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news.Elan, a neuroscience-based biotechnology company engaged in research and development, manufacturing and marketing facilities, has reported revenues of $281.4m for the third quarter ended 30 June 2010, compared to $287m for the same period in 2009.
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Elan posted a net loss of $43.6m for the third quarter 2010, or $0.07 loss per diluted share, compared to net income of $52.3m, or $0.11 per diluted share, for the comparable period in 2009.
For the nine months ended 30 June 2010, Elan posted a revenue of $860m, compared to $813m for the year ago period.
For the nine months ended 30 June 2010, the company has posted a net loss of $258.7m, or $0.44 loss per diluted share, compared to net loss of $118.5m, or $0.25 loss per diluted share, for the year ago period.
Elan chief financial officer Shane Cooke said that they were pleased with the outcome of this quarter, which reflects continued improvements in their operating performance and their capital structure.
"Adjusted EBITDA for the third quarter increased by 61% to $38.2m and the business generated cash flow from operating activities for the third quarter in a row," Cooke said.
"We recorded a net loss of $43.6m in the third quarter of this year, compared to net income of $52.3m in the same period last year, due to the inclusion of a $107.7m net gain related to the Johnson & Johnson transaction in 2009.
"This improvement in the operating performance resulted from the continued growth in Tysabri, revenues from the launch of Ampyra and a reduction in operating expenses, which more than offset the impact of reduced revenues from a number of legacy products."