Elan reports earnings

Elan (NYSE:ELN) swung to a 4Q08 profit due in part to a one-time tax benefit and said its preferred outcome of an ongoing strategic review is to sell a minority stake in the company. Last month, Elan hired Citigroup Global Markets to review strategic alternatives, including a minority investment, strategic alliance, merger or sale.

Elan reported fourth quarter diluted EPS of $0.36, compared with a loss of $0.18 in 4Q07. The Street was expecting a loss per share of $0.11. Elan said the 4Q08 results included a tax benefit of $236.6 million. Fourth quarter revenue rose 24% to $269.8 million from $218.3 million in 4Q07. Global sales of Tysabri natalizumab to treat multiple sclerosis and Crohn's disease, as previously reported by partner Biogen Idec (NASDAQ:BIIB), were $218 million. Elan recognized 4Q08 Tysabri revenue of $152.2 million, compared with $90.6 million in the prior year's quarter. ...