Elan Corp Reports Profit In Q2 - Quick Facts

(RTTNews) - Elan Corporation, plc(ELN), a biotechnology company, Wednesday said it reported a profit for the second quarter, reflecting the gain recorded on the Tysabri transaction completed on April 2.

For the three-month period, the company reported net income of $2,288.7 million or $4.28 per share compared with net loss of $28.5 million or $0.05 loss per share during the same quarter last year. The results for the latest quarter included income from discontinued operations of $2,540.5 million related to the Tysabri, Prothena and EDT businesses.

On average, four analysts polled by Thomson Reuters expected earnings per share of $0.02 for the quarter. Analysts' estimates typically exclude one-time items.

Total revenue from continuing operations was $56.3 million including a 50 percent share of Tysabri profits for the month of April 2013 and a royalty of 12 percent of global net sales of Tysabri for May and June 2013.

Nigel Clerkin, chief financial officer, said, "..Our second quarter results have been substantially impacted by the completion of the Tysabri transaction, the subsequent $1.0 billion share buyback, debt retirements and other transactions. Our net income for the quarter, of $2,288.7 million, reflects the gain recorded on the Tysabri transaction of $2,540.2 million, while our sharecount was reduced by approximately 15%..."