Elan Swings to Third-Quarter Profit

DUBLIN (TheStreet) -- Elan(ELN Quote), the Irish drugmaker, said it swung to third-quarter net income of $52.3 million, or 11 cents a share, from a year-earlier loss of $83.5 million, or 18 cents a share, as its multiple sclerosis drug Tysabri saw sales rise.

Total revenue in the quarter rose to $287 million from $270.1 million.

The company said it remains "on track" for full-year double-digit revenue growth and now expects adjusted earnings before interest, taxes, depreciation and amortization of about $75 million, better than it previously expected.

Elan attributed the third-quarter turnaround to a gain from the closing of a transaction with Johnson & Johnson(JNJ Quote) and "an improvement in operating performance which saw revenues grow, but operating expenses decline."

Johnson & Johnson last month agreed to invest $885 million in Elan for an 18.4% stake.

Elan's recorded sales of Tysabri increased 16% to $191.4 million in the third quarter of 2009 from $164.5 million a year earlier.

-- Reported by Joseph Woelfel in New York .

Follow TheStreet.com on Twitter and become a fan on Facebook.