Elan reports first profit in decade

IRISH pharmaceutical group Elan saw its net loss widen significantly — due to a one-off cost — last year, but also posted its first operating profit for almost a decade.

When the previously reported one-off $206.3m settlement cost, relating to a court decision regarding its former drug, Zonegran, is discounted; Elan’s net loss for 2010 was actually 60% down from the previous year at $118.4m (€86.65m). The Zonegran cost technically boosted the loss from $176.2m (€129m) to $324.7m (€237.69m), however.

The company’s full-year revenues came in at $1.2bn, up by 5% on 2009’s total; driven mainly by a strong performance from its headline multiple sclerosis treatment Tysabri, which saw sales grow by 18%.