Revenues rise 10% at Elan

Irish biotech group Elan has reported revenues of $306.6 million (€236 million) for the third quarter of 2012.

This is an increase of 10 per cent on the same quarter last year. Adjusted earnings before interest, tax, depreciation and amortisation were 38 per cent higher, driven by a 13 per cent increase in Tysabri patient numbers.

Elan and its partner in Tysabri reported 14 new incidences of progressive multifocal leukoencephalopathy (PML) by MS patients on the drug, bringing to 285 the total number of Tysabri patients to have contracted the disease.

“The third quarter was an active one for Elan on a number of fronts.” said Kelly Martin, chief executive officer.

“We announced the proposed spin-off of our discovery research activity into Neotope Biosciences with Dr Dale Schenk as the chief executive officer. We named Hans Peter Hasler as the chief operating officer of Elan. Lastly, we strengthened our income statement and balance sheet by successfully refinancing our bonds in October.” Mr Martin said.

The company recorded a net loss from continuing operations for the quarter of $216.2 million, which includes charges of $228.6 million primarily related to the business restructuring announced during the quarter and the impairment of an investment in Janssen AI.

PA