Elan's losses narrow; sees return to profit

Irish pharmaceutical company Elan has reported a sharp fall in losses for the first quarter of 2006, with these dropping to $33.3 million from $115.6 million in the like period of 2005. Total revenues for the quarter were up 31.0% at $134.3 million, with product sales rising 34.4% to $128.2 million.

The group forecasts a return to profitability if US sales of its withdrawn multiple sclerosis drug Tysabri (natalizumab) resume (Marketletters passim). The US Food and Drug Administration is expected to pronounce on this by the end of June and Elan's executive vice president Shane Cooke stated: "we remain committed to making Tysabri available for patients in the USA and Europe and are confident that, with the financial leverage we have created over the last year, revenues from Tysabri will accelerate our return to profitability.

Of Elan's main marketed products, sales of which grew 59% to $67.1 million, Maxipime (cefepine) rocketed 125.7% to $44.7 million, Azactam (aztreonam) more than doubled to $19.9 million and Prialt (ziconotide) was $2.6 million versus $1.0 million. There was no revenues from Tysabri in the reporting quarter, compared with $12.9 million in the like 2005 period.