Shares in pharmaceutical company Elan slumped in Dublin this morning after sales of its multiple sclerosis drug Tysabri came in below most analysts' expectations.
Elan reported wider pre-tax losses of $92m for the first three months of this year. This compares with $32m in the same period last year. The company blamed the increased losses on a charge related to the repayment of some of its debt.
Revenue grew by 31% to $167.5m, with the company saying that its Tysabri treatment for multiple sclerosis had performed solidly. Chief financial officer Shane Cooke said 12,500 patients had signed up for therapy, up 30% on the figure reported two months ago.
Elan's revenue from Tysabri sales in the US was $35.7m, while global sales were $48.4m. Shares in the company were down 82 cent at €10.40 in Dublin this evening.
