The SG&A expenses related to the Tysabri ROW sales are reflected in the Tysabri ROW revenue as previously described on page 11.

Research and development

Three Months Ended June 30
   

Six Months Ended June 30
2011

US$m
  2012

US$m
      2011

US$m
  2012

US$m
45.9   43.4 Cash expenses 88.1   82.2
1.8 1.8 Depreciation and amortization 3.6 3.6
3.2 4.0 Share-based compensation 6.8 12.4
50.9 49.2 Total 98.5 98.2

Research and development update

On July 23, Pfizer Inc. (Pfizer) issued a press release on top-line results in the first of four bapineuzumab Phase 3 studies carried out by Pfizer and Janssen Alzheimer Immunotherapy (Janssen AI). The Pfizer press release stated that the co-primary clinical endpoints, change in cognitive and functional performance compared to placebo, were not met in the Janssen AI led Phase 3 trial of intravenous bapineuzumab in patients with mild-to-moderate Alzheimer’s disease who carry the ApoE4 genotype. The Pfizer press release noted that because clinical efficacy was not demonstrated in ApoE4 carriers in this study, the Janssen AI and Pfizer Joint Steering Committee for the AIP decided that participants from this study who enrolled in a follow-on extension study will no longer receive doses of bapineuzumab but would have a follow-up evaluation. Pfizer also announced that the topline results from the second study in patients with mild–to–moderate Alzheimer’s who do not carry the ApoE4 genotype will soon be available.

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