Elan today reported increased revenues and a slightly smaller first quarter loss as expected and said it remained confident total sales this year would approach $1 billion.
Elan said its net loss for the three months to the end of March was $85.5m, compared to a loss of $93m the same time last year.
Revenues for the period rose by 22% to $207.3m from $167.5m, driven by a strong performance from the company's multiple sclerosis drug Tysabri. The drug saw in-market sales of $159.7m during the first quarter. Elan said this more than compensated for reduced sales of Maxipime.
'We are particularly pleased to see the acceleration in the number of new patients who are benefiting from Tysabri,' Chief Financial Officer Shane Cooke said in a statement.
'This increase underscores our confidence that Elan's total revenues for this year will approach the $1 billion mark and that we will achieve our target of having 100,000 patients on Tysabri therapy by the end of 2010,' he said.
Elan said Tysabri's in-market net sales increased more than three fold to $159.7m from $48.4m the same time last year, reflecting strong patient demand. By the end of March, about 26,100 patients were using the drug worldwide.
Elan said that revenues from its Azactam drug rose by 14% to $24.2m. Revenues from Maxipime slumped 81% to $10.1m mainly due to the introduction of generic competition.
The Prialt drug generated revenues of $3.8m in the first quarter, up from $1.9m the same time last year - mainly due to increased demand.
'We remain highly focused on advancing our mid-to late stage clinical pipeline as well as supporting physicians and their patients in choosing Tysabri in MS and also now in Crohn's,' commented Elan's CEO Kelly Martin.
Elan shares closed down 18 cent at €16.10 in Dublin.
