Elan Narrows Loss as Tysabri Sales Rise

Irish drugmaker Elan(ELN Quote) reported a second-quarter loss of $68.2 million, or 14 cents a share, narrower than a year-earlier loss of $71.5 million, or 15 cents a share, as revenue rose 14% and Tysabri sales increased 30%.

Recorded sales of Tysabri, the multiple sclerosis medication Elan co-markets with Biogen Idec(BIIB Quote), were $173.7 million in the second quarter, up from $133.4 million a year earlier.

Elan said second-quarter revenue from its biopharmaceuticals business rose by 16% in the quarter, while revenue from its drug technologies business increased by 10%.

Earlier this month, Elan received an investment of up to $1.5 billion from Johnson & Johnson(JNJ Quote), in which J&J will acquire all the rights to three of Elan's most advanced Alzheimer's drug candidates.