Elan along with Biogen IDEC will submit a filing for Antegren as a treatment for multiple sclerosis to US drug regulators by mid-year which could see the product on the market in early 2005, a year ahead of current projections.
The news accompanied Elan's annual results which show that after a radical round of cost cutting, the company reported a net loss of $529 million for 2003 but revenues from existing drugs grew strongly.
The company which raised over $2 billion in asset sales to stave off a debt crisis reported revenue of $746 million in 2003 compared to $1,132.5 million in 2002, a decrease of 34 per cent. However revenue from retained products rose to $398.4 million, an increase of 41 per cent on 2002.
Commenting on the results, Mr Kelly Martin, Elan's chief executive said Elan had demonstrated "significant progress" in restructuring its business which will provide a strong foundation to build long term value for shareholders.
Elan said it expects revenues in the range of $575.0 million to $625.0 million, of which approximately 85 pert cent will comprise product revenues.
Elan stock surged 21 per cent to 8.35 euros in Dublin this morning, far oustripping the European healthcare index which eased 0.4 per cent.