Elan announces fourth quarter and full year 2007 results

Elan has announced its financial results for both full-year and fourth quarter 2007, with the company reporting “robust performance”.

The pharmaceutical firm’s executive vice-president and chief financial officer Shane Cook highlighted that revenues had grown by 36 per cent in 2007, largely driven by strong growth of its multiple sclerosis drug Tysabri.

He added that the 2007 net loss of $405 million (206 million pounds) was higher than 2006 as a result of the inclusion of over a $100 million in charges relating to the introduction of a generic competitor to Maxipime.

However, Elan’s president and chief executive officer Kelly Martin highlighted the successes the company had witnessed last year.

“Our key operating principles of patient focus, disciplined execution, and delivery of tangible results and outcomes were achieved in 2007.”

He went on to maintain that continuing success for Tysabri and its approved indication for Crohn’s disease in the US, as well as the clinical advancement in other pipeline drugs, had given Elan “a strong foundation” to increase momentum into 2008.

Last month, Elan and Biogen Idec announced new information regarding the use, safety and exposure worldwide of Tysabri in patients with multiple sclerosis.