Elan has reported a rise of 17% in third-quarter revenues to $328.5m from $281m. The company said the rise was due to a $61m increase in revenues from its BioNeurology business offset by a decrease of $14m in revenues from the EDT business.
Elan reported a 58% increase in adjusted earnings to $60.3m from $38.2m in the third quarter of 2010. Operating income more than trebled to $46.3m from $14.2m the same time last year.
Net profit was just over $674m, boosted by the proceeds of the sale of its EDT business.
Elan said that Tysabri sales for the three-month period increased by 28% to $392.6m from $307.2m for the same time of 2010. It said the growth mainly reflects increased patient demand across global markets and a higher price in the US, along with favourable foreign currency movements.
By the end of September 2011, about 63,500 patients were using the multiple sclerosis drug worldwide.
In September, the company completed the sale of its EDT business which completes its transformation to a neuroscience focused biotechnology company.
''We are pleased with the financial and commercial progress we have made this quarter. The closing of the EDT deal in particular is transformational for our business, specifically in our ability to address debt and focus appropriate and measured investment in our neuroscience efforts,'' said Elan CEO Kelly Martin.