Elan reports earnings

Elan Corp. plc (NYSE:ELN) reported 4Q12 pro forma revenues of $319.8 million, up 18% from $271 million in 4Q11 and just above the Street's $315.5 million estimate. The bulk of the revenues--$319.6 million-- come from sales of multiple sclerosis drug Tysabri natalizumab, which Elan said Wednesday will be acquired by partner Biogen Idec Inc. (NASDAQ:BIIB) (See above). Accounting for Tysabri's discontinuation, the company recorded diluted GAAP EPS from discontinued operations of $0.10, up 11% from $0.09 in 4Q11.

For the year, Elan reported pro forma revenues including Tysabri of $1.2 billion, up 13% from $1.1 billion in 2011. Revenues from sources other than Tysabri sales were $200,000 in 2012 and $4 million on 2011. Diluted GAAP EPS from discontinued operations for the year was $0.40, down from $1.73 in 2011. ...