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Drug firm posts $405m loss for 2007

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Pharmaceutical giant Elan has posted a $405m loss for 2007 after it came under pressure from generic manufacturers.

But the company remains optimistic that performance will pick up this year after Tysabri (natalizumab) was approved for patients with Crohn’s disease in the US.

Revenue reached $759.4m last year, and the firm is now forecasting this could hit $1bn in 2008.

Kelly Martin, Elan’s president and chief executive officer, said: “Our key operating principles of patient focus, disciplined execution, and delivery of tangible results and outcomes were achieved in 2007.

“The continued traction for Tysabri in MS and the approval for Crohn’s disease in the US; the advancement of our AD clinical programs for AAB-001 and ELND-005; and the ongoing progress in our preclinical discovery efforts all provide a strong foundation to maintain and potentially increase our positive momentum in 2008.

“We remain completely committed to advancing our science for patients and clinicians around the world, increasing therapeutic options for those who are directly affected by chronic diseases such as Alzheimer’s, Parkinson’s, Multiple Sclerosis and Crohn’s.”

Chief financial officer Shane Cooke added: “We are very pleased with the robust financial performance of the business during 2007, reflecting excellent progress across our businesses and development pipeline.”

Copyright © PA Business 2008

Elan



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