Elan sees 31% growth in Tysabri sales

Pharmaceutical company Elan has seen a 31% growth in sales of its multiple sclerosis drug Tysabri, and a 24% increase in total revenues of $333.5m for the second quarter of this year.

Net losses for the second quarter were reduced from almost $218m a year earlier to just over $47m.

A fall in operating costs also boosted the company.

Chief financial officer Nigel Clerkin said the recently announced sale of Elan's Athlone-based EDT business would move the company from net debt to net cash. He said Elan expected to record $1bn in revenues this year and double this over the next five years.