Elan reports financial results

Elan has announced its financial results for the second quarter of the 2008 fiscal year and given shareholders and the general public a business update.

Total revenues increased by 30 per cent in the quarter compared to the same period last year, up to $245.6 million (123 million pounds), with this growth driven by a robust performance from Tysabri (natalizumab).

Elan said an almost threefold increase in sales of the compound more than compensated for the reduced sales of Maxipime (cefepime hydrochloride) which saw the introduction of generic competition in June 2007.

The company saw 62 per cent growth in revenues from its biopharmaceuticals segment and a 12 per cent drop in sales in its Elan Drug Technologies business.

Kelly Martin, president and chief executive officer of Elan, said: “Disciplined execution and tangible results for the benefit of patients and shareholders continue to be our enduring tenet.”

He added that the company is encouraged by the recent results from its phase II trial of bapineuzumab which he claimed provides further evidence of the validity of the approach taken by the firm.

In May 2008, Elan announced the appointment of two non-executive directors to its board and the retirement of one other.