Elan swings to 1Q profit

Elan Corp. plc (NYSE:ELN) reported 1Q11 diluted GAAP EPS of $0.12, compared to a loss per share of $0.01 in 1Q10. The Street was expecting a loss per share of $0.03. Revenues for the quarter were $313 million, up from $310.5 million in 1Q10 and above the Street's estimate of $297 million. Net income for the quarter includes a $78 million payment from Celgene Corp. (NASDAQ:CELG) related to a 2006 suit alleging Celgene's breast cancer drug Abraxane nab-paclitaxel infringes Elan's composition and methods patents related to surface-modified anti-cancer particles. ...