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Home Industry News Elan announces second-quarter results

Elan announces second-quarter results

26th July 2007

Elan has announced its financial results for the second quarter of the 2007 fiscal year and also provided a business update to consumers and investors.

Revenues in the quarter reached $188.5 million (91.4 million pounds), a 38 per cent increase on the sales during the comparable period a year earlier.

During the quarter, the firm recorded a net loss of $141.1 million, compared to a net loss of $90.5 million in the second quarter of 2006.

The loss included a charge of $52.2 million relating to Azactam and Maxipime intangible assets, with the US Food and Drug Administration approving a generic form of Maxipime earlier than expected last month.

Shane Cooke, executive vice-president and chief financial officer of Elan, said: “We are very pleased with the progress we have made in the second quarter of the year with revenue growth of 38 per cent and a reduction of two-thirds in Adjusted EBITDA losses as we continue to carefully manage our cost base.”

He attributed the rise in net loss primarily to the US approval of generic Maxipime, while noting a robust quarter for sales of Tysabri, with an increase of 40 per cent in the number of patients receiving the treatment compared to the second quarter of 2006, up to 14,000.

Earlier this week, in conjunction with Biogen Idec, Elan announced the first anniversary of the launch in the European Union of Tysabri as a treatment for relapsing multiple sclerosis.

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