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Elan Reports Second Quarter And First Half 2012 Financial Results

Net Interest and Investment Gains and Losses

Net interest expense

For the second quarter of 2012, net interest expense decreased to $12.4 million, from $29.7 million for the second quarter of 2011. This decrease is primarily due to the retirement of $660.5 million, or 51%, of the Company’s debt during the fourth quarter of 2011.

Net loss on equity method investments

The losses on equity method investments for the three and six months ended June 30, 2012 and 2011 can be analyzed as follows:

Three Months Ended June 30
   

Six Months Ended June 30
2011

US$m
  2012

US$m
      2011

US$m
  2012

US$m
38.7   33.5 Janssen AI 51.2   48.3
0.4 0.8 Proteostasis 0.4 1.9
Alkermes plc 7.2
39.1 34.3 Total 51.6 57.4

Janssen AI

As part of Elan’s 2009 transaction with Johnson & Johnson, Janssen AI, a subsidiary of Johnson & Johnson, acquired substantially all of Elan’s assets and rights related to its Alzheimer’s Immunotherapy Program (AIP) collaboration with Wyeth (which has been acquired by Pfizer Inc. (Pfizer)). Under the terms of this transaction, Johnson & Johnson provided an initial $500.0 million funding to Janssen AI and Elan has a 49.9% shareholding in Janssen AI. Any additional funding in excess of the initial $500.0 million funding commitment is required to be funded equally by Elan and Johnson & Johnson up to a maximum additional commitment of $400.0 million in total.

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