Elan
3Q Revenues: $270.1 million (+53%)
3Q Loss: $83.5 million (loss of $87.4 million in 3Q07)
YTD Revenues: $730.4 million (+35%)
YTD Loss: $240.5 million (loss of $321.5 million in YTD07)
Comments: Biopharmaceuticals business grew by 85% driven by a strong performance from Tysabri, with Elan’s recorded sales up 159% to $164.5 million. Total in-market sales of Tysabri were $237.0 million in the quarter (+154%). Azactam sales were $24.2 million (+17%). Maxipime sales were $5.7 million down from $19.2 million in 3Q07. R&D expenses were $90.0 million in the quarter (+53%) primarily related to the advancement of the company’s Alzheimer’s disease programs in the clinic. Revenue from the Elan Drug Technologies (EDT) business was up 3% to $71.2 million. Manufacturing revenue and royalties totaled $67.5 million and total contract revenue was $3.7 million in the quarter. Due to uncertainty in the financial and credit markets, Elan has decided to hold onto the EDT business and allow it to develop and grow as an independent, wholly-owned subsidiary. Potential generic competition looms for several of the products from which Elan earns manufacturing revenue and royalties.
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