Elan reports ‘strong start’ to 2007

Elan has published its financial results for the first quarter of the 2007 fiscal year, with the firm claiming a strong start to the year in a number of areas. During the quarter, the firm generated revenues of $176 million (88.16 million pounds), a 31 per cent increase on the same quarter in 2006.

The company saw a net loss of $93 million in the first three months of the year, compared to a net loss of $33.3 million during the same period last year, with the firm attributing this increase to sale of the European rights to Prialt last year and the early retirement of debt this year.

Kelly Martin, chief executive officer and president of Elan, said: “2007 started strongly in terms of revenue growth, operating improvements and continued advancements in the pipeline.”

He added that progress was made in the patient uptake for multiple sclerosis drug Tysabri in Europe during the quarter, while the firm continued to develop its drug technology portfolio and related royalty streams.

Tysabri was approved as a treatment for relapsing remitting multiple sclerosis in Europe in June 2006, with the drug being launched in the UK in the following month.