THE pharmaceutical development group, Elan, has reported strong profit growth in the first three months of 1997, with pretax profits up to $37.2 million (£24 million).

The results were boosted by sales and earnings at its most recent acquisition, Athena Neurosciences, and compared with pre tax profits of $28.6 million in the same quarter last year.

The company, which has its principal research and manufacturing facilities in Ireland, said sales were also strongly ahead over the three month period, up 29 per cent to $52.6 million from $40.9 million in the same period last year. Royalty payments and fees for the period rose to $26.7 million, up 14 per cent on the previous year.

Elan chairman and chief executive, Mr Donal Geaney, said he was optimistic about the group's prospects for the rest of 1997.