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Biotech / Medical : Elan Corporation, plc (ELN) -- Ignore unavailable to you. Want to Upgrade?

To: Return to Sender who wrote (670)	11/16/1999 12:03:00 AM
From: Gary Korn	Read Replies (1) \| Respond to of 10345

Merrill report (issued 11/11 on ELN convertibles): Stock weakness appears to be a response to renewed concerns about Elan's (ELN, $45, C-1-1-9) accounting, which we believe is unfounded. We remind investors that the SEC has thoroughly reviewed and approved Elan's financial statements through June 1999. We expect Elan to announce that it intends to acquire Axogen, its off-balance sheet R&D vehicle shortly for completion by year-end. This is assumed in our estimates. Our 1999 and 2000 estimates are unchanged (at $1.24 and $1.55, respectively). Our tentative estimate for 2001 is $2.00 (+29%) per share based on our assumption that Elan will have introduced four new drugs by that time. We believe that the stock is undervalued. We expect a rebound in the stock price once FDA filings and approvals occur over the next few months. (R. Vietor, CFA/ S. Maniago 11/5/99). Therefore, based on today's close of 22 13/16: 1999 p.e.: 18.4 2000 p.e.: 14.7 2001 p.e.: 11.4 I'm holding! Gary Korn