Drugs firm Elan said this morning it is still optimistic that it will return to profitability by the end of 2006.
Its forecast came as it reported full-year operating loss narrowing to $283.3 million from $363.2 million a year earlier.
EBITDA loss in the period to December 31st, 2004, narrowed to $200 million from $314.7 million.
Full-year operating loss narrowed to $283.3 million from $363.2 million, while revenue fell to $481.7 million from $685.6 million.
The company said research and development expenses were $71.4 million in the fourth quarter of last year compared to $59.4 million the same time in 2003.
The increase was mainly due to the timing of expenditures related to the clinical development and other related costs of the drugs Tysabri and Prialt and R&D efforts on the Alzheimer's programmes.
Loss per share narrowed to $0.96 from $1.43 in the previous full year.