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TheStreet Open House

Elan Reports Fourth Quarter And Full-Year 2012 Financial Results

Stocks in this article: ELN

As a result of the decision to divest of the Tysabri IP and other assets, the results of Tysabri that are included in the Consolidated Income Statement for the three and twelve months ended December 31, 2012, are presented as a discontinued operation and the comparative amounts have been restated to reflect this classification. The Tysabri disposal group assets are classified as held for sale.

To aid the review of the operating performance of Elan, the analysis below of the financial results for the fourth quarter and full-year 2012 focuses primarily on the pro forma results for Elan including Tysabri, as if it were still a continuing operation, as set out in Appendix I and Appendix II on pages 22 and 23.

Quarter 4, 2012 Pro Forma Operating Results (including Tysabri)

Total revenue for the fourth quarter of 2012 increased by 18% to $319.8 million from $271.0 million for the same period of 2011, driven by a 14% increase in Tysabri global in-market net sales to $432.8 million in the fourth quarter of 2012, from $379.6 million in the fourth quarter of 2011. Worldwide, the number of patients on Tysabri increased by 12% to approximately 72,700 patients at the end of December 2012, from approximately 64,700 patients (revised) at the end of December 2011.

While revenues grew by 18%, cash operating expenses remained flat over the fourth quarter of 2011. Consequently, Adjusted EBITDA increased by 61% to $60.2 million for the fourth quarter of 2012, from $37.5 million for the same period of 2011.

A reconciliation of pro forma Adjusted EBITDA to net income/(loss) is presented in Appendix I on page 22.

Full-Year 2012 Pro Forma Operating Performance (including Tysabri)

Total revenue for the full-year 2012 increased by 13% to $1,202.8 million from $1,068.1 million for the full-year 2011, as a result of an 8% growth in global in-market net sales of Tysabri to $1,631.1 million for the full-year 2012, from $1,510.6 million for the full-year 2011.

Adjusted EBITDA increased by 31% to $220.2 million for the full-year 2012 from $168.6 million for the full-year 2011, principally reflecting the continued growth of Tysabri, with cash operating expenses held flat year over year.

A reconciliation of pro forma Adjusted EBITDA to net income/(loss) is presented in Appendix II on page 23.

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