Irish drugmaker Elan suffers loss
Irish drugmaker Elan has reported a third-quarter net loss of €31.6m as it pays down debts, cuts research and development costs, and keeps its focus on fighting multiple sclerosis (MS).
The earnings were down on the third quarter of 2009, when Elan recorded net profits of €37.8m thanks to an exceptional €77.9m gain from selling ownership of its Alzheimer's research operations to Johnson&Johnson.
Elan's sales from its main MS drug, Tysabri, rose 13pc to €156.1m in the quarter, offsetting losses elsewhere as older drugs faced with generic competition were withdrawn from markets.
Elan also reported strong US sales for a new anti-MS drug, Ampyra, that helps people battling the neurological disease to walk.