Pharmaceutical company Elan has reported a net profit of $52.3m for the third quarter of this year, a turnaround from the $83.5m loss in the same period last year. It also raised its outlook for the full year.
But the results were helped by a once-off gains of $107.7m linked to the acquisition by Johnson & Johnson of some of Elan's research into the treatment of Alzheimer's disease.
When this was excluded, Elan's operating loss narrowed from $31.5m a year earlier to $1.7m. This was due to a 6% rise in revenues to $287m and a 12% reduction in day-to-day costs.
Elan's Tysabri drug for multiple sclerosis recorded a 19% increase in worldwide sales to $281.6m, with Elan's share of this rising 16% to $191.4m. Revenue from the biopharmaceuticals business was up 10%, but revenue from Elan Drug Technologies - which manufactures drugs - fell 3%.
Elan said it had cut its net debt from $1.5 billion at the end of June to $600m at the end of September, helped by a new bond issue.
Finance chief Shane Cook said the company was on track to record double-digit percentage growth in revenue for the full year, and now expected earnings before interest, tax, depreciation and amortisation of $75m, better than previously expected.
Shares in the company closed nine cent lower at €4.40 in Dublin this evening.
