said Tuesday it's much too early to predict sales trends for Tysabri, the multiple sclerosis drug that returned to the U.S. and several European markets last month.
Those comments were offered as Elan posted a loss of $90.5 million, or 21 cents a share, on revenue of $136.4 million for the quarter ended June 30. The results include a $13.5 million charge for share-based compensation.
For the same period last year, Elan lost $143.2 million, or 35 cents a share, on revenue of $118.6 million.
Without Tysabri, Elan's revenue has come from other products, like its biggest seller Maxipime, an intravenous antibiotic for pneumonia and other bacterial infections whose second-quarter sales rose to $42.6 million from $39.9 million a year ago. Sales of Azactam, an injectable antibiotic for urinary tract infections and other bacterial infections, rose to $20 million from $14.8 million. The drug lost patent protection in October, but so far, there haven't been any generic copies.
Elan also gets revenue from making drugs for other companies and from royalties on sales of several other firms' products.
Recently, Elan's stock fell 39 cents, or 2.6%, to $14.95.
sales were suspended in February 2005 by Elan and its partner
following reports that two people in clinical trials who had been given the drug contracted a rare, often deadly brain disease. The companies later discovered another case of this disease. Two of the patients died.
After reviewing patients' records, the companies
resubmitted applications to the Food and Drug Administration and its European Union counterpart. In June, regulatory agencies approved Tysabri, subject to certain restrictions. The drug is
now available in the U.S., Germany, the U.K., Sweden and Ireland. Tysabri will be sold in other EU nations during the next 12 months, Elan said Tuesday.
"We are confident that revenue from Tysabri will drive our return to profitability," said Shane Cooke, Elan's chief financial officer. He told analysts that it was "far too early in the roll-out" to predict the drug's future sales.
Elan has also filed an application with the EU for Tysabri as a treatment for Crohn's disease, an inflammatory gastrointestinal ailment. Elan is talking to the FDA about filing a Crohn's disease application and expects to provide more information to investors in a few months.