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Elan Reports Third Quarter 2012 Financial Results

For the third quarter of 2012, Tysabri global in-market net sales increased by 3% to $403.8 million from $392.6 million for the same period of 2011 and units sold increased by 8%. This reflects the 17% increase in U.S. in-market net sales of Tysabri, partially offset by the 11% decrease in ROW in-market net sales, which were negatively impacted by the $14.2 million revenue reserve in Italy, and unfavorable foreign currency movements, including the 12% decrease in the average dollar-euro exchange rate from the third quarter of 2011 to the third quarter of 2012.

For the nine months ended September 30, 2012, Tysabri global in-market net sales increased by 6% to $1,198.3 million from $1,131.0 million for the same period of 2011, while units sold increased by 12%. This reflects the 17% increase in U.S. in-market net sales of Tysabri, partially offset by the 4% decrease in ROW in-market net sales, which were negatively impacted by the $47.0 million revenue reserve in Italy, and unfavorable foreign currency movements, including the 9% decrease in the average dollar-euro exchange rate from the nine months ended September 30, 2011 to the same period of 2012.

Tysabri was developed and is being marketed in collaboration with Biogen Idec, Inc. (Biogen Idec). In general, subject to certain limitations imposed by the parties, Elan shares with Biogen Idec most of the development and commercialization costs for Tysabri. Biogen Idec is responsible for manufacturing the product. In the United States, Elan purchases Tysabri from Biogen Idec and is responsible for distribution. Consequently, Elan records as revenue the net sales of Tysabri in the U.S. market. Elan purchases product from Biogen Idec at a price that includes the cost of manufacturing, plus Biogen Idec’s gross margin on Tysabri, and this cost, together with royalties payable to other third parties, is included in cost of sales.

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