Beleaguered pharmaceuticals group Elan is expected to record a single-digit increase in revenue in the first three months of 2003, once sales from products that are part of the divestiture programme have been stripped out.
The company's Irish broker, Davy, anticipates sales of "ongoing products" will rise 7 per cent over the fourth quarter of 2002, when the company reports tomorrow.
However, this is based on an improved performance from recently introduced migraine treatment Frova, and Myobloc, a botox-type treatment.
The figures will be the first since US banker Mr G Kelly Martin was brought on board as chief executive by chairman Dr Garo Armen.
The broker forecasts a loss per share of 42 US cents, considerably worse than the consensus figure of 30 cents.
Last year, it produced earnings per share of 22 cents in the same quarter.
In the fourth quarter of 2002, Elan's loss per share was 54 cents.
Davy's halved its first-quarter sales forecast for Elan following publication of end-year data for 2002.
Analyst Mr Jack Gorman says the headline figures are likely to be inflated by a contribution from Sonata and Skelaxin, which the company agreed to sell to King Pharmaceuticals.
The transaction is now frozen with both sides awaiting ruling in court actions on May 15th.
Mr Gorman said the company's first-quarter results would contain "many moving parts", with headline figures being influenced by divested products, amortised proceeds on divestitures and disputed divestitures.
