Athlone-based pharmaceutical company Elan has reported an increase of 24 per cent in revenue over last year’s figures.
Elan reported a total revenue of $335.5 million for the second quarter of 2011, up from $268.9m during the same period the previous year.
The company is attributing the jump to increased sales of multiple sclerosis treatment Tysabri, as well as a 6 per cent reduction in operating expenses.
Adjusted earnings before interest and tax almost trebled to $59.7 million from $21 million in the second quarter of 2010.
Commenting on the results, chief financial oficer, Nigel Clerkin, said,“Total revenues have increased by 24 per cent over the second quarter of 2010, with Tysabri in-market net sales almost one-third higher than last year...combined with a 6 per cent reduction in operating expenses.”
Elan expects to generate approximately $1 billion in revenues this year, and to double to approximately $2 billion over the next five years.
Elan CEO Kelly Martin said progress is being made across all aspects of the company.
“The second quarter results show an acceleration in both the financial potential of the company, as well as providing clarity on the strategic positioning of the company for the short, intermediate, and long term. We remain focused on driving both top and bottom line growth, being a consistent yet disciplined investor in science and the clinical application of that science, and enabling our efforts to be scalable by maintaining a flexible and dynamic infrastructure that can scale as our science matures.
“Our commitment to science has never been stronger; we see a multitude of opportunities to create short and long term value from high quality science while, at the same time, driving growth in both the top and bottom line.”