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  • andy.strojny andy.strojny Apr 24, 2013 8:50 AM Flag

    Projected Dividend

    Elan reported $344 million in Tysabri revenues for the quarter ending in March. It has said it will pay out 20% of future Tysabri royalties in the future. Based on March quarter revenues that would come to $68.8 million available for dividends in the quarter. Given that Elan after the buyback now has 510 million shares outstanding that comes to a projected quarterly dividend of a little over $.13 a share. Note: Elan says its dividend will be paid semiannually with the first dividend payable in the 4th quarter. Thus assuming Tysabri sales will continue to grow, one should expect a dividend of at least $.26 a share in the 4th quarter. With two payments a year, that would come to at least $.52 a share. At the current price of $11.99 that is a yield of 4.3%. Not great but not bad either in this environment.

    Note I have assumed Tysabri revenue equals Tysabri royalties.

    Sentiment: Hold

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