|
|
| Elan Refutes Wall Street Journal Story; Says Issues Raised Are Historical |
Reaffirms that Accounting Practices Are In Accordance with U.S. GAAP
DUBLIN, Ireland, Jan. 30 /PRNewswire-FirstCall/ -- Elan Corporation, plc.
(NYSE: ELN) ("Elan") issued today the following statement on today's Wall
Street Journal article dated January 30, 2002.
Donal Geaney, Chairman and CEO of Elan, commented, "We believe that the
Wall Street Journal article's portrayal of Elan ignores the tremendous scope
of our pharmaceutical business and the depth of our research and development
programs. Elan's portfolio of marketed products has contributed to over 90%
of our revenue growth since 1998. We have world-class research programs in
neurodegenerative diseases that are widely recognized by the scientific
community and by our industry partners. Our strategic venture partnerships
are developing products and technologies that further support our extensive
research platform. They have created value for our shareholders. These
partnerships now have 27 drugs in human clinical trials and many preclinical
candidates that Elan will have an opportunity to commercialize.
"Elan firmly rejects the one-sided allegations contained in today's Wall
Street Journal. Elan's accounting practices are in accordance with U.S. GAAP
and Irish GAAP. The company's accounting practices were thoroughly reviewed
by the SEC in 1999. The company's policies regarding its strategic joint
ventures and business activities are fully disclosed in its SEC filings. Elan
is confident that its accounting and business practices can stand up to any
scrutiny."
Geaney concluded, "We firmly believe that the issues as raised in today's
Journal are simply a rehash of old news about matters that have been fully
discussed. We are excited about the future of Elan and are focused on
creating innovative medicines that will benefit patients around the world."
The company reconfirmed it will release fourth quarter and year-end 2001
earnings on February 4th and will hold a conference call at that time.
Elan Corporation, plc. is a leading worldwide, fully integrated
biopharmaceutical company headquartered in Ireland, with its principal
research, development, manufacturing and marketing facilities located in
Ireland, the United States and the United Kingdom. Elan is focused on the
marketing of therapeutic products and services in neurology, pain management,
oncology, infectious disease and dermatology and on the development and
commercialization of products using its extensive range of proprietary drug
delivery technologies. Elan shares trade on the New York, London and Dublin
Stock Exchanges.
SOURCE Elan Corporation, plc.
back to topRelated links:
CONTACT:
Investors, U.S. - Jack Howarth,
+1-212-407-5740, or +1-800-252-3526, Investors, Europe - Emer
Reynolds, +353-1-709-4000, or +00800-28352600, or Media - Max
Gershenoff, +1-212-407-5751, or +1-800-252-3526, all for Elan
Corporation, plc.
