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Biotech / Medical : Elan Corporation, plc (ELN)
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To: William Partmann who started this subject2/17/2002 7:40:35 AM
From: Qualified Opinion  Read Replies (1) of 10345
 
BJ,on Yahoo, posted the following:

Publication date: 30-Jan-2002
Reprinted from RatingsDirect

BULLETIN: Elan Corp.'s Growing Drug Sales Offset Concerns Over Accounting Practices
Analyst: Arthur Wong, New York (1) 212-438-7870

Standard & Poor's said today that recent increased investor concern over Elan Corp. PLC's (BBB/Positive/--) accounting practices has no effect on the company's investment grade rating or outlook. Investor concerns centered around Elan's off-balance sheet joint ventures that have shifted some of Elan's R&D expenses off of its income statement, while at the same time allowing Elan to record R&D contract revenue. Such off-balance sheet R&D vehicles were common in the specialty pharmaceutical industry, though now much less so due to the maturation of the industry. Elan's contract R&D revenues make up a minor portion of its total annual revenue base due to the growth of the company's drug sales. Furthermore, several of Elan's drugs are products of past successful R&D vehicles. From a balance sheet perspective, Elan continues to maintain prudent financial policies and on-hand cash and investments exceed debt by more than $1 billion.

This report was reproduced from Standard & Poor's RatingsDirect, the premier source of real-time, Web-based credit ratings and research from an organization that has been a leader in objective credit analysis for more than 140 years. To preview this dynamic on-line product, visit our RatingsDirect Web site at www.standardandpoors.com/ratingsdirect. Standard & Poor's.
Setting The Standard.
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