Elan reveals first quarter results

Elan Corporation today announced its first quarter 2008 financial results and provided a business update indicating positive results.

Commenting on Elan's business, Kelly Martin, Elan's president and chief executive officer, said: 'We continued to demonstrate successful execution and delivery of tangible results in the first quarter. We remain highly focused on advancing our mid to late stage clinical pipeline as well as supporting physicians and their patients in choosing Tysabri in MS and also now in Crohn's.

Commenting on Elan's first quarter financial results, Shane Cooke, Elan's executive vice president and chief financial officer, said: "We are very pleased with the strong start to the year, highlights of which include: a 22% increase in revenues; the approval and launch of Tysabri in Crohn's disease; the continued advancement of our development pipeline; and strong cost control reflected in an 18% reduction in SG&A costs, which more than offset increased R&D costs."