Elan sees 3rd-qtr 2010 revenues slip 2%, and posts $43.6 million net loss; Tysabri partner Biogen Idec exceeds forecasts

Irish drugmaker Elan Corp (NYSE: ELN) said it made a net loss of $43.6 million for the three months to September 2010 compared to a net profit of $52.3 million in the like period last year. This was due to the inclusion of a 107.7 million-euro ($150 million)) net gain related to the Johnson & Johnson deal last year.

For the third quarter net loss before tax and excluding other net charges was $23.3 million, compared to a net loss before tax and excluding the net gain on divestment of business and other net charges of $36.1 million for the same period of 2009. This improvement was primarily due to the decrease in combined SG&A and R&D expenses, offset by reduced revenues as described above.

Total revenue for the third quarter of 2010 decreased 2% to $281.4 million from $287.0 million for the same period in 2009. Revenue from the BioNeurology business increased marginally while that from the Elan Drug Technologies (EDT) business decreased by 9%. The increase from the BioNeurology business was driven by higher revenues from Tysabri (natalizumab), offset by the expected reduced revenues from Azactam (aztreonam) and Prialt (ziconotide).