Elan sees Q4 revenues decline by 14%

Drugmaker Elan’s fourth quarter revenues fell by a higher-than-expected 14% on the sale of its drug delivery business, a hit it sees itself making up for through sales of multiple sclerosis drug Tysabri in 2012.

Elan, in which US group Johnson & Johnson is an 18% shareholder, said its revenue to Dec 31 fell to $271m (€206m) from $308m a year ago and was behind the $284m forecast by six analysts surveyed by Reuters.

The Dublin-based group sold its drug delivery business, Elan Drug Technologies, to US firm Alkermes in May last year in a $960m deal that cut its debt pile by two thirds at the cost of €80m in core earnings a year.