Elan chief executive Mr Kelly Martin, who took over the helm of the troubled company in February 2003, was paid $1.58 million (€1.32 million) for his work with the drugs group last year.

Mr Martin, who oversaw implementation of a recovery plan designed to put the company back on a sound footing, received a basic salary of $702,854 and an annual bonus of $800,000. He also received benefits in kind worth $71,686 and pension benefits of $6,000.

Meanwhile, the company's former chief executive, Mr Donal Geaney, received $1.1 million from Elan in 2003.

Mr Geaney, who stepped down as chairman and chief executive of the company in July 2002 after the crash in the company's share price, remained on as a senior adviser to the chairman for a period of two years.

His contract, which has paid him a basic salary of more than $1 million a year, but no bonus payments or share options, ends on July 31st.

Elan's former chief financial officer, Mr Tom Lynch, received $899,955 last year. He resigned at the same time as Mr Geaney but has also remained on as an adviser to the company, which has been the subject of an inquiry by the US Securities and Exchange Commission (SEC).

Elan's chairman, Dr Garo Armen, who took over the company after Mr Geaney's resignation and began the recovery process, received fees of $240,000 last year.

Elan's shares are up by more than 200 per cent this year as the company has put fears of a cash crunch behind it and its focus has shifted to its pipeline of drugs. The stock closed 4 per cent lower in Dublin last night at €19.20, while it was off 7 per cent in New York at $21.09 at the Irish close.