td><td height="17" width="61" align="center"><b> </b></td><td height="17" width="145" align="right"><b>Year to</b></td><td height="17" width="145" align="right"><b>Period to</b></td></tr><tr><td height="17" width="362" align="left"><b> </b></td><td height="17" width="61" align="center"><b>Notes</b></td><td height="17" width="145" align="right"><b>December 31, 2009</b></td><td height="17" width="145" align="right"><b>December 31, 2008</b></td></tr><tr><td height="17" width="362" align="left"><b> </b></td><td height="17" width="61" align="left"> </td><td height="17" width="145" align="right"><b>$’M </b></td><td height="17" width="145" align="right"><b>$’M </b></td></tr><tr><td height="17" width="362" align="right"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">Dividend income</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">45.9 </td><td height="17" width="145" align="right">7.2 </td></tr><tr><td height="17" width="362" align="right"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">Net income</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">45.9 </td><td height="17" width="145" align="right">7.2 </td></tr><tr><td height="17" width="362" align="right"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr></table><p>SHIRE INCOME ACCESS SHARE TRUST<br />STATEMENTS OF CHANGES IN EQUITY<br /></p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="320" align="left"><b> </b></td><td height="17" width="131" align="right"><b>Capital account</b></td><td height="17" width="131" align="right"><b>Revenue account</b></td><td height="17" width="131" align="right"><b>Total equity</b></td></tr><tr><td height="17" width="320" align="left"><b> </b></td><td height="17" width="131" align="right"><b>$’M</b></td><td height="17" width="131" align="right"><b>$’M</b></td><td height="17" width="131" align="right"><b>$’M</b></td></tr><tr><td height="17" width="320" align="right"> </td><td height="17" width="131" align="right">________________</td><td height="17" width="131" align="right">________________</td><td height="17" width="131" align="right">________________</td></tr><tr><td height="17" width="320" align="left">At December 31, 2007</td><td height="17" width="131" align="right">-</td><td height="17" width="131" align="right">-</td><td height="17" width="131" align="right">-</td></tr><tr><td height="17" width="320" align="left"> </td><td height="17" width="131" align="right"> </td><td height="17" width="131" align="right"> </td><td height="17" width="131" align="right"> </td></tr><tr><td height="17" width="320" align="left">Net income for the period</td><td height="17" width="131" align="right">-</td><td height="17" width="131" align="right">7.2 </td><td height="17" width="131" align="right">7.2 </td></tr><tr><td height="17" width="320" align="left"> </td><td height="17" width="131" align="right"> </td><td height="17" width="131" align="right"> </td><td height="17" width="131" align="right"> </td></tr><tr><td height="17" width="320" align="left">Distributions made</td><td height="17" width="131" align="right">-</td><td height="17" width="131" align="right">(7.2)</td><td height="17" width="131" align="right">(7.2)</td></tr><tr><td height="17" width="320" align="left"> </td><td height="17" width="131" align="right">________________</td><td height="17" width="131" align="right">________________</td><td height="17" width="131" align="right">________________</td></tr><tr><td height="17" width="320" align="left">At December 31, 2008</td><td height="17" width="131" align="right">-</td><td height="17" width="131" align="right">-</td><td height="17" width="131" align="right">-</td></tr><tr><td height="17" width="320" align="right"> </td><td height="17" width="131" align="right"> </td><td height="17" width="131" align="right"> </td><td height="17" width="131" align="right"> </td></tr><tr><td height="17" width="320" align="left">Net income for the period</td><td height="17" width="131" align="right">-</td><td height="17" width="131" align="right">45.9 </td><td height="17" width="131" align="right">45.9 </td></tr><tr><td height="17" width="320" align="left"> </td><td height="17" width="131" align="right"> </td><td height="17" width="131" align="right"> </td><td height="17" width="131" align="right"> </td></tr><tr><td height="17" width="320" align="left">Distributions made</td><td height="17" width="131" align="right">-</td><td height="17" width="131" align="right">(45.9)</td><td height="17" width="131" align="right">(45.9)</td></tr><tr><td height="17" width="320" align="left"> </td><td height="17" width="131" align="right">________________</td><td height="17" width="131" align="right">________________</td><td height="17" width="131" align="right">________________</td></tr><tr><td height="17" width="320" align="left">As at December 31, 2009</td><td height="17" width="131" align="right">-</td><td height="17" width="131" align="right">-</td><td height="17" width="131" align="right">-</td></tr><tr><td height="17" width="320" align="left"> </td><td height="17" width="131" align="right">________________</td><td height="17" width="131" align="right">________________</td><td height="17" width="131" align="right">________________</td></tr></table><p><br />SHIRE INCOME ACCESS SHARE TRUST<br />STATEMENTS OF CASHFLOWS</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="362" align="left"><b> </b></td><td height="17" width="61" align="center"><b> </b></td><td height="17" width="145" align="right"><b>Year to</b></td><td height="17" width="145" align="right"><b>Period to</b></td></tr><tr><td height="17" width="362" align="left"><b> </b></td><td height="17" width="61" align="center"><b>Notes</b></td><td height="17" width="145" align="right"><b>December 31, 2009</b></td><td height="17" width="145" align="right"><b>December 31, 2008</b></td></tr><tr><td height="17" width="362" align="left"><b> </b></td><td height="17" width="61" align="left"> </td><td height="17" width="145" align="right"><b>$’M </b></td><td height="17" width="145" align="right"><b>$’M </b></td></tr><tr><td height="17" width="362" align="right"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">CASH FLOWS FROM OPERATING ACTIVITIES:</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="left"> </td><td height="17" width="145" align="left"> </td></tr><tr><td height="17" width="362" align="right"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right"> </td><td height="17" width="145" align="right"> </td></tr><tr><td height="17" width="362" align="left">Net income</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">45.9 </td><td height="17" width="145" align="right">7.2 </td></tr><tr><td height="17" width="362" align="right"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">Net cash provided from operating activities(A )</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">45.9 </td><td height="17" width="145" align="right">7.2 </td></tr><tr><td height="17" width="362" align="right"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">CASH FLOWS FROM INVESTING ACTIVITIES:</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="left"> </td><td height="17" width="145" align="left"> </td></tr><tr><td height="17" width="362" align="left"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">Net cash provided by investing activities(B)</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">-</td><td height="17" width="145" align="right">-</td></tr><tr><td height="17" width="362" align="left"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">CASH FLOWS FROM FINANCING ACTIVITIES:</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right"> </td><td height="17" width="145" align="right"> </td></tr><tr><td height="17" width="362" align="left">Distributions made</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">(45.9)</td><td height="17" width="145" align="right">(7.2)</td></tr><tr><td height="17" width="362" align="left"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">Net cash used in financing activities(C)</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">(45.9)</td><td height="17" width="145" align="right">(7.2)</td></tr><tr><td height="17" width="362" align="left"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">Net increase in cash and cash equivalents (A+B+C)</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">-</td><td height="17" width="145" align="right">-</td></tr><tr><td height="17" width="362" align="left">Cash and cash equivalents at beginning of period</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">-</td><td height="17" width="145" align="right">-</td></tr><tr><td height="17" width="362" align="left"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">Cash and cash equivalents at end of period</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">-</td><td height="17" width="145" align="right">-</td></tr><tr><td height="17" width="362" align="left"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr></table><p>NOTES TO THE SHIRE INCOME ACCESS SHARE TRUST FINANCIAL STATEMENTS<br /><br /><br />(a)        The Trust <br /><br />The Shire Income Access Share Trust (the “Trust”) was established on August 29, 2008 by Shire Biopharmaceuticals Holdings (formerly Shire plc) (“Old Shire”). The Trust is governed by the applicable laws of England and Wales and is resident in Jersey. The Trustee of the Trust is Lloyds TSB Offshore Trust Company Limited, 25 New Street, St Helier, Jersey, JE4 8RG.<br /><br />The Trust was established as part of the Income Access Share mechanism, as outlined in ITEM 5: of this Annual Report on Form 10-K of Shire plc and its subsidiaries (collectively referred to as either “Shire” or the “Company”.<br /><br />(b)        Basis of preparation<br /><br />The financial statements of the Trust have been prepared in accordance with accounting principles generally accepted in the (“US GAAP”). The financial statements have been prepared under the historical cost convention. <br /><br />The preparation of financial statements in conformity with US GAAP requires the use of certain accounting estimates. It also requires management to exercise its judgement in the process of applying the Trust’s accounting policies. Actual results may differ from these estimates. <br /><br /></p><p>The results of operations, and the financial position and cash flows of the Trust are also consolidated in the Company’s financial statements, as contained on pages F-75 to F-76.<br /><br />(c)        Summary of significant accounting policies<br /><br />i)        Functional currency<br /><br />The functional currency of the Trust is US dollars. <br /><br />ii)        Foreign currency translation <br /><br />Income and expense items denominated in currencies other than the functional currency are translated into the functional currency at the rate ruling on their transaction date. Monetary assets and liabilities recorded in currencies other than the functional currency have been expressed in the functional currency at the rates of exchange ruling at the respective balance sheet dates. Differences on translation are included in the statement of income.<br /><br />iii)        Dividend income<br /><br />Interim dividends declared on the Income Access Share are recognised on a paid basis unless the dividend has been confirmed by a general meeting of Shire, in which case income is recognised on the record date of the dividend by Shire on its ordinary shares.<br /><br />(d)        Capital account<br /><br />The Capital account is represented by the Income Access Share of 5 pence settled in the Trust by Old Shire.<br /><br />(e)        Distributions made<br /><br />Distributions are made to those shareholders of Shire who have elected to receive dividends from the Trust in accordance with the Trust Deed. Unclaimed dividends are not included in distributions made. There were no unclaimed dividends at December 31, 2009. Amounts are recorded as distributed once a wire transfer or check is issued. All checks are valid for one year from the date of issue. Any wire transfers that are not completed are replaced by cheques. To the extent that cheques expire or are returned unrepresented, the Trust records a liability for unclaimed dividends and a corresponding amount of cash.<br /><br />(f)        Financial instruments<br /><br />The Trust, in its normal course of business, is not subject to market risk, credit risk or liquidity risk. The Trustees do not consider that any foreign exchange exposure will materially affect the operations of the Trust.<br /></p></div>
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<us-gaap:ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock id="ID_5425" contextRef="FROM_Jan01_2009_TO_Dec31_2009">
<div style="font-size:12pt"><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="53" width="390" align="left"><b> </b></td><td height="53" width="82" align="right"><b>Beginning balance</b></td><td height="53" width="82" align="right"><b>Provision charged to income(1)</b></td><td height="53" width="82" align="right"><b>Costs incurred/ utilization(1)</b></td><td height="53" width="82" align="right"><b>Ending balance</b></td></tr><tr><td height="17" width="390" align="left"><b>Provision for sales rebates, returns and coupons</b></td><td height="17" width="82" align="right"><b>$’M</b></td><td height="17" width="82" align="right"><b>$’M</b></td><td height="17" width="82" align="right"><b>$’M</b></td><td height="17" width="82" align="right"><b>$’M</b></td></tr><tr><td height="17" width="390" align="left"> </td><td height="17" width="82" align="right">__________</td><td height="17" width="82" align="right">__________</td><td height="17" width="82" align="right">__________</td><td height="17" width="82" align="right">__________</td></tr><tr><td height="17" width="390" align="left">2009 :</td><td height="17" width="82" align="right"> </td><td height="17" width="82" align="right"> </td><td height="17" width="82" align="right"> </td><td height="17" width="82" align="right"> </td></tr><tr><td height="34" width="390" align="left">Accrued rebates – Medicaid and Health Maintenance Organizations (“HMOs”)</td><td height="34" width="82" align="right">222.5 </td><td height="34" width="82" align="right">630.8 </td><td height="34" width="82" align="right">(511.7)</td><td height="34" width="82" align="right">341.6 </td></tr><tr><td height="17" width="390" align="left">Sales returns reserve</td><td height="17" width="82" align="right">47.1 </td><td height="17" width="82" align="right">41.4 </td><td height="17" width="82" align="right">(25.8)</td><td height="17" width="82" align="right">62.7 </td></tr><tr><td height="17" width="390" align="left">Accrued coupons</td><td height="17" width="82" align="right">4.0 </td><td height="17" width="82" align="right">38.6 </td><td height="17" width="82" align="right">(38.8)</td><td height="17" width="82" align="right">3.8 </td></tr><tr><td height="17" width="390" align="left"> </td><td height="17" width="82" align="right">__________</td><td height="17" width="82" align="right">__________</td><td height="17" width="82" align="right">__________</td><td height="17" width="82" align="right">__________</td></tr><tr><td height="17" width="390" align="left"> </td><td height="17" width="82" align="right">273.6 </td><td height="17" width="82" align="right">710.8 </td><td height="17" width="82" align="right">(576.3)</td><td height="17" width="82" align="right">408.1 </td></tr><tr><td height="17" width="390" align="left"> </td><td height="17" width="82" align="right">__________</td><td height="17" width="82" align="right">__________</td><td height="17" width="82" align="right">__________</td><td height="17" width="82" align="right">__________</td></tr><tr><td height="17" width="390" align="left"> </td><td height="17" width="82" align="right"> </td><td height="17" width="82" align="right"> </td><td height="17" width="82" align="right"> </td><td height="17" width="82" align="right"> </td></tr><tr><td height="17" width="390" align="left">2008 :</td><td height="17" width="82" align="right"> </td><td height="17" width="82" align="right"> </td><td height="17" width="82" align="right"> </td><td height="17" width="82" align="right"> </td></tr><tr><td height="17" width="390" align="left">Accrued rebates – Medicaid and HMOs</td><td height="17" width="82" align="right">146.6 </td><td height="17" width="82" align="right">396.9 </td><td height="17" width="82" align="right">(321.0)</td><td height="17" width="82" align="right">222.5 </td></tr><tr><td height="17" width="390" align="left">Sales returns reserve</td><td height="17" width="82" align="right">39.5 </td><td height="17" width="82" align="right">38.2 </td><td height="17" width="82" align="right">(30.6)</td><td height="17" width="82" align="right">47.1 </td></tr><tr><td height="17" width="390" align="left">Accrued coupons</td><td height="17" width="82" align="right">9 </td><td height="17" width="82" align="right">32.5 </td><td height="17" width="82" align="right">(37.5)</td><td height="17" width="82" align="right">4.0 </td></tr><tr><td height="17" width="390" align="left"> </td><td height="17" width="82" align="right">__________</td><td height="17" width="82" align="right">__________</td><td height="17" width="82" align="right">__________</td><td height="17" width="82" align="right">__________</td></tr><tr><td height="17" width="390" align="left"> </td><td height="17" width="82" align="right">195.1 </td><td height="17" width="82" align="right">467.6 </td><td height="17" width="82" align="right">(389.1)</td><td height="17" width="82" align="right">273.6 </td></tr><tr><td height="17" width="390" align="left"> </td><td height="17" width="82" align="right">__________</td><td height="17" width="82" align="right">__________</td><td height="17" width="82" align="right">__________</td><td height="17" width="82" align="right">__________</td></tr><tr><td height="17" width="390" align="left"> </td><td height="17" width="82" align="right"> </td><td height="17" width="82" align="right"> </td><td height="17" width="82" align="right"> </td><td height="17" width="82" align="right"> </td></tr><tr><td height="17" width="390" align="left">2007 :</td><td height="17" width="82" align="right"> </td><td height="17" width="82" align="right"> </td><td height="17" width="82" align="right"> </td><td height="17" width="82" align="right"> </td></tr><tr><td height="17" width="390" align="left">Accrued rebates – Medicaid and HMOs</td><td height="17" width="82" align="right">126.4 </td><td height="17" width="82" align="right">263.5 </td><td height="17" width="82" align="right">(243.3)</td><td height="17" width="82" align="right">146.6 </td></tr><tr><td height="17" width="390" align="left">Sales returns reserve</td><td height="17" width="82" align="right">36.5 </td><td height="17" width="82" align="right">46 </td><td height="17" width="82" align="right">(43.0)</td><td height="17" width="82" align="right">39.5 </td></tr><tr><td height="17" width="390" align="left">Accrued coupons</td><td height="17" width="82" align="right">13 </td><td height="17" width="82" align="right">50.2 </td><td height="17" width="82" align="right">(54.2)</td><td height="17" width="82" align="right">9 </td></tr><tr><td height="17" width="390" align="left"> </td><td height="17" width="82" align="right">__________</td><td height="17" width="82" align="right">__________</td><td height="17" width="82" align="right">__________</td><td height="17" width="82" align="right">__________</td></tr><tr><td height="17" width="390" align="left"> </td><td height="17" width="82" align="right">175.9 </td><td height="17" width="82" align="right">359.7 </td><td height="17" width="82" align="right">(340.5)</td><td height="17" width="82" align="right">195.1 </td></tr><tr><td height="17" width="390" align="left"> </td><td height="17" width="82" align="right">__________</td><td height="17" width="82" align="right">__________</td><td height="17" width="82" align="right">__________</td><td height="17" width="82" align="right">__________</td></tr></table><p> (1) In the analysis above, due to systems limitations, it is not practical and has not been necessary to break out current versus prior year activity. When applicable, Shire has performed general ledger reviews of sales deduction provisions charged to income, and the utilization of these provisions in subsequent years. Shire has determined that adjustments made in each year as a result of changes to estimates that related to prior year sales, and adjustments made as a result of differences between prior period provisions and actual payments, did not have a material impact on the Company’s financial performance or position either in each individual year, or in the Company’s performance over the reported period. <br /></p></div>
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<link:footnoteLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
<link:loc xlink:type="locator" xlink:href="#ID_4394" xlink:label="ID_4394"/>
<link:footnote xlink:type="resource" xlink:label="footnote_14" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US"> Cost of product sales includes amortization of intangible assets relating to favorable manufacturing contracts of $1.7 million for year to December 31, 2009 (2008: $1.7 million, 2007: $1.2 million). Selling, general and administrative costs includes amortization and impairment charges of intangible assets relating to intellectual property rights acquired of $136.9 million including impairments of $nil for the year to December 31, 2009 (2008: $223.3 million including impairments of $97.1 million, 2007: $95.0 million including impairments of $0.4 million). </link:footnote>
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<link:footnote xlink:type="resource" xlink:label="footnote_23" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US"> During the year to December 31, 2007 the Company paid dividends totaling 7.39 US cents per ordinary share, equivalent to 22.18 US cents per ADS, and 25.32 Canadian cents per exchangeable share. </link:footnote>
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<link:footnote xlink:type="resource" xlink:label="footnote_24" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US"> During the year to December 31, 2008 the Company paid dividends of 8.62 US cents per ordinary share (equivalent to 25.85 US cents per ADS), totaling $46.8 million. </link:footnote>
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<link:footnote xlink:type="resource" xlink:label="footnote_25" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US"> During the year to December 31, 2009 Shire plc paid a dividend of 9.91 US cents per ordinary share (equivalent to 29.72 US cents per American Depositary Share) totaling $54.4 million. </link:footnote>
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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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