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Biotech / Medical : Elan Corporation, plc (ELN)
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To: William Partmann who started this subject2/4/2002 4:16:58 PM
From: arnie h  Read Replies (2) of 10345
 
Listened to the full 2 hours of the conference call. I wasn't as troubled as some as far as earnings, JV's and the like. I tend to think most people realized the earnings were inflated by the movement of monies to reduce Irish taxes (royalties and license fees aren't taxed) and to meet Wall Street needs for short term results in a long term game. This is why the P/E has been well below norms. On the other hand, this is the kind of situation where those who have been plugging the stock feel deceived and they tend to get in a punishing mood. For its part, the company apparently has decided to make a clean break with the past and get out front of the 'accounting issues'.

In terms of their products, the bothersome points were with Prialt where it certainly seems as if more testing will have to be done before FDA approvals. And, the company didn't seem optimistic about AN1792 as they focused on a variety of other AD projects and noted vaccine work tends to have problems of the sort they're finding. There was a statement that another person showed the symptoms found earlier in the French clinic but this time in Switzerland. So, it apparently is more than a localized issue.
On the other hand, the outlook for Antregen seemed most promising and broader than the current program.

They appear to have plenty of cash and as far as I can tell, cash flows are in good shape.

From a valuation point of view, I keep thinking about the $11Bil cap that ALZA went for and the $8Bil BM just paid for DuPont Pharmaceuticals.

If there are others who listened in live or to the replay, I'd be interested in their comments.
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