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Drug withdrawal crushes Elan earnings
BOSTON April 28, 2005 - Irish drug manufacturer Elan Pharmaceuticals
reported drastically reduced quarterly earnings Thursday, due largely to the
recent withdrawal of the multiple sclerosis drug Tysabri from the
international market over safety concerns.
For the quarter ended March 31, Elan (ELN: news, chart, profile) reported
that its net loss grew by 86% to $115.6 million, or 29 cents a share,
compared with a loss of $62.2 million, or 16 cents a share, for the same
quarter last year.
Revenue for the quarter dropped 31% to $102.7 million from $148.3 million a
year ago.
The company attributed much of its weakened performance to costs associated
with the withdrawal of Tysabri in late February. Elan, along with partner
Biogen Idec, voluntarily suspended all sales of the drug after studies
indicated it had triggered an extremely rare but deadly brain disease in
three patients, resulting in two deaths.
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