Elan today reported an increase in revenues from its remaining product lines and said progress had been made in its restructuring.
Elan's second-quarter results published today include a number of adjustments for asset sales and restructuring charges. However, the company reported an operating loss of $49.5 million, which is in line with market forecasts.
On the upside, the company reported better-than-expected ongoing revenues of $148.4 million thanks to a strong performance from its epilepsy treatment drug Zonegran.
Cash balances at the end of June were $973 million compared to $938 million at the end of the first quarter. Elan now owes $2.3 billion, down from $3.1 billion at the end of March.
Elan also revealed it has filed for permission for early stage testing for a a new Alzheimer's drug.
Elan will host a conference call later today when further details of its restructuring are likely to be revealed.