Elan posts $2.28bn income for Q2, focused on sale

Dublin-headquartered biotechnology company Elan has posted an income of $2.28bn (€1.7bn) for the second quarter of 2013, compared to a net loss of $28.5m for Q2 in 2012.

The company said income was impacted by $2.54bn due to restructuring of is collaboration with partner Biogen on the drug Tysabri, and a subsequent $1bn share buyback.

Net loss from continuing operations in the three months to end June was $251.8m, while adjusted EBITDA earnings were $13.4m and revenue was $56.3m.

“Our second quarter results have been substantially impacted by the completion of the Tysabri transaction, the subsequent $1bn share buyback, debt retirements and other transactions," said CFO Nigel Clerkin

"Our net income for the quarter, of $2,288.7m, reflects the gain recorded on the Tysabri transaction of $2,540.2m, while our sharecount was reduced by approximately 15%.

"We remain in a very strong financial position, and ended the quarter with over $1.9 bn in cash and cash equivalents, and no debt.”

The company said it was "focused squarely on the process of exploring a sale" following the announcement last month that it was looking for a buyer.

"The Board of Directors and executive management are in complete alignment with regard to exploring all opportunities to maximize shareholder value," said CEO Kelly Martin.

"We will continue to advance the process and communicate the outcome to the marketplace at the appropriate time.”