Irish pharmaceutical group Elan today reported a 16 per cent rise in revenues on to a record $1.52 billion (euro 1.66 billion) for 2000 and said it was looking forward to strong growth in the current year.
The Dublin, London and New York listed company announced a 31 per cent jump in product revenue to $1.05 billion in 2000, with net income up 26 per cent to $495.2 million.
The company's shares, which have climbed sharply from a seven-month low of euro 45.01 in Dublin on January 5th, were up 50 cents to euro 59.0, and 1.4 per cent higher at £36.87 sterling in London by 4.15 p.m. today.
In New York, where the stock is most actively traded, the shares gained 0.88 per cent to $53.66.
Analysts said the numbers stacked up pretty well, especially as revenues started to come in from a wider line of drugs.
"Broadly the results look strong and there is improvement in the revenue mix and the gross margins," said David Marshall at NCB stockbrokers in Dublin.
Chairman and chief executive Mr Donal Geaney said the company was comfortable with analyst consensus earnings estimates of $1.89 per share for 2001 against $1.46 for 2000.
Mr Geaney said Elan now had three products which were expected to notch up record revenues in excess of $100 million each in fiscal 2001 - Zanaflex for spasticity, Skelaxin for muscular pain and Abelcet for fungal infections.
Reuters