Drugmaker Elan has posted a worse than-expected third-quarter loss but said it was optimistic of bettering its previous full year target for adjusted losses.
The company's basic loss per share narrowed to 19 cents in the three months to the end of September from 27 cents the same time last year. The loss was higher than the 17.5 cent average forecast by analysts.
The company's operating loss for the third quarter decreased to $63.6m from $89.4m in the third quarter of 2006.
Elan said its total quarterly revenues rose by 43% to $176.6m, broadly in line with analysts' estimates of $177.6m. The increase in revenues was driven mainly by the growing use of its MS drug Tysabri, which generated sales of almost $100m in the three month period. The drug is developed with its US partner Biogen Idec.
By the end of September, Elan said that about 17,000 patients were using Tysabri, including about 1,000 in clinical trials.
'In the longer term, the continued growth in revenue of Tysabri will drive our return to profitability and, with Biogen Idec, we are targeting to have 100,000 patients on therapy by the end of 2010,' commented Shane Cooke, Elan's Chief Financial Officer.
Elan shares closed down 26 cent at €15.73 in Dublin this evening.
