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Elan Answers Questions Relating to Elan's Cash and Debt Position and
Investment Portfolio
DUBLIN, Ireland, June 6 /PRNewswire-FirstCall/ -- Elan Corporation, plc
(NYSE: ELN) ("Elan") has received a number of questions with respect to its
liquidity and cash position.
Elan confirms that it has more than adequate cash resources to finance its
operations and to meet its obligations as they fall due. Elan's operating
cash flow is positive and Elan will maintain its policy of maintaining strong
cash balances, consistent with its past practices.
Elan has, as part of its normal investment management activities,
registered shares held in a number of its investee companies. Registration
does not necessarily imply an immediate intent on Elan's part to dispose of
such securities.
Elan is a leading worldwide, fully integrated biopharmaceutical company
headquartered in Ireland, with its principal research, development,
manufacturing and marketing facilities located in Ireland and the U.S. Elan
is focused on the marketing of therapeutic products and services in neurology,
pain management, infectious disease, dermatology, oncology and 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.
This document and the attachments contain forward-looking statements about
Elan's financial results and estimates, business prospects and products under
development that involve substantial risks and uncertainties. You can
identify these statements by the fact that they use words such as
"anticipate," "estimate," "project," "envisage," "intend," "plan," "believe"
and other words and terms of similar meaning in connection with any discussion
of future operating or financial performance. Among the factors that could
cause actual results to differ materially from those described herein are the
following: the success of research and development activities and the speed
with which regulatory authorizations and product launches may be achieved;
competitive developments affecting Elan's current products; the ability to
successfully market both new and existing products domestically and
internationally; difficulties or delays in manufacturing; the ability to meet
generic and branded competition after the expiration of Elan's patents; trends
towards managed care and health care cost containment; possible legislation
affecting pharmaceutical pricing; exposure to product liability and other
types of lawsuits; Elan's ability to protect its intellectual property both
domestically and internationally; interest rate and foreign currency exchange
rate fluctuations; governmental laws and regulations affecting domestic and
foreign operations, including tax obligations; general changes in US and Irish
generally accepted accounting principles; growth in costs and expenses;
changes in product mix; the outcome of the ongoing SEC investigation and
shareholder litigation, and the impact of acquisitions, divestitures,
restructurings, product withdrawals and other unusual items. A further list
and description of these risks, uncertainties and other matters can be found
in Elan's Annual Report on Form 20-F/A1 for the fiscal year ended December 31,
2000, and in its Reports of Foreign Issuer on Form 6-K. Elan assumes no
obligation to update any forward-looking statements, whether as a result of
new information, future events or otherwise.
SOURCE Elan Corporation, plc
back to topRelated links:
CONTACT:
Investors (U.S.) - Jack Howarth,
+1-212-407-5740, +1-800-252-3526; Investors (Europe) - Emer
Reynolds, +353-1-709-4000, +00800 28352600; Media - Max
Gershenoff, +1-212-704-8173, all for Elan
