Elan posts encouraging results

Elan today reported its first-quarter 2009 financial results.

The pharmacuetical firm announced a 14% increase in revenue to $245.1m (€189.3m) and Adjusted EBITDA losses reduced by 59% to $6m (€4.6m), compared to the first quarter of 2008.

The comapany also claimed "significant advances" in the firm’s biopharmaceuticals business.

Elan CEO Kelly Martin said that the company continued advancing its science toward patients, with particular focus on multiple sclerosis, Alzheimer’s disease and Parkinson’s disease.

Martin noted that specific progress in the quarter included the continued growth of Tysabri and the advancement of Elan’s Alzheimer’s clinical portfolio.

Commenting on the company’s previously announced strategic review process, Martin said, “This process is continuing and we remain committed to exploring and objectively assessing all available options that balance the short-, intermediate- and long-term opportunities. We will communicate our progress at the appropriate time.”

Elan executive vice president and chief financial officer Shane Cooke said that the company was pleased with the solid start to the year, noting that Tysabri continues to grow and, with a number of new initiatives, Elan is confident it will see a reacceleration to a stronger growth trend.

The improvement in Elan’s operating performance was offset by the inclusion of other net charges associated with the adjustments mainly to the Biopharmaceuticals business announced in February 2009, non-cash tax charges associated with the US business, partially offset by a gain on a legal settlement.

As a result, the net loss increased to $102.6m (€79.25m).

“For the full year 2009, we remain on target to record double digit revenue growth and to be profitable on an Adjusted EBITDA basis,” said Cooke.

Cooke also emphasised that the goal of Elan’s strategic review was to secure access to financial resources and commercial infrastructure that would enable the company to accelerate the development and commercialisation of its extensive pipeline and product portfolio.

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