Elan Corporation Posts Mixed Results (ELN)

Dublin, Ireland-based biotech company Elan Corporation ELN released financial results on Tuesday morning that missed Wall Street earnings estimates, while beating revenue expectations. Elan Corporation announced that its 4th quarter net loss narrowed to $52.2 million, or 9 cents per share, from a net loss of $57.7 million, or 10 cents per share, a year earlier. Elan Corporation reported revenue of $308.9 million, up from $300.0 million a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for a loss of 4 cents per share, on revenue of $286.57 million. The company said that it expects its full-year 2011 gross profit margin to be in the range of 47% to 50% and that its revenues are expected to accelerate in 2011 compared to 2010. Elan Corporation (ELN) finished the previous trading day at $6.83 per share. The consensus price target of analysts covering the company's stock is $7.76 per share. Elan Corporation is a neuroscience-based biotechnology company committed to making a difference in the lives of patients and their families by dedicating itself to bringing innovations in science to fill significant unmet medical needs that continue to exist around the world. Read more from Benzinga's Company news.