Losses narrow at Elan as Tysabri sales rise

Irish pharmaceutical firm Elan has narrowed it first half loss on the back of a strong rise in sales for its multiple sclerosis…

Irish pharmaceutical firm Elan has narrowed it first half loss on the back of a strong rise in sales for its multiple sclerosis drug Tysabri.

Net loss for the first six months stood at $159.4 million compared to $282.6 million for the same period last year.

The company posted an 18 per cent rise in revenue to $352.1 million in the first six months.

Tysabri recorded in-market sales of $359.7 million, an increase of almost 200 per cent over the $120.5 million recorded in the same period of 2007. At the end of June 2008, approximately 31,800 patients were on therapy worldwide, an increase of 127 per cent over the 14,000 who were on therapy at the same time in 2007, the company said.

Selling, general and administrative expenses declined by 30 per cent to $132.8 million in the first half, compared to $188.7 million for the same period in 2007, according to Elan.

Research and development expenses rose by 24 per cent to $159.0 million in the first half of 2008 due primarily to work on its Alzheimer's disease programmes.

Total revenue from Elan's biopharmaceuticals business increased 36 per cent to $213.0 million in the first half of 2008, driven by strong growth in Tysabri which the company said more than compensated for reduced sales of its Maxipime drug due to generic competition.

Revenue from its Elan Drug Technologies business fell by 1 per cent to $139.1 million in the first half of 2008, reflecting the impact of the timing of customer orders, it said.