Pharmaceutical giant Elan announced third quarter revenues today down 47% from last year.
Total revenues were $174.7m compared to $331.7m in the same period last year. However, revenue from retained products, or products not yet sold, was up 31% at $119.5 m compared to $91.1m last year.
The net loss reported was $91m compared to a net loss of $996.4m in the third quarter last year.
EBITDA was $42.9m before disposal expenses compared to negative EBITDA of $74.9m in the third quarter of 2002, before charging recovery plan related expenses.
Kelly Martin, Elan's president and chief executive was positive. He said: 'Now with major pieces of our recovery programme close to complete, including the successful closing of our financing with aggregate gross proceeds of $630m, Elan believes that it has in place financial flexibility through 2005.'
