Elan looks to future despite results

LOSSES at Elan exceeded revenues in the three months to September the company revealed yesterday, but executives are confident of a return to profit in 2006.

Elan’s revenues in the three months ended September 30 came to €101.1 million (2003 €131.2m) while net losses for the same period came to €107.8m (2003 €87m).

Analysts expected the losses to be worse but an unexpected fall in R&D expenditure of $55.5m was well below the anticipated spend of $75m (2003 $66.9m). Operating expenses fell 4.8% to $223m compared to last year but chief executive Kelly Martin said after two-and-a-half years of slashing costs they were likely to begin rising again ahead of the launch of new drugs.