Elan Corp. (ELN) Swings To Loss As Sales Rise 11%
February 10, 2010 5:28 AM
Irish drug maker Elan Corp. (NYSE: ELN) reported a 4th quarter loss of $57.7 million, or 10 cents per share, compared with net income of $169.5 million, or 36 cents per share, for the same quarter a year earlier.
Although Elan Corp. reported a loss, revenue for the year was up 11%, fueled in part by a 30% increase in revenue from its Tysabri treatment for multiple sclerosis.
CEO Kelly Martin said, “during 2009, as the biotechnology industry continued to change significantly, we advanced our multi-year strategy for evolving the company. Our strategic transaction with Johnson & Johnson, now our largest shareholder, accelerated our positioning as a company that vigorously invests in science, technology and people while reducing inherent risks. In 2010, we will remain focused on building out Elan’s unique mixture of science and technology while continuing to reduce risk and infrastructure so that we produce long term benefits for patients and provide a compelling investment thesis for shareholders.”
