Irish pharmaceutical company Elan today reported an 82% fall in net losses for the year ending December 31, 2008. It reported a net loss of $71m for 2008, compared to a loss of $405m reported the previous year, as a result of an improved operating performance. Sales of the MS drug Tysabri jumped 140%.

Total revenues for the year jumped by 32% to €1 billion, up from $759.4m for 2007. Elan said that revenue from the biopharmaceuticals business grew by 51% while revenue from the Elan Drug Technologies business rose by 2%.

The surge in the biopharmaceuticals business related to the performance by its MS drug Tysabri which saw sales jump by 140% to $557.1m. This more than offset reduced sales of its Maxipime drug after the introduction of generic competition in 2007.

Elan said that by the end of the year, its cash and investments totalled almost $450m, ahead of the $300-400m forecast in February.

For the fourth quarter of 2008, Elan reported net income of $169.5m compared to a net los of $83.5m for the fourth quarter of 2007. It said this was due mainly to an improved operating performance and a $236.6m tax benefit.

In its outlook, Elan said it expects revenues to grow by double digit percentages for the full year of 2009 and to end the year with cash and investment balances of about $200m.

Elan announced in January that it had hired Citigroup to conduct a review which could lead to a minority investment or strategic alliance, a merger or sale.

Elan chief executive officer Kelly Martin said that in 2008 Elan made tangible, measurable progress in moving the company forward, noting, "Financial results improved, clinical programs advanced within our therapeutic areas, our science and discovery programs continued to progress, and we had growth in both of our business units--Biopharmaceuticals and Elan Drug Technologies." Martin added that Elan remains committed to building the leading neuroscience-based biopharmaceutical company in the world, complementing its already-leading drug technology venture. "Our focus on science and patients has never been greater," he said, "and we are committed to demonstrating further progress in 2009."

Results detail