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Elan sales shoot up 17pc to $328m

ATHLONE-based Elan has reported a rise of 17pc in third quarter revenues to $328.5m (€234.7m) from $281m (€200.7m).

The company said the rise was due to a $61m increase in revenues from its BioNeurology business, offset by a decrease of $14m in revenues from the EDT business.

It reported a 58pc increase in adjusted earnings to $60.3m from $38.2m in the third quarter of 2010. Operating income more than trebled to $46.3m from $14.2m the same time last year.

Elan said that Tysabri sales for the three-month period increased by 28pc to $392.6m from $307.2m for the same time of 2010.

It said the growth mainly reflects increased patient demand across global markets and a higher price in the US, along with favourable foreign currency movements. By the end of September about 63,500 patients were using the multiple sclerosis drug worldwide. In September, the company completed the sale of its EDT business, which completes its transformation to a neuroscience-focused biotechnology company.