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Strong stomach required by Elan shareholders

This article was originally published in Scrip

Executive Summary

Elan's shareholders are going to need a strong stomach if they are to swallow the Irish firm's latest proposal to generate value with its fresh pot of cash. Based on the most optimistic forecasts for sales of the basket of respiratory products in which it has just acquired a royalty interest, stockholders can look forward to an average annual return over the next four years of just 0.7% of the current share price of $11.61 in the form of a cash dividend linked to those royalties.

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