Strong Year-End For Elan Corporation

12 May 1996

Irish firm Elan Corp achieved a 66% increase in net income to IRL18.0 million ($28.3 million) for the quarter ended March 31, 1996. Earnings per share were 44 Irish pence. Revenues for the quarter were IRL47.1 million, up 58%. For the full year, net income was IRL56.4 million, up 35%, EPS were IRL1.51, rising 29.5%. There was a 19% increase in total revenues for the year to IRL141.7 million.

Product sales, which included turnover from contract manufacturing activities for client companies and sales of Elan-marketed products, grew 82% to IRL25.7 million in the fourth quarter. This was attributed to shipments of Elan's once-daily naproxen product Naprelan to Wyeth-Ayerst, the firm's US marketing partner, Herbesser (diltiazem) shipments to Japanese partner Tanabe Seiyaku, and sales of Theodur Sprinkle to Mitsubishi Kasei, also in Japan.

Fourth-quarter R&D expenditure was IRL7.1 million, up 42% on last year.

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