Losses narrow at Elan

21st Jul 2009 15:01

Neuroscience-based biotechnology company Elan remained mired in the red in the second quarter despite a strong performance from the Biopharmaceuticals business and Elan Drug Technologies (EDT).Total revenue in the three months to 30 June rose to $280.9m from $245.6m, while the loss before tax narrowed to $52.3m from $69.0m.Revenue from the Biopharmaceuticals business grew by 16% while revenue from the Elan Drug Technologies (EDT) business increased by 10%."During the first six months of 2009, we grew revenues, added an additional approach to Alzheimer's disease and successfully completed our strategic review with the announcement of a transformative transaction with Johnson & Johnson," said Elan's chief executive officer, Kelly Martin.