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Elan Reports Fourth Quarter And Full-Year 2012 Financial Results

For the full-year, SG&A expenses increased to $226.8 million, from $203.3 million in 2011, reflecting increased Tysabri commercial expenses and higher non-cash share-based compensation expense. Excluding Tysabri, cash SG&A expenses were flat over 2011.

Research and development

Three Months Ended December 31


Twelve Months Ended December 31

2011 US$m


2012 US$m


2011 US$m


2012 US$m

21.6   20.7 Cash expenses 92.9   83.4
1.2 0.1 Depreciation and amortization 5.0 3.5
2.7 0.7 Share-based compensation 8.9 8.1
25.5 21.5 R&D expenses – continuing operations 106.8 95.0
16.0 16.0 Tysabri R&D expenses 67.7 62.0
41.5 37.5 Pro forma R&D expenses 174.5 157.0

R&D expenses decreased by 10% for the fourth quarter and full-year 2012, to $37.5 million and $157.0 million respectively, from $41.5 million and $174.5 million in the fourth quarter and full year 2011, respectively. These decreases reflect the impact of the operations restructuring during the fourth quarter of 2012 and a reduction in research activities in 2012 compared to 2011.

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