Athlone company Elan said this week it expects to report operating profits “for the first time in several years” in the coming year.
A statement of the company’s 2009 financial results, released on Wednesday, revealed that while the drug manufacturer reported a fourth-quarter loss, its revenue increased by 11 per cent to $1.1 billion in 2009.
The leap was due predominantly to a 30 per cent increase in revenues from the Athlone-manufactured MS drug Tysabri, which exceeded $1 billion in global sales in 2009.
“For 2010, we expect to report operating profits before other charges or gains for the first time in several years, driven by our continued growth in revenue and reduced operating expenses,” read a statement from Elan this week.
In addition to improved operating performance, Elan’s CEO Kelly Martin attributed the company’s success in 2009 to its alliance with its largest shareholder Johnson & Johnson.
“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,” said Mr Martin.
“In 2010, we will remain focused on building on 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,” he added.
Last month, another of Elan’s drugs, Ampyra, received approval in the US as a treatment to improve walking in patients suffering from MS.
