Elan on track as multiple sclerosis drug sales rise
DUBLIN (Reuters) - Irish drugmaker Elan Corp Plc said third-quarter revenue rose by 10 percent as sales of its multiple sclerosis (MS) drug grew.
Tysabri sales, the blockbuster multiple sclerosis drug it co-markets with Biogen Idec, grew 3 percent to $403.8 million, while the number of patients rose 13 percent.
Elan relies on Tysabri for the bulk of its earnings following the failure of bapineuzumab, one of the most anticipated experimental drugs for Alzheimer's disease being developed with Johnson & Johnson and Pfizer.
Elan said third-quarter revenue rose to $306.6 million from $279.4 million a year ago, in line with the $307 million forecast by 12 analysts in a poll supplied by the company.
The company repeated its full-year guidance of adjusted EBITDA of more than $200 million.
The Dublin-based company, in which U.S. group Johnson & Johnson is an 18 percent shareholder, said in August it would spin off its Neotope drug discovery business platform as a separate public company.
After the spin-off, Elan expects earnings before interest, tax, depreciation and amortization (EBITDA) to nearly double from 2012 to more than $400 million in 2013 and $1.00 earnings per share (EPS) by 2015.
Elan said the restructuring would be completed by the end of 2012.
The company's adjusted EBITDA increased 38 percent to $67.6 million, against a consensus of $50.2 million.
(Reporting by Lorraine Turner; Editing by Louise Heavens)