Elan shows net profits of $17.3m

Elan Corporation plc has announced net income of $17.3m (€15.4m), compared to a net loss of $719.7m (€642m) for the same period last year.

Elan's total revenue was down by almost half to 46% but it showed an increase in its 'retained products' (excluding Zanaflex) was up by 7%.

Other financial highlights showed a net gain of $244m (€217m) recorded on its disposal of non-core businesses - mainly primary care franchises, prior to charging $196.4m (€175.3m) related to purchase of royalty rights to Pharma Marketing Ltd.

Commenting on the results and recovery plan, Elan's President and Chief Executive Kelly Martin said:

"Elan's second quarter results are characterised by solid progress with our operating plan, including asset divestitures, cost reductions, and debt reduction."

Other news from the corporation said that they had made an application with the Food and Drug Administration (FDA) for an investigational new drug into the treatment of Alzheimer's.

They also reported that although clinical trials for Antegren (a treatment for Crohn's disease ) had not reached a primary outcome measure at week 10, there were significant differences at week 12.

Share prices in Elan are trading mid-morning at €5.50, down 2 cent on yesterday's close of business.