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Elan reports 3rd Q revenues up 10pc

Wednesday, October 24 07:29:37

Elan has reported third quarter revenues of $306.6m for the three months to the end of September. This is a rise of 10pc on the $279.4m the same time last year. But its net losses from continuing operations for the third quarter came to $216.2m compared to net income from continuing operations of $3.5m for the third quarter of 2011.

Elan said this was due to restructruing charges after the announcement of the separation of the Neotope business and the ending of Elan's early stage research activities. It also had an impairment charge of $117.3m after the decision by Johnston & Johnston to end the development of a drug to treat mild to moderate Alzheimer's disease. The company said that sales of its multiple sclerosis drug Tysabri grew by 3pc to $403.8m in the third quarter from $392.6m the same time last year. This reflects a 17pc growth in US net sales of the drug, which was offset by a drop of 11pc in sales in the rest of the world due to currency movements.

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