Elan reports 2006 financial results

Elan has announced its financial results for the 2006 fiscal year. During the year, the company generated product revenues of $532.9 million (273.5 million pounds), up from $458.1 million last year, with total revenue rising from $490.3 million to $560.4 million.

The company saw an operating loss of $166.4 million in 2006, resulting in a net loss of $267.3 million, compared to operating losses of $198.5 million and a net loss of $383.6 million in the previous year.

Kelly Martin, president and chief executive officer, said: “Elan’s 2006 performance further demonstrates our focus on execution and the delivery of results.

“Our financial performance improved and our pipeline portfolio continued to progress.”

He added that, during 2007, the company intended to speed up its move to profitability, to make significant progress in all parts of its drug portfolio and to bring novel therapeutic options to patients.

The company expressed hopes that its multiple sclerosis treatment Tysabri which was launched in the European Union in 2006 would be a “blockbuster drug” for the treatment of the disease.

In October 2006, Elan presented data at the 14th United European Gastroenterology Week showing that administration of Tysabri maintained remission in patients with Crohn’s disease treated for over two years.