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TheStreet Open House

Elan Reports Second Quarter And First Half 2012 Financial Results

Stocks in this article: ELN

Elan’s financial guidance for 2012 assumes that the Tysabri Italy dispute is resolved during 2012. If the matter is not resolved during 2012, Elan estimates that Biogen Idec would defer $60-70 million of 2012 Tysabri in-market net sales as a result. This would result in a deferral of revenues and Adjusted EBITDA by Elan for the full-year 2012 of approximately $30-35 million and $20-25 million, respectively.

In the ROW market, Biogen Idec is responsible for distribution, and Elan records as revenue its share of the profit or loss on ROW sales of Tysabri, plus Elan’s directly-incurred expenses on these sales. As a result, in the ROW market, Elan recorded net revenue of $76.9 million for the second quarter of 2012 compared to $86.2 million for the second quarter of 2011.

Elan’s net Tysabri ROW revenue is calculated as follows:

Three Months Ended June 30

   

Six Months Ended June 30

2011

US$m

  2012

US$m

      2011

US$m

  2012

US$m

205.9   184.0 ROW in-market net sales by Biogen Idec 385.4   382.0
(94.0) (80.6) ROW operating expenses incurred by the collaboration (176.4) (162.2)
111.9 103.4 ROW operating profit generated by the collaboration 209.0 219.8
55.9 51.7 Elan’s 50% share of Tysabri ROW collaboration operating profit 104.5 109.9
30.3 25.2 Elan’s directly incurred costs 57.0 54.2
86.2 76.9 Net Tysabri ROW revenue 161.5 164.1

Other products

Elan ceased distributing Azactam as of March 31, 2010, and Maxipime as of September 30, 2010. The revenue and adjustments for these products in 2011 and 2012 relates to adjustments to discounts and allowances associated with sales prior to the cessation of distribution.

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