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Financial Report: Elan

Completes Tysabri transaction

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Elan
 
2Q Revenues: $56.3 million ($0.2 million 2Q12)

2Q Earnings: $2.3 billion (loss of $28.5 million 2Q12)

YTD Revenues: $56.5 million (n/a)

YTD Earnings: $2.4 billion (loss of $60.3 million YTD12)

Comments: Results included $2.5 billion income from the transfer of Tysabri to partner Biogen. Under the Tysabri transaction, Elan received an upfront payment of $3.3 billion and will continue to receive royalties on Tysabri in-market sales. Earnings in the quarter includes a net loss from continuing operations of $251.8 million ($90.0 million 2Q12) and net income from discontinued operations of $2.5 billion. YTD earnings includes a net loss from continuing operations of $324.6 million ($164.7 million YTD12), and net income from discontinued operations of $2.7 billion ($104.4 million in YTD12) related to the Tysabri, Prothena and EDT businesses. According to a board announcement in June, Elan is in the process of exploring the sale of the company.

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