Pharmaceutical group Elan posted first-quarter earnings well short of market expectations and sounded a cautionary note on its prospects for the full year.
The company reported earnings per share of 22 cents before all exceptional items, down from 41 cents a year earlier and short of the consensus forecast of 30 cents.
The group reported revenue of $443.6 million for the first quarter, up from $429.3 million last time, with product revenue $330.4 million compared to $324.1 million.
Elan was cautious on its outlook for the rest of the year but gave no specific guidance. The company said its previous guidance anticipated the contribution to earnings per share from interest and other income would be about 45-50 cents.
Elan said guidance for the year also anticipated a contribution from product acquisitions for fiscal 2002 of about 25 cents a share but said: "There were no product acquisitions in the quarter."
Chairman and chief executive Mr Donal Geaney argued the company met its goals for the quarter, and that its speciality pharmaceutical business performed particularly strongly.