Elan bounces back from losses

Irish biotech group Elan has reported pre-tax profits of more than $608 million last year, following a $322.6 million loss in 2010.

Total revenue for the company was up 19 per cent to just over $1 billion from $895 million. The $172 mi9llion rise in revenue was driven by a 23 per cent increase in sales of Tysabri from $1.23 billion to $1.51 billion.

The strong growth in Tysabri revenues offset the cessation of revenues from a number of legacy products including Azactam, Maxipime and Prialt, which contributed £41.5 million in revenues in 2010.

Adjusted Ebitda more than doubled to $146.7 million in 2011, from $62.7 million for the full-year 2010.

Operating income excluding the net gain on divestment of business and other net charges for increased by $82.4 million to $92.3 million from $9.9 million.

Net income for 2011 was $560.5 million compared to a net loss of $324.7 million in the preceding year.

Total revenue for the fourth quarter increased by 18 per cent to $271.0 million, from $230.4 million, as a result of a 14 per cent rise in Tysabri global in-market net sales to $379.6 million.

Adjusted ebitda for the fourth quarter doubled to $29.7 million, from $14.7 million and operating income, rose by $13.5 million to $16.5 million.

In the US market, Elan recorded net sales of $746.5 million last year, an increase of 26 per cent over the $593.2 million recorded in 2010.

Elan recorded net sales of $196.4 million in the US market in the final three months of 2011, an increase of 21 per cent on the same quarter a year earlier.

The company said it expects to generate approximately $1.2 billion to $1.25 billion in revenues in 2012, with Adjusted ebitda of greater than $200 million, a 35 per cent increase on this year.