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TheStreet Open House

Elan Reports Second Quarter And First Half 2012 Financial Results

Stocks in this article: ELN

At the Alzheimer’s Association International Conference in Vancouver, Canada July 15-19, 2012, data from the ELND005 Phase 2 trials in mild/moderate Alzheimer’s disease describing its effect on both brain scyllo-inositol and myo-inositol levels were presented. In addition, data were also presented on the effects of oral ELND005 on neuropsychiatric symptoms in the Phase 2 trials and the potential role of myo-inositol reduction.

In the second quarter, Elan and Proteostasis Therapeutics, Inc. (Proteostasis) terminated their Strategic Alliance and License Agreement. Elan retains its approximate 24% equity interest in Proteostasis.

Other net charges

Other net charges for the three and six months ended June 30, 2012 and 2011 were as follows:

Three Months Ended June 30

   

Six Months Ended June 30

2011

US$m

  2012

US$m

      2011

US$m

  2012

US$m

1.5   Severance, restructuring and other costs 1.9   1.4
0.8 (0.1) Facilities and other asset impairment charges 2.7 0.5
2.3 (0.1) Total 4.6 1.9

The other net charges incurred during the second quarter and first half of 2012 principally relate to the restructuring of Elan’s G&A and other support activities initiated in the fourth quarter of 2011, following the divestment of the EDT business.

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