Elan aims to be in profit by 2006

DRUG firm Elan has seen its losses narrow and expects to be profitable next year following the release of treatment for multiple sclerosis.

The company, which was on the brink of bankruptcy three years ago, said losses for 2004 had fallen to $395 million from $500m the previous year.

Elan said its finances were helped by the sale of a number of businesses in 2004 and from lower costs.