Elan (NYSE:ELN) Pressured by Gilenya Launch

Elan Corp (NYSE:ELN) will be under pressure as a result of the impressive launch of Novartis' (NYSE:NVS) oral MS drug Gilenya.

Barclays noted, "We are maintaining our rating on Elan following review of SDI VONA prescription data, with focus on a strong U.S. launch of Novartis' (NYSE:NVS) oral MS drug Gilenya and its negative impact on Elan (NYSE:ELN) / Biogen's (Nasdaq:BIIB) Tysabri. The proprietary physician-level data from ImpactRx demonstrate that Gilenya, which was launched in October, has captured 23% of New Written Prescription Starts (NWRx) in November among neurologists. For Tysabri, we estimate that its NWRx share has fallen to 7% in November from 13% for YTD September period."

Barclays maintains an "Equalweight" on Elan Corp., which closed Friday at $6.00, up $0.15, or 2.56 percent. Barclays has a price target of $6 on them.