Elan announces drop in losses for 2006

Elan Corporation, plc today announced its full-year and fourth quarter 2006 financial results and provided guidance for its financial outlook for 2007.

The pharmaceutical company reported a net loss for the year of $267.3m (€203.3m), up 30% on the prior year.

The group's operating loss fell 16% to $166.4m (€127m), and revenues rose 14% to $560.4m (€426m).

Commenting on Elan's business, Kelly Martin, Elan's president and chief executive officer, said: "Elan's 2006 performance further demonstrates our focus on execution and the delivery of results. Our financial performance improved and our pipeline portfolio continued to progress. In that regard, I want to acknowledge the efforts of all of Elan's employees, who worked tirelessly in 2006 to move all parts of our business forward."

Mr Martin added: "Our activity and concentration for 2007 will revolve around three primary goals and objectives. First and foremost, by remaining disciplined and operationally focused, we will aim to accelerate the move to profitability.

"Second, our commitment to the scientific and clinical pipeline, particularly Alzheimer's disease, has never been greater. We expect to make tangible progress in all areas of our portfolio over the course of the year.

"Lastly, Elan remains firmly focused on bringing therapeutic options to those who need them the most - the patients. As we have demonstrated with Tysabri, we will continue to work closely with the patients and their physicians to seek solutions that will meaningfully address disease pathology in the areas of our expertise."