Elan positive despite losses of $43m
The figure — for the three months to the end of September — compared to a net profit of $52.3m for the same period last year. In reality, however, both years’ third-quarter figures were heavily skewed by 2009’s profit from a one-off $107.7m gain related to Johnson & Johnson’s investment in the company, and 2010’s loss from the $206m court settlement costs relating to the marketing of one of Elan’s previous drugs, Zonegran.
Largely because of that, and the continuing growth surrounding its headline multiple sclerosis drug, Tysabri — which saw quarterly revenues rise by 18%, year-on-year — Elan has maintained its line that it is on course to achieve full-year 2010 EBITDA (earnings before interest, tax, depreciation and amortisation) of more than $150m and higher revenue than in 2009, when an 11% rise to $1.1bn was achieved. The company is also maintaining that it will be profitable — on a net profit basis — by the end of this year.
