Elan results support recovery claims

POSITIVE second quarter results from Elan have supported recent claims made by the company’s management that the business is on the road to recovery.

The Dublin-headquartered pharmaceutical company – which co-owns the global multiple sclerosis drug Tysabri and which recently sold an 18.4% equity stake to US giant, Johnson & Johnson – yesterday reported a 5% lowering in second quarter net losses for the three months to the end of June, on a year-on-year basis.

Revenue for the same period was up by 14% to just under $281 million (€198m), mainly driven by a 30% year-on-year increase in revenue from Tysabri and the company’s drug delivery business, Elan Drug Technologies.