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Biotech / Medical : Elan Corporation, plc (ELN)
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To: Icebrg who wrote (1927)3/24/2002 9:02:11 AM
From: twentyfirstcenturyfox  Read Replies (1) of 10345
 
Thanks for that, Iceberg. I see that one of the Euro brokerage houses that has been a major follower of Elan, GOODBODY's, has issued an updated commentary. I am typing below the latest (March 2002) comment on Elan as follows:

"On the back of accounting issues and the suspension of dosing in its AN-1792 trial for Alzheimer's disease, the company issued a profit warning with its FY 2001 year end results guiding earnings some 34% lower for 2002 than consensus. Given a slow down in existing revenue driver growth, an increasing cost base and questions on the applicability and sustainability of certain "revenue" items, we have re-evaluated our product model and consider the company's guidance optimistic. We forecast fully diluted earnings for 2002 of $1.12 per share (52% below previous consensus), rising to $1.20 and $1.34 in 2003 and 2004 respectively."

For the first time, they make no recommendation regarding Elan. Fox.
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