Elan trimmed its sales goal for 2005 yesterday but left profit targets untouched after reporting a second-quarter loss in line with analysts' expectations.
The firm provided only a limited update on Tysabri, the multiple sclerosis (MS) treatment that was suspended on February after being linked to the death of two patients.
Elan chief executive, Kelly Martin, said the firm hoped to complete its safety review of Tysabri by the end of August and to make a formal submission to the US regulator, the Food and Drug Administration (FDA), in September.
The hope for Elan investors at that stage will be that the FDA allows Tysabri to return to the market, perhaps with a new label outlining the risks attached to taking the drug in certain circumstances.
Mr Martin said that Elan may in the meantime re-start an existing trial of Tysabri in co-ordination with the FDA.
Analysts yesterday emphasised the importance of a successful Tyasbri re-launch to Elan's future fortunes. Dr Ian Hunter at Goodbody described everything apart from Tysabri as being "peripheral to the Elan story", noting that the drug should still be a "significant positive" for the company.
Shares in Elan closed 55 cent lower at €6.10 in Dublin last night as investors lamented the absence of any guidance on when the MS treatment might return to the market. Mr Martin did say, however, that the firm continues to invest in providing commercial support for Tysabri.
The firm yesterday cut its revenue guidance for the year from $500 million (€412 million) to $460 million, mostly as a result of a pre-planned reorganisation of operations.
Sales over the second quarter totalled $118.6 million, compared to $108.4 million in the same months of 2004.
Losses grew by 21 per cent to $142.6 million over the same period, with costs associated with Tysabri among the main reasons for the increase.
