Revenue down 29% at Elan

Elan has reported a downward turn in revenues of 29% in today's Q1 results.

"Total revenue decreased 29% to $159m (€134m) compared to $224.7m (€189m) in the first quarter of 2003," said a spokesperson, who added this was principally due to dropping a number of products as part of the company's recovery plan.

Among the retained products, revenue was up 7% to $75.4m (€63.5m).

Net loss from continuing operations was reduced by 52% to $67.1m (€56.5m) - $0.17 loss per share - from $140.2m (€118m) - $0.40 loss per share - in the first quarter of 2003.

Elan also announced that the company is preparing for the anticipated launch of two new products - Antegren for multiple sclerosis in the United States and Europe, and Prialt for severe pain in the United States.