Losses are narrowing at Elan Corp. PLC as sales of its key drug, the multiple sclerosis-fighting Tysabri, keep growing in the United States and Europe, the Irish biopharmaceutical company reported Tuesday.
Dublin-based Elan said its net losses for the second quarter ended June 30 were $68.2 million, slightly better than its $71.5 million loss in the second quarter of 2008. On a per-share basis, the loss narrowed to 14 cents from 15 cents.
Most analysts had forecast slightly higher losses based on conservative sales growth figures for Tysabri. But Elan's revenue grew 14.4 percent to $281 million, led by a 30 percent jump in Tysabri sales.
Tysabri is manufactured and distributed jointly with Biogen Idec Inc. of Cambridge, Mass., and the two share revenue. Multiple sclerosis is an incurable disease of the central nervous system.
Earlier this month, Elan and Johnson & Johnson announced a $1 billion agreement in which the U.S. company acquired rights to Elan's drug-development programs for combatting Alzheimer's disease, an effort it has been pursuing in cooperation with Wyeth. The deal gives Elan a 49.9 percent share of a new Johnson & Johnson subsidiary focused on Alzheimer's research and, in return, J&J is acquiring 18.4 percent of Elan's share capital.
Elan's U.S.-listed shares fell 8 cents to $7.82 in morning trading.
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