Irish drug company Elan narrowed its losses in the first quarter after cutting costs and selling off assets.
Elan, which today said was on track to file applications for its flagship drug Antegren, saw its net loss narrowed to $67.1 million, or $0.17 per share, from a pro forma $140.2 million, or $0.40 per share in the first quarter of 2003.
Revenues from retained products rose 7 per cent to $75.4 million.
Former high-flier Elan, which has clawed its way back from a collapse in its stock in 2002, said it was on schedule to file Antegren for multiple sclerosis and Prialt for chronic pain with US and European regulators in the current quarter.
It also said talks were ongoing on a potential filing for Antegren as a treatment for Crohns disease.
Analysts gave a broad welcome to the results, but had hoped for more details on Antegren's progress and potential.
"In general terms the numbers were good but in a way the day-to-day operational performance is dwarfed by the Antegren opportunity and there was no real newsflow on that," said Mr Peter Frawley, analyst at Dublin-based Merrion Capital. He said further details could emerge from a conference call with the company later today.
Shares in the company were up 3.6 per cent at €17.20 by 8.40 p.m. on a moderately positive Dublin bourse, though dealers said the price was largely catching up with the previous close in New York, where the stock is mainly traded.
The share price, which plunged to less than €2 in 2002 from a 2001 peak of nearly €74, was catapulted to two-year highs in March by news Elan was ready to seek regulatory approval for Antegren as a treatment for MS more than 12 months ahead of schedule.