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This excerpt taken from the ELN 6-K filed Oct 27, 2005. EBITDA
Negative Adjusted EBITDA for the third quarter of 2005 amounted to $42.1 million, compared to a negative Adjusted EBITDA of $56.7 million in the same period of 2004. The improvement is due to increased product revenue and operating margins from the core business, partially offset by increased costs associated with Tysabri.
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Elan Third Quarter 2005 Financial Results
Negative Adjusted EBITDA, excluding Tysabri, was $5.4 million in the third quarter of 2005 compared to $20.5 million in the second quarter of 2005. The second quarter of 2005 included $8.0 million of litigation settlement costs. The improvement in negative Adjusted EBITDA, excluding Tysabri, is principally a result of continued growth in product revenue from the core business and the impact of the cost containment initiatives announced in April 2005. Negative Adjusted EBITDA for Tysabri was $36.7 million in the third quarter of 2005, compared to $38.2 million in the second quarter of 2005.
A reconciliation of negative EBITDA and Adjusted EBITDA to net loss from continuing operations, as reported under U.S. GAAP, is presented in the tables titled, “Non-GAAP Financial Information Reconciliation Schedule,” included on page 3.
This excerpt taken from the ELN 6-K filed Jul 28, 2005. EBITDA
Negative Adjusted EBITDA for the second quarter of 2005 amounted to $58.7 million compared to a negative Adjusted EBITDA of $45.7 million in the same period of 2004, due to a reduction in revenue
12
Elan Second Quarter 2005 Financial Results
and related costs associated with divested products and businesses and increased costs associated with Tysabri, offset by increased revenue from the core business.
Negative Adjusted EBITDA, excluding Tysabri, was $20.5 million compared to $35.8 million in the first quarter of 2005. The reduction in negative Adjusted EBITDA, excluding Tysabri, is principally a result of strong revenue growth from marketed products following the resumption of supply for Maxipime during the second quarter of 2005, continued growth in Elan’s Drug Technology business and the impact of the cost containment initiatives announced last quarter. Negative Adjusted EBITDA for Tysabri was $38.2 million in the second quarter of 2005, compared to $60.1 million in the first quarter of 2005 as a result of a reduction in costs incurred in the first quarter of 2005 relating to the voluntary suspension of Tysabri and reduced SG&A expenses, partially offset by the increase in costs related to the ongoing Tysabri safety evaluation.
A reconciliation of negative EBITDA and Adjusted EBITDA to net loss from continuing operations, as reported under U.S. GAAP, is presented in the tables titled “Non-GAAP Financial Information Reconciliation Schedule” included on page 3.
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