Elan said today it was filing for approval of a key product a year ahead of schedule, sending its shares soaring and leaving its mixed fourth-quarter results in the dust.
The drug maker also said it could return to operating profit in the second half of 2005, a further boost to shares, which surged to a 12-month high of €8.7 and by 3.23 p.m. were up 22 per cent at €8.4 as the European healthcare index eased 0.4 per cent.
Elan said that, based on one-year data from a two-year testing programme, it expected to file an application with the US Food and Drug Administration (FDA) by mid-year for approval of its experimental drug Antegren as a treatment for the neurological disease multiple sclerosis (MS).
"This is the first MS treatment to be allowed to file after one year which ... points to very strong data," said Mr Peter Frawley of Dublin-based Merrion Stockbrokers.
If approved, Antegren, which Elan is developing with its US partner Biogen Idec, could be on the market in 2005, ahead of a previous target of 2006.
The growing and hotly contested MS drug market is estimated by some analysts to be worth up to $4 billion.
"This is huge news. The talk has always been that Antegren could be much better than anything that's currently out there and that if approved would become the gold standard in this area," said Bloxham Stockbroker analyst Mr Peter Jackson.
He said previous trial data from the drug indicated a lack of side effects, which would be a big selling point along with the fact it needed to be taken just once a month and not up to three times a week as is the case with some existing treatments.