Elan reported a net loss of $2,394.8 million for 2002 compared to net income of $342.8 million in 2001. The loss was mainly due to charges of $2.224 billion involved in the company's restructuring plan .
Total revenue of $1,470.1 million was 21 per cent down on the to $1,862.5 million for full-year 2001.
Elan has so far grossed in excess of $1.5 billion in asset sales to cover debt payments due later this year and next.
Elan shares, which have firmed substantially in recentweeks, fell 14 per cent to euro3.52 by 9 a.m. in a slightlyweaker Dublin market.
"The figures are worse than expected - we were forecastinga net loss of around $400 million - but we see no change in thebusiness model going forward," said Mr Ian Hunter, analyst atGoodbody Stockbrokers in Dublin.