Shares in pharmaceutical company Elan surged over 26% in Dublin today after the company said it was filing for approval of a key product a year ahead of schedule.
Elan said that, based on one-year data from a two year testing programme, it expected to file an application with the US Food and Drug Administration by the middle of the year for approval of its experimental drug Antegren as a treatment for multiple sclerosis.
If approved, Antegren could be on the market in 2005, ahead of a previous target of 2006. The growing multiple sclerosis drug market is estimated by some analysts to be worth up to €4 billion. The drug is also undergoing trials for the treatment of Crohn's disease and rheumatoid arthritis.
The Antegren announcement almost overshadowed the release of Elan's fourth quarter results this morning with the Athlone-based firm posting a net loss of $0.88 per diluted share. This was a 52% reduction on the same quarter in 2002 but was slightly behind market expectations.
Total revenue dropped 20% to €157.5m due to the company's radical asset-disposal programme which was undertaken to avoid a potentially fatal cash crunch. Elan raised over €2 billion from disposals in the last year and earlier this month announced the formal conclusion of this recovery plan.
In today's results statement, Elan said it could return to operating profit by the second half of next year and said it was expecting total revenues of between $575m and $626m for 2004.
Elan shares closed €1.80 higher at €8.70 in Dublin this evening.
