Elan's first-quarter revenues up 31%, net loss decreases 71%

By Lisa Kerner

Erie, Pa., May 4 - Elan Corp. plc reported a net loss for the first-quarter of $33.3 million, or $0.08 per share, a decrease of 71% from the $115.6 million net loss, or $0.29 per share, reported in the same quarter of 2005.

The operating loss shrank to $6.9 million in the quarter from an operating loss of $74.7 million in the year-ago period.

The company attributed the reduced net loss to strong growth in product revenue, the improvement in operating margins and the voluntary suspension of Tysabri in February.

Total revenue increased 31% to $134.3 million in the first quarter of 2006 from $102.7 million recorded in the first quarter of 2005.

"We remain committed to making Tysabri available for patients in the United States and Europe and are confident that, with the financial leverage we have created over the last year, revenues from Tysabri will accelerate our return to profitability," executive vice president and chief financial officer Shane Cooke said in a company news release.

Elan is a Dublin, Ireland, neuroscience-based biotechnology company.

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