Pharmaceutical company Elan, which recently received approval to launch its multiple sclerosis treatment Tysabri in the US and Europe, has issued its second quarter figures to the end of June.
The company says net losses were reduced by 37% to $90.5m. Revenues were up 15% to $136.4m.
Chief financial officer Shane Cooke said Elan was confident that revenues from Tysabri would drive its return to profitability.
Product revenue was up 17% to $130.8m, with Maxipime and Azactam sales growing strongly. Sales of pain treatment Prialt, launched in the US last year, jumped from $1.8m to $3m. Manufacturing revenue grew by 19% to $47.7m. Contract revenue dropped 20% to $5.6m.
Operating costs rose by 6% to $96m, mainly because of the inclusion of share-based compensation for the first time. R&D costs related to Tysabri fell as its safety evaluation was completed.
Elan shares closed down 3 cent at €11.69 in Dublin this evening.
