Net Income And EPS Soar At Ireland's Elan Corp

Elan Corporation, the Irish pharmaceutical company has announced netincome of $46.1 million and earnings per share of $0.42 for the third quarter ended September 30, 1997, an increase of 62% and 45% respectively compared with the like, year-earlier period. Product sales rose 46% to $54.9 million, due to strong growth in sales of directly marketed products.

This was the first quarter in which sales and earnings of Athena Neurosciences were consolidated following its acquisition last year (Marketletter July 8, 1996), with Elan's chief executive Donal Geaney noting: "I am really pleased we have overcome the dilutive effect of that acquisition and delivered growth."

Other highlights for the group included US approval to market Diastat (diazepam rectal gel) for the adjunctive treatment of cluster seizures in patients with epilepsy, and Carbatrol (carbamazepine) for the treatment of epilepsy and trigeminal neuralgia. Elan also launched Zanaflex (tizanidine HCI) in the UK.