Pharmaceutical company Elan has reported narrower net losses for the first half of this year, helped by increased revenue from its multiple sclerosis treatment Tysabri.
Net loss was $159.4m, 44% lower than in the same period last year, as revenue grew by 18% to $352m.
Sales of Tysabri were worth almost $360m in the six months, almost treble the amount in the same period a year earlier, bringing in revenue of $134.3m for Elan.
Elan's share price fell sharply after it disclosed last month that two more Tysabri patients had developed progressive multifocal leukoencephalopathy, a brain disorder known as PML. But it emerged recently that the patients are recovering. By the end of June, 31,800 people worldwide were using Tysabri.
Day-to-day costs were reduced by 30%, but spending on research and development rose 24% to $159.4m, mainly due to research on Alzheimer's disease.
Elan shares closed down 18 cent at €9.17 in Dublin this evening.
