Elan confirms 2010 outlook

Elan Corp. plc (NYSE:ELN) said it is still on track to generate an operating income in 2010 before other charges or gains despite swinging to a loss in 3Q10. Elan reported a third quarter non-GAAP net loss of $43.6 million, compared to a net profit of $52.3 million in 3Q09. The prior year's quarter included $107.7 million in net gain related to a 2009 deal with Johnson & Johnson (NYSE:JNJ) for Elan's rights to an Alzheimer's disease (AD) immunotherapy program. Third quarter revenue was $281.4 million, down 2% from $287 million in 3Q09 and below the Street's estimate of $292.7 million. ...