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Financial Report: Elan 3Q

October 25, 2012

Early stage business restructuring impacts earnings

Elan

3Q Revenues: $306.6 million (+10%)

3Q Loss: $13.7 million (earnings were $670.6 million in 3Q11)*

YTD Revenues: $883.0 million (+11%)

YTD Loss: $30.2 million  (earnings were $755.2 million YTD11)

Comments: Tysabri global in-market sales grew 3% to $403.8 million, reflecting a 17% growth in U.S. sales of Tysabri, offset by an 11% decrease in the rest of world. Loss in the quarter includes charges of $111.3 million related to the separation of the Neotope business and the discontinuation of Elan’s remaining early stage research activities, and an impairment charge of $117.3 million related to the Janssen AI equity method investment following J&J’s discontinuation of bapineuzumab intravenous in Alzheimer’s disease.

*Includes a gain of $664.0 million for the divestment of EDT business.

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