Financial Report: Elan

Elan

4Q Revenues: $269.8 million (+24%)       

4Q Earnings: $169.5 million (loss of $83.5 million in 4Q07)
   
FY Revenues: $1.0 billion (+32%)

FY Loss: $71.0 million (loss of $405 million FY08)

Comments: Revenue from the Biopharmaceuticals business was up 29% in the quarter and 51% for the year, driven by a strong performance from Tysabri, which offset reduced sales of Maxipime due to generic competition. For the quarter and full year, recorded Tysabri sales were $152.2 million (+68%) and $557.1 million (+140%), respectively. Earnings in the quarter include a $236.6 million tax benefit. R&D expenses for the year increased 26% to $328.7 million, primarily related to the clinical advancement of the company’s Alzheimer’s disease programs. The decrease in the net loss for the year resulted from improved operating performance, a net deferred tax asset of $236.6 million, and reduced charges.