Losses mount at beleaguered Elan

FRAIL former pharmaceutical high-flyer Elan reported losses of 130 million in the first four months of the year, as it strives to manage its debilitating $3.1 billion debt mountain, of which $1.3bn falls due this year.

Elan, whose shares lost three-quarters of their value in the last 12 months, had a first-quarter loss, with revenue falling 42% as products are sold to pay debts.

The net loss was $130 million, or 37 cents a share, compared with net income of $50m, or 14 cents, in the first quarter of 2002, the company said. Revenue fell to $217 million from $332.9 million.