said its fourth-quarter earnings totaled 56 cents a share, in line with the consensus estimate and up from 45 cents a share in the year-ago period, but the company warned that earnings for 2002 will come in below expectations.
Revenue for the fourth quarter rose 15% to $487.6 million from $424.4 million in the year-ago period, but fell short of the consensus estimate of $524.4 million.
For 2002, the drug company said it expects earnings to be affected by lower revenue because of the delay of new products. The company expects earnings of $1.55 to $1.65 a share on revenue of $2 billion to $2.1 billion. Analysts had been expecting $2.35 a share on revenue of $2.32 billion.
Shares of Elan were recently trading down 23.2% to $23 in Instinet premarket action after closing at $29.95 Friday.