Elan cuts losses by €100m
Ireland-headquartered US pharmaceutical company Elan has cut losses by more than $130m (€101.8m) in 2004 over the previous year.
In an announcement today of its full-year 2004 financial results, Elan said net loss was down from $508.7m (€398.5m) to $375.9m (€294.4m).
Operating losses fell from $363.2m (€284.6m) to €283.3m (€222m) in the year.
Total revenue decreased 10% to $123.8m (€97m) in the fourth quarter of 2004 from $138.2m (€108.2m) in the same quarter of 2003 and decreased by 30% from $685.6m (€537m) for the full-year 2003 to $481.7m (€377m) for the full-year 2004.
The US Food and Drug Administration (FDA) granted accelerated approval of multiple sclerosis drug Tysabri in late November 2004. Revenue from sales of Tysabri amounted to $6.4m (€5m) in the fourth quarter and full-year 2004.
Elan president and CEO Kelly Martin said: "2004 was an extraordinary year for Elan, with two Elan innovations - Tysabri for multiple sclerosis and Prialt for severe chronic pain - approved in the US, with both therapies advancing in the regulatory process in Europe.
"For 2005, we look forward to continued growth across the Tysabri franchise, working with our collaborator Biogen Idec; continued clinical progress in the Alzheimer's immunotherapy programme in collaboration with Wyeth; ongoing advancements in our strategic pipeline; and disciplined investment aligned to our core therapeutic areas of autoimmune diseases and neurodegenerative diseases."
