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Elan Reports Fourth Quarter And Full-Year 2012 Financial Results

Until the Tysabri Transaction closes, in the ROW market, Biogen Idec is responsible for distribution, and Elan records as revenue its share of the profit or loss on ROW sales of Tysabri, plus Elan’s directly-incurred expenses on these sales. As a result, in the ROW market, Elan recorded net revenue of $76.6 million for the fourth quarter of 2012 compared to $74.2 million for the fourth quarter of 2011.

Elan’s net Tysabri ROW revenue is calculated as follows:

Three Months Ended December 31
   

Twelve Months Ended December 31

2011 US$m
 

2012 US$m
     

2011 US$m
 

2012 US$m
183.2   189.8 ROW in-market sales by Biogen Idec 764.1   745.1
(85.0) (83.2) ROW operating expenses incurred by the collaboration (349.3) (316.3)
98.2 106.6 ROW operating profit incurred by the collaboration 414.8 428.8
49.1 53.3 Elan’s 50% share of Tysabri ROW collaboration operating profit 207.4 214.4
25.1 23.3 Elan’s directly incurred costs 110.2 102.2
74.2 76.6 Net Tysabri ROW revenue 317.6 316.6
 

Pro Forma Operating Expenses (including Tysabri)

Selling, general and administrative

Three Months Ended December 31
   

Twelve Months Ended December 31

2011 US$m
 

2012 US$m
     

2011 US$m
 

2012 US$m
26.1   21.1 Cash expenses 85.0   84.5
2.1 1.9 Depreciation and amortization 9.5 7.9
2.7 3.8 Share-based compensation 12.7 21.2
30.9 26.8 SG&A expenses – continuing operations 107.2 113.6
26.2 32.1 Tysabri SG&A expenses 96.1 113.2
57.1 58.9 Pro forma SG&A expenses 203.3 226.8
 

SG&A expenses increased slightly to $58.9 million for the fourth quarter of 2012, from $57.1 million for the same period of 2011, primarily as a result of increased investment in Tysabri commercial activities in the US, offset by reduced non-Tysabri cash expenses.

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