Drug company Elan has reported a net loss of $71.5m for the second quarter of the year, a decrease of 49% from the net loss of $141.1m reported the same time last year.
The Athlone-based company said that its revenues jumped by 30% to $245.6m, driven by a strong performance from its multiple sclerosis drug Tysabri. It said it was confident of revenues reaching $1 billion by the end of the year.
Elan said that sales of Tysabri sales more than compensated for the reduced sales of Elan's Maxipime drug after the introduction of generic competition in June of last year.
Total in-market sales of Tysabri amounted to $200m, up 177% over the $72m recorded the same time last year. Elan said that about 31,800 patients were on Tysabri worldwide by the end of June, up 22% who were on therapy at the end of March.
Elan said that revenues from its biopharmaceuticals business jumped by 62% in the second quarter of the year, while revenues from its Elan Drug Technologies unit fell by 12%.
In its results statement, Elan said it has decided to explore the alternative strategic options for a separation of its EDT business from the biopharmaceuticals unit. 'A formal separation of the two businesses would allow each to better achieve its strategic goals and full potential through dedicated management focus and allocation of capital,' the company said.
This evaluation will be completed over the next several months, the company added.
Elan shares closed down €1.95 at €20.12 in Dublin.
