IRISH BIOTECH firm Elan grew its revenue and said it was on track to meet its guidance for the year, as it put in a “solid” performance in the first quarter.

Revenues rose to $288 million (€217.5 million) on the back of a 14 per cent jump in sales of its multiple sclerosis drug Tysabri, beating forecasts and putting the firm on track to meet its target of $1.2 billion to €1.25 billion in revenue for the year.

“This solid start to the year places us on track to achieve our full-year financial guidance,” Elan chief financial officer Nigel Clerkin said in a statement.

Tysabri revenues were up 14 per cent to $399 million over the quarter, slightly lower than analyst expectations of $402 million. About 66,500 patients were on Tysabri worldwide at the end of March, with almost half of those in the US.

Elan’s net loss from its continuing operations widened to $31.8 million, from $27.7 million a year earlier. This includes a 13.3 per cent loss incurred on the disposal of 76 per cent of Elan’s stake in Alkermes. Elan retains a 6 per cent stake in the firm.

Elan, which adds $100 million to its bottom line for every 10,000 extra patients it adds to its MS treatment, has said continued sales growth in Tysabri would lead to overall revenue growth of 15 per cent per year over the next three to five years. It expects to make adjusted earnings before interest, taxes, depreciation and amortisation of at least $200 million for 2012 versus the $147 million earned in 2011.

The company is currently awaiting Phase III data in the second half of this year on experimental Alzheimer’s drug bapineuzumab, in which it holds a quarter stake through a joint venture with Johnson Johnson. – (Additional reporting: Reuters)