Net profits Up Over 50% At Elan Corp

Dublin, Ireland-based Elan Corporation achieved net income for the three months ended June 30, 1996 of just under $28 million, up 51%. Earnings per share were 68 cents, up 30%. Total revenues for the quarter grew 39% to $48.7 million. Revenue from product sales was $33.3 million, a rise of 50% on the year-earlier period, according to the company. This increase, the firm said, largely reflects the launch of Naprelan (naproxen) in the USA in April 1996.

Royalties and fees in the quarter were $22.2 million, compared with $17.5 million in the year-earlier quarter. Research revenues rose 35.5% to $12.2 million. This included $10.6 million received from Advanced Therapeutic Systems.

Elan is merging with Athena Neurosciences; results of the latter will be consolidated from July 1.