Pharmaceutical company Elan has reported better than expected results, with a net loss for the year of $267.3m, which is 30% narrower than in the prior year.
The group's operating loss fell 16% to $166.4m, and revenues rose 14% to $560.4m.
Elan chief executive Kelly Martin said Elan's financial performance improved and its pipeline portfolio continued to progress.
He said this year the group aims to accelerate the move to profitability and expects to make tangible progress in all areas of its portfolio in 2007.
Shane Cooke, Elan's financial officer, said : 'We expect to make further significant progress this year with Tysabri, our Alzheimer's programs, and a number of initiatives in the drug technology business, and are optimist that Elan will achieve break-even, on an adjusted EBITDA basis, by the end of the year.'
He said last year was a critical one in Elan's drive towards profitability, with a 58% decrease in adjusted EBITDA losses - due to a 14% increase in revenues and reduced operating expenses.
He said in 2006 the firm's MS drug Tysabri was reintroduced in the US and launched in the EU and the firm's financial flexibility increased due to reduced debt with no scheduled repayment for five years.
Elan shares ended down 21 cent at €10.94 in Dublin.
