Elan today reported a loss of $405m for 2007 as it restructured its US operations and repaid some debts early. That compares to a loss of $267.3m in 2006.
Revenues rose by 35% to $759.4m in 2007 from $560.4m the previous year and the Athlone-based firm said it expected revenues to grow by over 30% in 2008.
However, at an adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) level its full-year loss improved sharply, however, narrowing to $30.4 million from $91.1 million in 2006.
'We look forward to 2008 with great optimism and see revenues growing by over 30%towards the $1 billion mark,' Chief Financial Officer Shane Cooke said in a statement.
Elan had said in October that it hoped to beat a target of reducing its 2007 EBITDA loss to $50m and today set a similar goal for a core loss of less than $50m this year.
The company has said it hopes growing demand for its Tysabri multiple sclerosis treatment developed with US partner Biogen Idec will ensure a return to profitability.
The drug returned to the market with tougher prescription guidelines in 2006 after sales were suspended in 2005 over links to a rare and potentially fatal brain disease.
'We remain confident that we will achieve our target of having 100,000 patients on Tysabri therapy by the end of 2010,' Cooke said.
Elan shares closed up 23 cent to €17.53 in Dublin.
