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Financial Report: Elan

Tysabri sales were up 23% in 2011

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Elan

4Q Revenues: $271.0 million (-12%)

4Q Loss: $134.7 million (loss of $52.2 million 4Q10)

FY Revenues: $1.2 billion (+7%)

FY Earnings: $560.5 million (loss of $324.7 million FY10)

Comments: Global in-market sales of Tysabri were up 23% to $1.5 billion in 2011, which helped offset the loss of revenues from a number of EDT legacy products including Azactam, Maxipime and Prialt, which contributed $41.5 million in 2010. Loss in the quarter includes charges of $22.0 million, a charge on debt retirement of $47.0 million, and a non-cash U.S. state tax charge of $40.0 million related to the write-down of U.S. state deferred tax assets. Earnings for the year include the net gain on the divestment of the EDT business of $652.9 million and legal settlement gains of $84.5 million.

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