Pharmaceuticals group Elan, the biggest Irish public company, is set for earnings growth of close on 30 per cent in the current year with turnover set to reach almost $2 billion (€2.18 billion), chairman Mr Donal Geaney has stated.

Elan yesterday reported fourth-quarter and full-year results in line with market expectations, showing its continued transformation from a drug delivery programme to a broadbased pharmaceuticals group.

Elan's revenues from pharmaceutical products jumped from $798 million in 1999 to $1.05 billion while contract revenues slipped from $514.5 million to $474.9 million.

Elan's pre-tax profits for the year rose from $416 million to almost $505 million while earnings per share before a host of exceptional charges increased from $1.25 to $1.46.

In a clear signal that earnings growth would accelerate, Mr Geaney said Elan was comfortable with consensus analyst forecasts for 2001 of $1.89 a share, an increase of more than 29 per cent.

Elan finance director Tom Lynch said product revenues were likely to reach $1.5 billion in the current year with contract revenues of around $450 million. This will mean that within two years, sales of pharmaceutical products will increase from 60 per cent of total sales in 1999 to an expected 77 per cent in 2001.

Mr Lynch said product sales growth would come from three products: Zanaflex for spasticity; Skelaxin for muscular pain; and Abelcet for fungal infections. Each is expected to generate sales of $100 million.

After making $2.5 billion acquisitions in 2000, Mr Lynch said there was likely to be a slowdown this year.