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Elan Reports Second Quarter And First Half 2012 Financial Results

Operating Expenses

Excluding other net charges and gains, operating expenses increased by 8% to $109.8 million for the second quarter of 2012, from $101.2 million for the second quarter of 2011. This reflects a $5.1 million (6%) increase in cash expenses and a $3.5 million (32%) increase in non-cash expenses, principally increased stock compensation expense.

Selling, general and administrative

Three Months Ended June 30

Six Months Ended June 30




44.3   51.9 Cash expenses 85.7   102.7
2.7 2.1 Depreciation and amortization 5.1 4.2
3.3 6.6 Share-based compensation 7.3 13.8
50.3 60.6 Total 98.1 120.7

SG&A expenses increased by $10.3 million to $60.6 million for the second quarter of 2012, from $50.3 million for the same period of 2011, primarily as a result of increased Tysabri sales and marketing expenses and higher legal and corporate costs, along with higher non-cash stock compensation expense, following the increase in share price since the first quarter of 2011.

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