Wednesday 17 January 2018

Elan shares up 3pc to over €42m in second quarter

Kelly Martin, CEO of Elan
Kelly Martin, CEO of Elan
Colm Kelpie

Colm Kelpie

SHARES in drug company Elan were up 3pc this morning after the company said revenue hit more than $56m (€42m) between April and June.

The company put itself up for sale last month in a last ditch attempt to fend off a hostile takeover bid from US company Royalty Pharma.

Elan chief executive Kelly Martin said they were “focused squarely” on a possible sale of the company.

“The Board of Directors and executive management are in complete alignment with regard to exploring all opportunities to maximize shareholder value,” he said, in a statement posted to the Irish Stock Exchange.

The company said that its second quarter results had been substantially impacted by the completion of the sale of its multiple sclerosis drug Tysabri, as well as a $1bn share buyback and other transactions.

The company said that its net income for the quarter of $2.3bn, reflects the gain from the Tysabri transaction.

“We remain in a very strong financial position, and ended the quarter with over $1.9bn in cash and cash equivalents, and no debt,” said chief financial officer Nigel Clerkin.

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