Elan sees losses double in Q3

Pharmaceutical company Elan has seen its losses almost double to $117m (€93m) from $67m (€53m) in the three months to end of September, when compared with the same period last year.

However, losses for the nine months to the end of September were down, from $325.3m (€259m) in 2005 to $240.8m (€192m) this year.

Elan's executive vice president Shane Cooke said: "We are confident that revenues for 2006, excluding any revenues from (MS drug) Tysabri, will exceed $500m (€398m).

"We also expect EBITDA losses for the year to be less then previously guided due to solid revenue growth and improved operating margins, and we look forward to the future with confidence and enthusiasm."

Elan said that since the drug was relaunched in July of this year, Tysabri sales in both the US and the EU reached $8.1m - $5.4m (€6.4m - €4.3m) in the US and $2.7m (€2.1m) in the EU.

Elan president Kelly Martin, encouragted by a revenues boost in the nine months to the end of September, said: "We are encouraged by the initial results in the relaunch of Tysabri for MS in the US market and the launch in the European markets…We remain confident that Tysabri will play a significant role in the treatment of MS."

He added that Elan plans to file for Crohn's in the US by the end of this year.

Elan recently announced a new collaboration in the area of Alzheimer's with Transition Therapeutics and are working to advance this Phase 1 small molecule programme.