Pharmaceutical company Elan has reported an operating profit of $32.7m for the first quarter of this year, a turnaround from the $54.8m loss in the same period last year.
It was helped by a 27% increase in revenue to $305.8m, helped by growth in its multiple sclerosis treatment Tysabri. A cut in costs of 23% also helped Elan cut its net loss from more than $100m a year earlier to just $2m.
Chief financial officer Shane Cooke said Elan remained on target to record revenue growth for the full year and - for the first time in several years - operating profits before once-off charges or gains.
Revenue from the biopharmaceuticals divisions, now known as BioNeurology, was up 26%, while revenue at Elan Drug Technologies (EDT) grew by 28%. Elan said earlier this week that it was looking at a possible separation of these businesses.
Within BioNeurology, Elan's share of Tysabri sales rose by 25% to $198.8m. Total sales rose 28%, a figure which was lower than had been expected by some analysts. More than 50,000 people are now using the treatment. EDT revenues were helped by the launch of Ampyra, which EDT manufactures in Athlone.
Elan shares closed 1.8% higher at €5.70 in Dublin this evening.
