Dublin-based pharmaceuticals group Elan today reported a 60 per cent increase in second-quarter profits.
The figure was mainly due to a 25 per cent rise in total revenue,which rose from $368.8 million to $461.2 million. Product revenue for the period rose 48 per cent to $356.3 million.
Net income for the quarter rose 59 per cent to $163.7 million, compared with $102.9 million for the period last year. Diluted earnings per share, excluding other charges, rose from 31 to 45 cents.
Elan chairman and chief executive officer Mr Donal J. Geaney, said: "Our key products ZanaflexTM, SkelaxinTM, AbelcetTM and MaxipimeTM continue to perform strongly. Zanaflex and Skelaxin deserve special mention as they are performing significantly better than we expected at the start of 2001."
Yesterday the company announced it will begin a second phase in its trials of an experimental vaccine for Alzheimer's disease in conjunction with US pharmaceutical and biotech company American Home Products.
