Elan says may return to profit in H2 2005
Wednesday February 18, 8:40 am ET
DUBLIN, Feb 18 (Reuters) - Irish drug maker Elan Corp Plc (London:ELN.L - News; NYSE:ELN - News) said on Wednesday it was possible it could return to profitability by the second half of 2005.
The company, which has been a slow recovery track since its stock collapsed in 2002, noted recent "significant advances" in its development of new products and an improvement in its capital structure following a radical asset-disposal programme.
"While there are a lot of moving pieces we do see the scenario under which we could return to operating profitability some time in the second half of 2005," the company said in a conference call to discuss its fourth-quarter results.
Earlier Elan announced it was filing for approval of its much-vaunted experimental drug Antegren as a treatment for multiple sclerosis a year ahead of schedule, sending its shares sharply higher.