Elan cuts losses, pins hopes on Tysabri
Athlone-headquartered US pharmaceutical giant Elan has reported net losses of $90.5m for the three months to the end of June, compared to $142.6m for the same period in 2005.
Elan is banking on MS drug Tysabri to return the company to the black, having launched it in recent weeks in Germany, Ireland, UK and Sweden and re-introduced it in the US after it was voluntarily suspended from the market in February 2005.
Elan's executive vice president and chief financial officer Shane Cooke said:
"We reported a 15% increase in revenues, improved operating margins and, excluding costs and
revenues associated with Tysabri, adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was positive for the third consecutive quarter.
"We are confident that revenues from Tysabri will drive our return to profitability," said Mr Cooke.
