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Elan beats expectations as revenue rises
By Padraic Halpin |
July 22, 2009, Wednesday
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Print Edition
Print Edition
IRISH drug maker Elan beat expectations with a 14 percent rise in second-quarter revenues when reporting a wider net loss yesterday.
Elan recorded a loss per share of 14 US cents for the three months to the end of June, versus a loss of 15 US cents in the 2008 period. Four analysts polled by Reuters expected an average loss before exceptional items of 15 US cents.
Elan's total quarterly revenue rose to US$281 million, driven by a 30 percent jump in sales of its multiple sclerosis drug Tysabri. That compared with a forecast for US$260 million.
Elan, which recently sold an 18.4 percent stake to United States-based Johnson & Johnson, said around 43,300 patients worldwide were on Tysabri therapy - a drug it markets with Biogen Idec - by the end of June.
Biogen and Elan originally predicted 100,000 patients would be taking Tysabri by the end of 2010.
Elan recorded a loss per share of 14 US cents for the three months to the end of June, versus a loss of 15 US cents in the 2008 period. Four analysts polled by Reuters expected an average loss before exceptional items of 15 US cents.
Elan's total quarterly revenue rose to US$281 million, driven by a 30 percent jump in sales of its multiple sclerosis drug Tysabri. That compared with a forecast for US$260 million.
Elan, which recently sold an 18.4 percent stake to United States-based Johnson & Johnson, said around 43,300 patients worldwide were on Tysabri therapy - a drug it markets with Biogen Idec - by the end of June.
Biogen and Elan originally predicted 100,000 patients would be taking Tysabri by the end of 2010.
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