Turnover:$1bn (+32%)
Operating loss:$109m (-40%)
Net loss:$71m (-82%)
Loss per share:15 cents (-83%)
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Dividend per share:n/a
Summary: Elan produced solid results for 2008 with growth in the sales of multiple sclerosis drug Tysabri driving performance. The drug delivery business also bettered expectations, especially in the final quarter.
Considerable challenges lie ahead in 2009. The group must reinvigorate Tysabri where incidence of PML has hit growth in patient numbers. Market attention will also focus on the advances in its extensive Alzheimer’s drug programme.
Crucially, a strategic review must provide answers on where the money will come from to pay debt and fund development.
