Elan 1st-qtr net loss widens 20% to $102.6M

Irish biotechnology firm Elan's first-quarter 2009 net loss widened 20% year-on-year to $102.6 million, on restructuring and US tax charges.  The Dublin-based firm, which is evaluating strategic alternatives, saw  a 14% increase in revenue to $245.1 million.

Rumors that H Lundbeck was gearing up to buy Elan circulated last month  (Marketletter March 27), after the latter earlier announced that it  had hired Citigroup to help consider its options.

Elan's recorded sales of Tysabri (natalizumab) increased 48% to $158.7  million, consistent with the 42% growth in global in-market net sales of  the multiple sclerosis drug to $227.5 million. Elan shares revenues from  the agent with partner, US drugmaker Biogen Idec. The off-patent  antibiotic Azactam (aztreonam injection) earned $17.2 million, down  29%, while Maxipime (cefepine) revenue decreased 50% to $5.0  million.