This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
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.

3 of 16

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs