Elan reports 1st-qtr operating loss
Ireland-based Elan Corp (NYSE: ELN), which has again rejected takeover approach form Royalty Pharma and sold its rights to the multiple sclerosis drug Tysabri (The Pharma Letters passim), has reported first-quarter 2013 results with net income of $63.3 million including a net loss from continuing operations of $72.8 million, and net income from discontinued operations of $136.1 million related to Tysabri (natalizumab), Prothena and the EDT business.
Operating loss excluding other net charges amounted to $48.2 million and adjusted EBITDA losses from continuing operations were $39.3 million. Cash and cash equivalents stood at $556.1 million.
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