Elan sees 2003 total revenue drop by a third

Pharmaceutical giant Elan has reported that total revenue for 2003 fell 34% on 2002's figure, to $746m (€578.59m).

Revenue from retained products (excluding Zanaflex which went generic in June 2002) was up 41% at $398.4m (€308.98m).

Elan said it expects to file an application with the US Food and Drug Administration by the middle of this year for approval of Antegren as a treatment for Crohn's disease.

General and administrative expenses fell 30% to $403.8m (€313.171m), while research and development expenditure fell by 21% in the full-year 2003 from $368.3m (€285.63m).

Elan said it expects total 2004 revenue in the range $575m-$625m (€445.9m - €484.74m) and estimates 2004 research and development costs of $300m (€232.67m).

Net investment related losses of $38.8m (€30.09m) compared to net investment losses of $1,460.9m (€1,133.03m) in the full-year 2002.

Highlights for the company included Biologics License Application (BLA) for Antegren for MS, expected to be submitted mid-year to the US Food and Drug Administration with Biogen.

An Investigational New Drug Application (IND) was filed for Antegren for the treatment of Rheumatoid Arthritis, and a Phase II clinical trial will begin in the first half of the year.

Elan's president and chief executive officer Kelly Martin said: "Elan demonstrated significant progress over the course of 2003 which provided for a strong foundation upon which to build long term value for our shareholders".