Elan's chief executive Kelly Martin has said the company is looking for a partnership with a big pharmaceutical company. But, speaking to reporters after its first-quarter results, he said it was premature to give a time for when Elan would complete its strategic review.
This morning, Elan reported a pre-tax loss of $88.6m for the first quarter of 2009, an increase on the pre-tax loss figure of $83.4m for the same time last year.
Revenues rose by 14% to $245.1m from $214.7m mainly as a result of a strong performance from Elan's multiple sclerosis drug Tysabri. This offset reduced sales of its Azactam and Maixpime drugs.
Elan said that revenues from its biopharmaceuticals business grew by 28% in the first three months of 2009, while revenue from Elan's Drug Technologies business decreased by 14%.
Sales of Tysabri increased by 48% to $158.7m during the three month period, up from $107m for the first quarter of 2008. Elan said that by the end of March, about 40,000 patients worldwide were using Tysabri, up 6% on the figure for December 2008.
Elan said its higher pre-tax losses were due to the higher net charges - including restructuring charges of $22.2m - and research and development expenses. These were partially offset by the increase in revenues and lower net investment losses.
Last February Elan said it was cutting 230 jobs worldwide, including 115 at its Irish operations. The company's CEO Kelly Martin said Elan's strategic review process was continuing.
Elan shares closed up 22 cent at €4.47 in Dublin.
