Elan eyes first profit in nine years

ELAN expects to show a full-year operating profit for the first time in nearly a decade this year, after reporting a 56% fall in annual losses for 2009.

The last time Elan reported an operating profit was in 2001. The Dublin and Athlone-based pharmaceutical company — which co-owns the MS treatment Tysabri — yesterday reported a net pre-tax loss of $129.8 million (€94.7m) for 2009, down from a loss of $297.3m in the previous year. However, the fourth quarter of last year saw the company make a quarterly operating profit of $35m.

Adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) amounted to $96.3m for the full year, which was up from the $4.3m reported in 2008 and ahead of the $75m previously guided by management.