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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV