Elan, Ireland's biggest drugmaker, said today its first-quarter loss narrowed as sales of the multiple sclerosis medicine Tysabri more than tripled.
The net loss was $85.5 million (€53.6 million), or 18 cents a share, from a loss of $93 million (€58.3 million), or 20 cents per share, a year earlier, Dublin-based Elan said in a statement.
Sales rose 24 per cent to $207.3 million (€130 million).
Tysabri revenue reached $159.7 million (€100 million). Tysabri was being taken by 26,000 patients worldwide as of March 31st, Elan said.
Elan's partner Biogen Idec yesterday said first-quarter profit rose 24 per cent on Tysabri.
Sales of the drug may exceed $1 billion (€627 million) this year and may propel Biogen's annual revenue by 20 per cent, Biogen chief financial Officer Paul Clancy said yesterday.
Elan and Biogen are making "great progress" toward their target of getting 100,000 patients on Tysabri by 2010, Dublin- based Elan said yesterday.
Meeting that goal would translate into about $2.8 billion (€1.76 billion) in annual sales at the current price, analysts including JP Morgan Securities' Geoffrey Meacham have said.
Biogen and Elan pulled Tysabri off the market in February 2005 because two patients developed fatal brain infections. Another case was diagnosed the following month, and none have been identified since then.
The drug was reintroduced in July 2006 after US regulators said the benefits of slowing MS flare-ups outweighed the drug's risks.
Bloomberg