LONDON (Thomson Financial) - Elan Corp Plc has announced that first-half sales were up 26 percent to $460.3 million compared with $364.5 million last time.
The company booked a first-half pretax loss narrowing to $152.4 million compared with $228.1 million.
Chief executive Shane Cooke reiterated the company's full-year guidance of adjusted EBITDA losses of less than $50 million.
He said in a statement: 'The continued acceleration in the growth of Tysabri, coupled with reduced SG&A expenses, more than offsets our increased investment in R&D, as a result of the continued progress in our key development programs, and the loss of sales of Maxipime due to generic competition.
'We remain on track to record Adjusted EBITDA losses of less than $50 million for the year and to exit the year profitable on an Adjusted EBITDA basis.' ben.deighton@thomsonreuters.com bsd COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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