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Biotech / Medical : Elan Corporation, plc (ELN)
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To: arnie h who wrote (1304)11/2/2001 10:30:12 AM
From: William Partmann  Read Replies (1) of 10345
 
Very informative report today from Merrill. The highlights are:

1. All significant products should meet or exceed Merrill’s expectation except Myobloc..

2. Frovelan talks with FDA coming to a conclusion. A market partner is not expected to be announced until early 2002.

3. Accounting concerns are an irrelevant footnote of history. Off-balance sheet funding was concluded in 1999 and joint venture research finished in 2000. By the end of next year 90% of all revenue should be from Elan’s drug portfolio.

4. Gross margins should increase by 10% or more from the present 75%.

5. Elan has 800m-1bil in unused Irish tax losses.

6. R&D should be approximately 18-20% of sales.
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