ARTICLE | Financial News

Elan reports earnings

July 23, 2010 12:33 AM UTC

Elan Corp. plc (NYSE:ELN) posted a wider 2Q10 net loss due to an expected $203.5 million charge to settle an investigation by the U.S. Department of Justice of Elan's marketing practices for epilepsy drug Zonegran zonisamide. However, the company said it is still on track to generate an operating profit in 2010 before other charges or gains. Elan reported a second quarter non-GAAP net loss of $213.1 million, compared to $68.2 million in the prior year's quarter. Revenue in the quarter was down 4% to $268.9 million from $280.9 million in 2Q09 and below the Street's estimate of $280.4 million. Elan divested Zonegran to Eisai Co. Ltd. (Tokyo:4523; Osaka:4523) in 2004. ...