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This excerpt taken from the ELN 20-F filed Mar 30, 2006. Provision
for Income Taxes
We had a net tax benefit of $1.7 million for 2004, compared
to a net tax benefit of $22.8 million for 2003. The overall
tax benefit to us for 2004 was $4.4 million. Of this
amount, $2.7 million has been credited to
shareholders’ equity to reflect utilization of stock option
deductions. The remaining $1.7 million benefit is allocated
to ordinary activities. The tax benefit reflected tax at
standard rates in the jurisdictions in which we operate, income
derived from Irish patents, foreign withholding tax and the
availability of tax losses. Our Irish patent derived income was
exempt from taxation pursuant to Irish legislation, which
exempts from Irish taxation income derived from qualifying
patents. Currently, there is no termination date in effect for
such exemption. For additional information regarding taxation,
please refer to Note 17 to the Consolidated Financial
Statements.
Net
Income/(Loss) from Discontinued Operations
Net income from discontinued operations was $19.0 million
in 2004, compared to a net loss from discontinued operations of
$31.5 million in 2003. The net income/(loss) from
discontinued operations includes a net gain on sale of
businesses of $11.5 million (2003: $22.9 million) and
other charges of $Nil (2003: $58.4 million). During the
course of the recovery plan, we sold a number of products and
businesses, including Athena Diagnostics, Elan Diagnostics, a
portfolio of pain products (the Pain Portfolio),
Actiqtm
(oral transmucosal fetanyl citrate), the dermatology portfolio
of products,
Abelcettm
(amorphotericin B lipid complex) U.S./Canada,
Myobloctm
(botulinum toxin type B), Myambutol and Frova, which are
included in discontinued operations. We have recorded the
results and gains or losses on the divestment of these
operations within discontinued operations in the income
statement. For additional information on discontinued
operations, please refer to Note 20 to the Consolidated
Financial Statements.
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