Elan revenues boosted by Tysabri sales

Source: Exec

Date :23/05/2008 04:13:15

Elan Corp., the Irish drugmaker, yesterday announced its first quarter 2008 financial results, which were boosted by sales of the MS drug Tysabri.

The drug achieved market sales of US$159.7 million during the first quarter of the year which compensated for reduced sales of Maxipime. Total revenue increased by 22 percent in 2008, compared to the first quarter 2007.

Tangible results

The gross margin was US$103.9 million for the first quarter, compared to US$103.1 million in the same period last year. The company’s gross margin increased due to higher sales of the multiple sclerosis drug, which replaced lost gross margin following the introduction of generic Maxipime.

Kelly Martin, Elan’s president and CEO, said, “We continued to demonstrate successful execution and delivery of tangible results in the first quarter.”

He added, “We remain highly focused on advancing our mid to late stage clinical pipeline, as well as supporting physicians and their patients in choosing Tysabri in MS and also now in Crohn’s.”

Net loss was reported to have fallen by eight percent to US$85.5 million from US$93.0 million the previous year.

Commenting on the results, Elan’s executive vice president and chief financial officer said, “We are particularly pleased to see the acceleration in the number of new patients who are benefiting from Tysabri, with over 26,000 on therapy at the end of March 2008.”

Elan predicts total revenues for the year will approach the US$1 billion mark.

May 23, 2008