Elan sees heavy 2005 losses of 317M euros

Irish drugmaker Elan has announced net losses for 2005 of 317.0 million euros ($383.6 million), a marginal reduction from the 325.5 million loss in 2004. The firm's revenue grew to 405.2 million euros from 397.1 million euros the previous year.

Industry observers predict that the the US Food and Drug Administration's decision regarding the possible return of Elan's multiple sclerosis drug Tysabri (natalizumab) to the US market, due in March, will be key in determining the company's long-term prospects.

Elan, and co-developer Biogen Idec, withdrew the drug from sale in 2005 following fears that the MS drug could be linked to the rare brain disorder progressive multifocal leukoencephalopathy (Marketletter January 16). Elan adds that its subsequent survey of 3,500 clinical trial users failed to detect any more PML cases.