Irish pharmaceuticals maker Elan today reported a 24 per cent rise in third-quarter revenues to $484.3 million in what it said were a record set of results.
Net third-quarter income rose to $183.5 million from $133.6 million in the same period a year ago, the company said.
It said the strong revenue growth reflected a 44 per cent increase in product revenues to $381 million for the quarter.
Gross margin on product revenue increased to 76 per cent in the quarter, compared with 68 per cent in the third quarter.
In a statement, Elan chief executive Mr Donal Geaney said: "Our key products continued to perform strongly during the third quarter of 2001".
Mr Geaney said Elan was in the process of completing issues over the US Food and Drug Administration (FDA) review of its Frovelan migraine drug and added that approval was expected this quarter.
The company also said it was pressing for approval for use of a compound called Prialt, which comes from a tropical cone snail and is designed to treat chronic pain in cancer and AIDS patients.
Mr Geaney announced Elan had also acquired a portfolio of pain-management products from Roxane Laboratories, a subsidiary of the Boehringer Ingelheim Corporation.