Elan back in the black, boosted by Tysabri

Ireland headquartered biotech company Elan Corp (LSE: ELN) has reported its fourth-quarter 2011 results showing 18% growth in total revenues to $271 million. Adjusted EBITDA was $29.7 million versus $45.9 the previous year, and operating income, excluding other net charges and net gain/(loss) on divestment was $16.5 million.

Full-year 2011 revenues increased 6.9% to $1.24 billion with adjusted EBITDA at $213 million compared with $166.5 million for 2010. Net income for the full-year 2011 was $560.5 million compared to a net loss of $324.7 million in the full-year 2010.

The net income for the full-year  includes the net gain on divestment of the EDT business of $652.9 million and legal settlement gains of $84.5 million, comprised of $78.0 million in relation to the settlement with Abraxis Biosciences, since acquired by Celgene) regarding Abraxane, and $6.5 million, which was received by Elan as part of an agreement with Alcon Laboratories to settle litigation in relation to the application of NanoCrystal technology. The net loss for the full-year 2010 includes the settlement reserve charge of $206.3 million in relation to the Zonegran settlement.