ELANvoll investieren mit:...ELAN (ELN; 871331) - 500 Beiträge pro Seite

[SieLeiBo]

Der aktuelle Thread vom "uneingeschränkten Debakel" bei Elan
scheint
mir derzeit als Überschrift deplaziert.

Übereinstimmend mit einigen bei W.O. halte ich ab jetzt
Elan für ein aussichtsreiches Langfristinvestment.

Dazu aktuell: "Elan directors buy stock at Low".

Seht sebst:

LONDON (FT Investor) - Four directors with Irish drug maker Elan, including its
former president, have been buying stock in the company while its US-traded shares
linger at their lowest point in the past six years.

John Groom, who served as president and chief operating officer of Elan from 1996
until his retirement last year, purchased 60,000 Elan shares for $13 earlier this week,
bringing his total holding to 480,000 shares.

Non-executive directors Garo Armen and Brendan Boushel also bought 100,000 and
35,000 shares each, spending around $1.36m and $476,000 respectively. Kieran
McGowan, another non-executive director, made a smaller purchase of 1,000 shares
at $12.95 each.

The last time Elan [ELN, News, Chart, Research] shares traded below the $13 mark
in the US was in early 1996. The shares have been lagging behind in the UK as well
and are currently at their lowest point since 1998.



Most of that fall has come in the past month, however, as Elan shares were hit by a
number of issues.

The shares fell over 20 per cent in late January after concerns were raised about its
accounting practices, although Elan [ELA, News, Chart, Research] has since said its
practices are in line with accounting rules in Ireland and the US.

Then the company warned on profits for 2002 at the beginning of February, sending
shares down further, and on Wednesday Elan said purchasers of its securities had
brought "purported class action lawsuits" against the company, alleging violations of
US federal securities laws. Elan plans to "vigorously defend" its case. See FT Investor
story on Elan profit warning See Elan statement on lawsuits

======Energis buy

John Hibbert, an executive director with Energis, was also shopping for shares on
Wednesday.

Mr Hibbert used his options to buy 107,810 shares for 16p each, spending a total of
£17,249 on the purchase.



However, shares in the alternative carrier have fallen so heavily since January - when
Energis issued a revenue warning and said it might breach banking covenants - that
Mr Hibbert actually paid slightly more than market value for the shares. Energis
currently trades at 15.5p. See story on Energis warning on FT Investor

Meanwhile, three Energis [EGS, News, Chart, Research] directors, who bought
company stock in September of last year, have since lost more than half of their
investment.

David Wickham, chief executive, Bill Trent, finance director and Robert Taylor spent
nearly £80,000 each on Energis shares, when the stock was trading just below 40p.
See more on earlier director buys at Energis on FT Investor

[puhvogel]

So etwas könne die Aktionäre gebrauchen ganz im Gegensatz zum unsäglichen Insiderverkauf des CEOs bei Calpine.
200000 Aktien (für rund 2,5 Millionen $) Insiderkäufe sind ja schon eine ganze Menge und mehr als nur symbolisch.

P.S.: Es gibt für mich nicht besseres als eine Aktie zu besitzen, die ständig steigt, aber in deren Thread-Überschriften aber die Worte Disaster oder "warum fällt die immer" drin steht. Vergiss auch nicht, für Altaktionäre von Elan ist das immer noch ein völliges Desaster. Für mich auch, da ich die in einem konservativen Depot eines Familienmitglieds hatte. Einmal Urlaub und schwuppp.

Dagegen sind Threads mit den Adjektiven super, marktführend, aggressiv(e), unentdeckt, sensationell, betrügerisch oder Überschriften mit den Zahlen 0, 100 %, 1000 % absolute Kontraindikatoren.

[praetorius]

@SieLeiBo

Datum der FT Investor-Info? Konnte sie nicht finden.

[SieLeiBo]

Die Nachricht habe ich am Freitag gelesen und
war aktuell. (Yahoo)

[SieLeiBo]

Hier die Aufzählung der Insiderkäufe:

Insider Purchases at Elan
by: buylowest
Long-Term Sentiment: Strong Buy 03/03/02 03:51 pm
Msg: 45151 of 45155

I have taken a look at the regulatory filings in recent weeks, and have compiled a list of all the trades I have been able to locate. These trades are not filed with the SEC, since foreign companies are exempt, as I understand it. I believe these filings are required by the London Stock Exchange, and can be found on the Financial Times website at http://mwprices.ft.com/custom/ft-com/headlines.asp?newstype=… b=ELA&countrycode=UK&company=Elan+Corp&sid=120531

Here is the total to date, since the price collapse on 4 February 2002 (all purchases are in the open market, not from options):

Garo Armen owned 20,000 shares on 4 Feb 2002, since increased to 170,000 shares. Mr. Armen invested $2,029,000, increasing his holdings 8.5 times.

Daniel Tully owned 25,548 shares on 4 Feb 2002, since increased to 100,548 shares. Mr. Tully invested $976,400, increasing his holdings four fold.

John Groom owned 420,000 shares on 4 Feb 2002, since increased to 495,000 shares.

Brendan Boushel owned 803,698 shares on 4 Feb 2002, since increased to 838,698 shares.

Kieran McGowan owned 200 shares on 4 Feb 2002, since increased to 1,200 shares.

Here is a list of all the transactions, with citations to the regulatory filings:

Elan Insider Transactions

28 Feb 2002 ___ Daniel Tully
Purchased 10,000 shares at $13.95, increasing holdings to 100,548 shares
http://mwprices.ft.com/custom/ftmarkets-com/news/story.asp?s… d=%7BC7FD5B6D%2DFFE3%2D4F66%2DA2F9%2D909C299732F3%7D

25 Feb 2002 ___ Daniel Tully
Purchased 10,000 shares at $12.35, increasing holdings to 90,548 shares
http://mwprices.ft.com/custom/ftmarkets-com/news/story.asp?s… d=%7B0B7EBB6C%2D2F3A%2D43C8%2DB240%2DC3FC9E85CA3A%7D

22 Feb 2002 ___ Garo Armen
Purchased 50,000 shares at $13.26, increasing holdings to 170,000 shares
http://mwprices.ft.com/custom/ftmarkets-com/news/story.asp?s… d=%7B348D0F51%2D6E9B%2D4715%2DB20B%2DEEC55F195473%7D

22 Feb 2002 ___ Daniel Tully
Purchased 10,000 shares at $13.01 and 10,000 shares at $13.03, increasing holdings to 80,548 shares
http://mwprices.ft.com/custom/ftmarkets-com/news/story.asp?s… d=%7B348D0F51%2D6E9B%2D4715%2DB20B%2DEEC55F195473%7D

6 Feb 2002 ___ John Groom
Purchased 15,000 shares at $13.96, increasing holdings to 495,000 shares
http://mwprices.ft.com/custom/ftmarkets-com/news/story.asp?s… d=%7B59B69DAD%2DF9CF%2D46B2%2D8128%2DB08AAAEAB61A%7D

5 Feb 2002 ___ John Groom
Purchased 60,000 shares at $13.00, increasing holdings to 480,000 shares
http://mwprices.ft.com/custom/ftmarkets-com/news/story.asp?s… d=%7BAF6F34B0%2D107B%2D4203%2D9988%2DECE096CFEBDC%7D

5 Feb 2002 ___ Garo Armen
Purchased 100,000 shares at $13.66, increasing holdings to 120,000 shares

[SieLeiBo]

Elan nach 31 d heute erstmals wieder über dem
steigenden 10d-EMA und auch wieder über 15$.
Praktisch keine Widerstände bis eta 25 $.
Blendende Aussichten? - ich hoffe.

[Robin7]

Elan hat sich die letzten paar Tage, auch als Dow und Nasdaq
im Minus waren hervorragend gehalten. Jetzt bin ich schon leicht im Plus. Werde noch etwas aufstocken.

[kays]

Leider gibt es im Auigenblick wenig neues zu Elan. Der Kurs scheint festgefahren zu sein wegen der ungewissen rechtlichen Konsequenzen im Zuge der SEC Ermittlungen und Schadenersatzprozesse. Kann jemand beurteilen welche Aussichten die eingereichten Klagen haben? Würde mir gerne noch einige Stücke anschaffen.Leider habe ich auf der Homepage keinen Termin für das nächste trading update gefunden, wann werden die nächsten Zahlen veröffentlicht?

[kays]

Leider gibt es im Auigenblick wenig neues zu Elan. Der Kurs scheint festgefahren zu sein wegen der ungewissen rechtlichen Konsequenzen im Zuge der SEC Ermittlungen und Schadenersatzprozesse. Kann jemand beurteilen welche Aussichten die eingereichten Klagen haben? Würde mir gerne noch einige Stücke anschaffen.Leider habe ich auf der Homepage keinen Termin für das nächste trading update gefunden, wann werden die nächsten Zahlen veröffentlicht?

[puhvogel]

Die Klagen sind niemals das Problem, solange Elan nicht wirklich derb Bilanzen gefälscht haben.
Das grösste Damoklesschwert sind weitere Downgradea der Kreditratingagenturen, und deren Rating hängt wieder stark ab von den SEC-Ergbnissen.

[kays]

@puhvogel: hast Du Erfahrung wie lange in ähnlichen Fällen die Ermittlungen der SEC gedauert haben?

[puhvogel]

Witzig. Habe gerade durchgelesen:
http://biz.yahoo.com/djus/020403/200204030054000038_3.html

Monday, the Xerox Corp. (NYSE: XRX - news) (XRX) disclosed that it will pay a $10 million civil penalty and restate four years of earnings following a more than two-year investigation into the company`s accounting. The fine is the largest ever levied by the agency against a public firm in connection with financial-reporting violations.

Aber die direkte Erfahrung habe ich zu dem Thema nicht, es wurde ja erst nach dem Enron-Fall aktuell . Bei Tyco ging das weitaus flotter.

[kays]

Wieso fällt der Kurs seit einigen Tagen ???

[puhvogel]

Insider, enttäuschte Zocker,.. was weiss ich?
Das ist ein Problem von Elan nicht der Branche

Aber eine andere Sache: Gestern hat die SEC bekanntgegeben, dass sie die Überprüfung von Polymedica ohne Ergebnis abgebrochen hat. Der Kurs stieg daraufhin in einem Sprung um satte 53 %.
Die Untersuchung dauerte allerdings satte 7-8 Monate.

[Altaktionär]

Elan Pharma: Markteinführung des ersten Produktes aus der eigenen Forschung in Deutschland
[27.03.2001 - 09:54 Uhr]
München (ots) - Das internationale pharmazeutische Unternehmen
Elan Pharma hat im März 2001 das erste Produkt aus der eigenen
Forschung in Deutschland und Österreich auf den Markt gebracht:

NeuroBloc(R), das erste Botulinumtoxin Typ B-Präparat. Zugelassen
ist NeuroBloc(R) für die Behandlung der zervikalen Dystonie, einer
neurologischen Störung, bei der die Nacken- und Schultermuskulatur in
eine unnatürliche, oft schmerzhafte Haltung gezwungen wird. Weitere
Indikationen, wie z.B. die Anwendung bei exzessivem Schwitzen
(Hyperhidrose), beim Schreibkrampf sowie bei Spastizität im Rahmen
der Multiplen Sklerose und nach einem Schlaganfall, könnten folgen.

NeuroBloc(R), die Alternative zu Botulinumtoxin Typ A, stellt den
ersten Therapie-Fortschritt seit über zehn Jahren dar und bringt für
Arzt und Patient viele Vorteile: Es wirkt nicht nur bei Patienten,
die auf eine Behandlung mit dem bisher verfügbaren Botulinumtoxin Typ
A ansprechen, sondern auch bei denen, die eine Resistenz gegen Typ A
entwickelt haben.

Elan verfolgt ehrgeizige Ziele bei der Erforschung, Entwicklung
und Vermarktung innovativer Arzneistoffe und
Arzneimittteltechnologien. Das Unternehmen verfügt über eine
reichhaltige Produkt-Pipeline. So soll in Kürze das erste liposomale
Anthrazyklin zur Behandlung des metastasierten Mammakarzinoms unter
dem Namen MyocetTM in Deutschland eingeführt werden. Große
Anstrengungen unternimmt Elan auch im Bereich der
Alzheimer-Forschung. Daneben wird Elan Pharma in naher Zukunft ein
neues Präparat zur Behandlung von Durchbruchschmerzen auf den Markt
bringen.

Auf Grund dieser außergewöhnlich guten Perspektiven der Forschung
wurde Elan von dem US-amerikanischen Wirtschaftsmagazin Forbes Global
im Januar dieses Jahres als bestes Unternehmen seiner Branche
ausgezeichnet.

Elan ist eine Aktiengesellschaft und an den Börsen von New York,
London und Dublin notiert. Hauptfirmensitze sind Irland, England und
die USA. Die deutsche Niederlassung, Elan Pharma GmbH, München, wurde
1998 gegründet.

mfg
Altaktionär

[Altaktionär]

Ups, leider aus 2001, etwas zu spät

mfg
Altaktionär

[gismeu]

Forbes hat Elan auf seiner Liste von 40 Aktien, von denen man sich trennen sollte.
Nachzulesen bei finance.yahoo.com und dann ELN eingeben.
gismeu

[fettinsky]

#15

Elan hat Wort gehalten. Myocet ist in Deutschland zugelassen für die Behandlung des metastasierten Brustkrebses und zeichnet sich durch wesentlich weniger Nebenwirkugen aus gegenüber der Muttersubstanz Adriamycin (etwas anders galenisch verpackt).
Vor 2 Wochen wurde ein starkes Schmerzmittel für den sog. Durchbruchschmerz hier zugelassen, in Lutscherform. hochwirksam, hohe Akzeptanz bei Patienten.
Im Rahmen der erneuten Skepsis bei der Bilanzierung von GE - denke ich - ist Elan in den letzten Tagen wieder unter die Räder geraten.

[puhvogel]

Der Kursverfall von Elan ist bedauerlich, ich bin aber sehr überzeugt, dass wir auf Sicht von 1 Jahr hier höhere Kurse sehen. Die Firma ist keine Comroad, sondern hat echte Produkte mit echten Anwendungen.
Außerdem besteht schlicht und einfach für`s erste kein Bedarf, jetzt teure Kredit auf dem Kapitalmarkt zu beschaffen. Insofern ist das operative Geschäft für 1 Jahr absolut unbeschadet. Wenn die SEC bis dahin fertig ist, sollte der ganze Trubel nahezu unbemerkt vorbei gehen. Die Alzheimerimpfung war sicher ein besonders interessante Entwicklung. Allerdings hätte die FDA mit Argusaugen auf die Sicherheit der Vakzine geschaut, da lässt sie nicht mit sich spassen.
@fettinsky: Ich finde deine Kommentare aus Klinikersicht wirklich interessant!

[gismeu]

Frage an die Elan longs.
Ich bin kein Biotechinvestor sondern ein shortie fuer alles, das faellt. Weiter oben habe ich schon mal gepostet, dass Forbes.com Elan zu den 40 Aktien zeahlt, von denen man sich trennen soll. Den Grund weiss ich nicht, aber wie wuerdet Ihr das bewerten?
gismeu

[puhvogel]

Da man Forbes kaufen muss, um die Begründnung von Forbes zu erfahren, bin ich überfragt. Speziell weiss ich nicht, wann genau die Verkaufsempfehlung ausgegeben wurde.
Aus dem Yahoo-Artikel:
All of the stocks in the table below have recently been sold from the model portfolios of Hulbert Financial Digest`s, top-ranking letters, or are being recommended for short sale.

Ansonsten sehe ich die Meinung als Facette der jetzigen Marktmeinung.

[kays]

Nächste Woche wissen wir mehr, am 2.Mai werden die Quartalszahlen vorgelegt.

[Robin7]

An Puhvogel:
Könntest Du mal aus Deiner Sicht die heutigen Zahlen kommentieren?

[puhvogel]

Die Zahlen sind für mich in Ordnung und es gibt für mich keine negative Überraschung. Vielleicht gibt es Ungemach für einen der Umsatzträger, aber die Erlöse sind breit diversifiziert.
Das Unternehmen ist bzgl der Kenngrössen KGV und KUV im Branchenvergleich besonders billig.

[Robin7]

An Puhvogel:
Elan aktuell auf 10$ in USA. So langsam mache ich mir Sorgen. Was waren das eigentlich für Anlageverluste die das Ergebnis belastet haben?

[Robin7]

Aktuell 9,08 Dollar minus 13,5%. Gibt es schlechte Nachrichten?

[SieLeiBo]

Warren Buffett buying ELN, MRK, & BMY
by: aranga2 (35/M/Chicago, IL)
Long-Term Sentiment: Strong Buy 05/15/02 05:05 pm
Msg: 52372 of 52372

This is an excerpt from a BusinessWeek article.

Q: What are your top holdings in the value-oriented arena?

A: We bought Moody`s right around the time it was spun off from Dun & Bradstreet. So far, it has worked out quite well. We have also been heavy buyers of late in the pharmaceutical sector, especially Merck (NYSE:MRK - News), Elan (NYSE:ELN - News), and Bristol-Myers Squibb (NYSE:BMY - News). Obviously, we`re trying to latch on to their long-term potential and ignore what`s happening to their earnings here and now.

[puhvogel]

@Robin: Die ganze Kettenreaktion, die bei Tyco, Worldcom, Dynegy , Mirant, Vivendi etc greift, greift eben bei Elan eben nicht.

Der Wirkmechanismus läuft ja üblicherweise so:

Gerüchte, das was in der Gewinnberechnung nicht in Ordnung ist

-> Aktienpakete werden verkauft, der Kurs fällt

-> Ratingagenturen wie Moodys schauen sich die Bilanzen sorgfältiger an(sie haben auch besseren Zugang zu den den Geschäftszahlen als gewöhnliche Wirtschaftsprüfer) und Downgraden oft auch nur auf Verdacht, schon um am Ende nicht mit heruntergelassenen Hosen da zu stehen (=Pleite bei Investmentgraderating).

-> die Firmen müssen am Markt deutlich höhere Zinsen bezahlen, wenn sie neue Anleihen haben wollen.

-> Die höheren Zinsausgaben werfen die bisherigen Geschäftsplanungen über den Haufen, aus einem Gewinn wird dann schnell ein Verlust.

-> gleichzeitig sind Kunden vorsichtig geworden. Langfristige Verträge werden kaum noch abgeschlossen, weil ein Bestehen des Unternehmens nicht gesichert erscheint. Das wirft weiter die bisherigen Geschäftsplanungen über den Haufen!

-> am Ende entsteht ein bedrohliche Krise, die meist mit einem Ausverkauf der Unternehemenassets endet.

Diese Mechanismen greifen bei Elan weitestgehend nicht! Kapitalbedarf wird Elan frühestens im 2 Halbjahr 2003 haben, sie haben aber auch bereits einiges an Cash auf dem Konto, weiteres Cash verdienen sie aktuell dazu. Auch wird die Kundschaft sich nicht von Bestellungen zurückhalten, da es Verbrauchsgüter und keine Investitionsgüter sind, die einer langfristigen Wartung bedürfen.

Das Ganze erinnert mich verdammt an Surgutneftegaz, einem soliden russischen Ölwert aus Russland im Oktober 98. Leider konnte ich das Unternehmen damals noch nicht einschätzen, dann hätte ich nämlich wie blöde gekauft.

Bzgl Anlageverluste: Die besitzen aufgrund einiger Kooperationen Aktienpakete diverser Biotechfirmen. Den Biotechkursen ging es vergangenes Jahr nicht so gut, daher kommen die Verluste.

[Robin7]

Amn Puhvogel:
Danke für die Antwort. Ich sehe das im Prinzip auch so. Allerdings ist es sehr besorgniserregend dass Elan in letzter Zeit bei steigendem Markt fällt und bei gleichbleibendem oder fallenden Markt stark fällt. Das besagt nach meiner Börsenerfahrung meist nichts Gutes. Da ich bisher ohne stop loss gearbeitet habe, ist mir das schon oft sehr schlecht bekommen. Bin jetzt rd. 30% in den Miesen. Frage: Bleibst Du auf jeden Fall dabei? Kannst Du Dir den Verkaufsdruck insbesondere gestern mit ./. 13% irgendwie erklären? Sind da vielleicht die Shortseller am Werk?

[BurkhardtLoewenherz]

HI Robin, Puvogel und die anderen Elan-Aktionäre,

ich bin auch ein Leidensgenosse. Nach dem Crash bin ich bei
14,10 Euro eingestiegen, habe etliche hundert Euros beim
hinundhertraden verdient uns sitze jetzt auf über 1000 Elan
Aktien. Zuletzt habe ich über 500 Stück bei 11,90/11,95 Euro
gekauft. Der Kursverlauf der letzten Tage macht mich auch
ziemlich nervös. Nachteilig ist auch die schlechte Liquidität
der Aktie und die geringen Umsätze hier in Deutschland.
Es wird dringend Zeit, das der Kurs einen Boden findet oder
wenigstens mal eine technische Gegenreaktion zeigt.

Good luck,

Burkhardt Loewenherz

[BurkhardtLoewenherz]

Hallo Elan-Aktionäre,

das war gestern der erste Tag an dem Elan in New York im Plus
geschlossen hat (usd 9,50 + 3,15%) nach zwei Wochen ununter-
brochener Kursverluste. Sicher ist das noch keine Bodenbildung.
Aber vielleicht ein Silberstreifen am Horizont.

Hoffentlich geht es heute weiter nach oben. Es wird höchste
Zeit für einen elanvollen Turnaround.

Gruss
Burkhardt Loewenherz

[BurkhardtLoewenherz]

Wieder ein Hoffnungsschimmer. Der zweite Tag mit Kursan-
stieg in New York hintereinander.
17.05.02 Schlusskurs Usd 9,90 + 4,21%
Aktie schliesst fast auf Tageshöchstkurs.

Seid ihr noch dabei oder habt ihr die Aktie rausgeschmissen?

Gruss
Burkhardt Loewenherz

[lekcin]

kam gerade auf bloomberg,

elan plant aktienrückkaufprogramm über 500 mio usd

[Robin7]

500 Mio. Dollar wären ein sehr großes Volumen für ein Aktienrückkaufprogramm. das entspricht in etwa 1/6 der Marktkapitaliesierung. Der Kurs müsste deutlich anziehen.

[BurkhardtLoewenherz]

Es geht weiter aufwärts. So gefällt mir der Kursverlauf
unserer Elan Aktie. Gestern in New York + 6,16% auf Usd 10,51
gegen fallende Kurse in allen US-Indizes.

Wer hat genauere Informationen zu dem angesprochenen Aktien-
Rückkaufprogramm von Elan? Ich habe diese Meldung auf Bloomberg
leider nicht gesehen. Ist das zunächst nur eine Absichtserklärung des Unternehmens und muss ein Aktienrückkauf
nicht erst von den Aktionären auf der HV genehmigt werden?
Oder liegt ein Beschluß bereits vor?

Burkhardt Loewenherz

[lekcin]

...das aktienrückkaufprogramm wird beabsichtigt, nichts beschlossen ....

elan können frühestens ab 11/02 aktien zurückkaufen

[fettinsky]

Der Antikörper gegen Brustkrebs, Herceptin®, läßt sich mit Adriamycin, einer der wirksamsten Substanzen bei Brustkrebs wegen starker Nebenwirkungen auf den Herzmuskel nicht kombinieren, obwohl es zu einer deutlichen Steigerung der Wirksamkeit auf den Tumor führen würde. Auf dem ASCO wurde die Kombination Herceptin/ Myocet® vorgestellt. Keine relevanten Nebenwirkungen auf das Herz bei guter Hauptwirkung. Myocet ist liposomal verkapseltes Adriamycin und wird von Elan hergestellt.

[Robin7]

An Puhvogel:
Hast Du irgendwelches Infos was los ist. Jeden Tag neue Tiefs egal ob der Markt im Plus oder Minus ist. Heute zu Beginn minus 6% auf 8,20 $. Soll man noch verkaufen oder nachkaufen? Bin echt ratlos und verstehe die ganze Sache nicht mehr.

[puhvogel]

Normalerweise weiss ich immer eine Antwort aber hier sehe ich mich ratlos. Ich kann mir einfach kein Szenario zusammenbasteln, dass einen solchen Kursverfall rechtfertigt. Allenfalls wenn eine Schadensersatzklage bei Nebenwirkungen anstehen.
Die Nachrichtenlage ist eher positiv, aber einer verkauft scheinbar seine Aktien gleich mehrfach.

Leider kann ich auch nicht die Fonds identifizieren, die jetzt verkaufen, denn Elan wird am NYSE.
Ich persönlich habe bei 10 $ nochmal kräftig nachgekauft, kann das wegen Markowitz aber dir nicht empfehlen! Ich bin mir ziemlich sicher, dass wir in 2-3 Jahren die 30 sehen.
Auch von der Chartechnik her sehe ich eigentlich noch kein Ausverkauf, dazu fehlt eigentlich das Volumen.

[puhvogel]

Ist das eine negative Nachricht?


FDA clears once-daily form of Ritalin

NEW YORK, June 6 (Reuters) - Novartis AG (NOVZn.VX) on Thursday said U.S. regulators had approved a new once-daily form of Ritalin, its drug for attention deficit/hyperactivity disorder.

A twice-daily form of Ritalin has been sold for years as a treatment for the disorder, in which children have poor or short attention spans and impulsiveness that is inappropriate for their age.

Swiss drug giant Novartis said the longer-acting new form of Ritalin will eliminate the need for children to take a midday dose during school.

The new formulation, called Ritalin LA, was developed by Elan Corp. Plc (NYSE:ELN - News) of Ireland, which specializes in drug-delivery technology that can extend the time medicines remain in the bloodstream.

Novartis will market the drug in the United States and provide Elan royalties on sales.

[kays]

Der andauernde Kursrückgang scheint eher mit der schlechten Stimmung an der Nasdaq und den erneuten Querelen um Tyco zusammenzuhängen. Dort wird ebenfalls wegen Bilanzmanipulation ermittelt und man erwartet sicher auch bei Elan einen belastenden Ausgang der Ermittlungen, denn wenn die Vorwürfe lediglich auf den Unterschieden zwischen der irischen und amerikanischen Rechnungslegung basieren würden hätte die SEC sicherlich schon jetzt die Ermittlungen abgeschlossen. Bilanzfälschung ist eben doch kein rein amerikanisches Problem, wie die Geschehnisse am Neuen Markt zeigen.Eine Kursstabililisierung ist m.E. vor Abschluss der Ermittlungen nicht zu erwarten.

[Robin7]

Elan wieder minus 10% ohne Nachricht bei steigendem Volumen. Es scheint wie am Neuen Markt; die Anderen scheinen mehr zu wissen. Wohin kann die Aktie fallen? Auf 5 Dollar, 3 Dollar oder gar Konkurs. Ausgeschlossen scheint mir das auch nicht mehr. Sind das nur Shortseller oder ist da wirklich etwas faul? Viel mehr wie der Aktienkurs kann Elan wirklich nicht wert sein, sonst müsste doch so langsam ein Konkurrent zuschlagen. Da dem nicht so ist, muss der Kurs wohl OK sein.

[desastermaster]

Hi all,
warum ELN derat die seuche hat wuesste ich auch gerne.
Ich finde aber bei meinem broker auch keine bilanzdaten oder
sec filings. Weis einer wo die uebersichtlich stehen.
Ob sie stimmen steht dann noch auf einem anderen Blatt.
Aber die haben doch zumindest ein sauberes operatives
geschaeft denke ich...
Bevor aber der downtrend nicht umgekehrt wird braucht man
eh nix machen. Und Buffet hat auf dem letzten berkshire
meeting auch rausgehauen, dass er in letzter zeit nicht
immer das haendchen hatte. hier vielleicht auch?

Best
dm

[desastermaster]

Na jetzt geht es aber
wirklich rasant abi.
Wem geht denn da der Arsch auf Grundeis?

Best
dm

[Robin7]

Über 20% minus. Da ist wieder irgendeine Schweinerei im Gange, von der die Kleinanleger nichts wissen. Scheinen bei Elan Zustände wie bei Neuer Markt Firmen zu sein. War auch die ganze Zeit schon seltsam dass nach dem Gerücht über Aktienrückkauf nicht mal ein Statement der Firma kam. Wahrscheinlich haben das noch viele genutzt um auszusteigen.

[kays]

Unter finanznachrichten.de findet Ihr zumindest zwei neue Nachrichten, in denen genügend Barreserven und ein positiver cash-flow vom Management bestätigt werden. Vor zwei Wochen kamen Gerüchte auf, das die Hauptversammlung verschoben werden soll, diese trugen innerhalb von drei Tagen zu Kursabschlägen von 20 % bei. Als Elan dementierte stabilisierte sich der Kurs bei 10,5$. Erstaunlicherweise verloren Elan in London heute vormittag etwas um die 3%, ein völlig normales Auf- und Ab in diesen Zeiten, die Verfallsorgie findet immer in New York statt.Leider finde ich keine Informationen zum put/call ratio, aber Leerverkäufe und put- Spekulanten sind meine einzige Erklärung für den Kursverfall. Dumm nur das seitens des Managements keine Klarstellungen oder sonstige Beruhigungspillen z.B. auf der Homepage verbreitet werden.

[kays]

Insiderkäufe: Auf www.londonstockexchange unter elan und News findet man Infos zu Insidergeschäften. Am 5/6. Mai hat einer der Direktoren je 10.000 Aktien zu je 11,28 $ gekauft. Unter nasdaq.com findet sich unter insidertrades kein Eintrag.

[gholzbauer]

Vielleicht sind es ja "nur" all die Fonds, die Elan zu hohen Kursen im Portfolio stehen haben und nun window dressing betreiben. Dazu noch Shorties und die Investmentbanken, die billig einsteigen wollen und deshalb den Kurs vorerst weiter von ihren Analysten runterprügeln lassen?

Der stark fallende Kurs von ELN hat jedoch, wie bei allen Aktien, auch eine Komponente der selbsterfüllenden Prophezeihung (s. #28).

Überlegungen wie im untenstehenden Artikel werden mich wohl vorerst nochmals davon abhalten, endlich ein paar ELN zu kaufen. Im schlimmsten Falle hat sich ELN mit Biotechaktien und -anteilen an den JV-Partnern verzockt und muß neben der Rückzahlung der 1-Mrd-Anleihe noch Verluste aus den Investment-Tochterfirmen schultern. Ich frage mich, ob sogar hinter den marketable securities in der Elan-Bilanz selbst, also noch nicht einmal auf dem Umweg über die Investmentarme, zum Teil Biotech-Aktien oder Wandelanleihen stecken können?

Allmählich kommt ELN jedoch auf ein Kursniveau, wo sich 500 bis 1000% Langfristchance eröffnen; verlieren kann man dagegen nur 100% ELN könnte ein "Klassiker" in meiner Spekulantenkarriere werden (puhvogel, rate mal, zu welchem Kurs ich Surgutneftegaz Ende `98 gekauft habe! Das Problem aus meiner Sicht war: man konnte nicht sicher sein, ob die 4 Mrd $ Cash wirklich noch vorhanden waren, ob sie nicht etwa in abgewerteten Rubeln vorhanden waren d.h. keine 4 Mrd $ mehr wert waren, oder ob die Konten oder die ganze Firma vom russischen Staat beschlagnahmt werden würden.)
Ich bin hin- und hergerissen ... verglichen mit dem Surgutnefte-Zock ist mein Vertrauen in das Elan-Management geringer als mein Vertrauen in Boris Jelzin damals, wenn ich`s mir recht überlege ...






Friday June 7, 1:26 am Eastern Time

Reuters Company News
UPDATE 1-Elan defends finances as stock plunges to 9-yr low

(New throughout)

By Ransdell Pierson

NEW YORK, June 6 (Reuters) - Irish drugmaker Elan Corp. (NYSE:ELN - News) on Thursday said it had "more than adequate" cash to finance its operations and pay its obligations, after its shares tumbled to a 9-year low on fresh concerns about its finances.


Elan said in a statement late Thursday that its operating cash flow is positive and that it will maintain its policy of strong cash balances.

Shares of Elan fell $1.81, or almost 21 percent, to $6.89 on Thursday on the New York Stock Exchange, reaching depths not seen since 1993.

They skidded after David Maris, an analyst for Credit Suisse First Boston, issued a research report questioning the company`s earnings and cash situation.

"Elan is not nearly as cash generative as its reported numbers appear -- we are still uncertain whether Elan made money last year," Maris said in his report.

Maris said he was concerned about Elan`s special purpose entities, two investment vehicles that include dozens of the firm`s investments in biotech firms.

The two vehicles were not previously consolidated in Elan`s earnings results. Elan acknowledged earlier this year that had they been included, they would have had a negative affect on the firm`s 2001 balance sheet.

That admission on Feb. 4, along with a warning that its 2002 profit would be lower than expected, sent Elan shares tumbling over 50 percent that day. They have tumbled 89 percent in just a matter of months, as investors continue to fret about the company`s accounting practices and delays in launching key medicines.

Elan previously borrowed money based upon the value of biotech firms in the two special vehicles, which the company has acknowledged are faring poorly.

The company acknowledged it had guaranteed the indebtedness of the two entities, raising concerns whether and when its debtors would come calling.

Maris said he was concerned about Elan`s "looming near-term debt and special purpose entities still shrouded in mystery."

"We believe their carrying costs may be higher than their current market value," Maris added.

The firm late on Thursday said it had registered "shares held in a number of its investee companies," as part of its normal investment management. Company officials could not be reached for further explanation.

Elan said registration of the shares does not imply an immediate intent by Elan to dispose of such securities.

David Steinberg, a Deutsche Bank Securities analyst, said Elan shares have fallen sharply because investors can`t make sense of the firm`s earnings reports, and are therefore skeptical about Elan`s actual performance.

"It just shows how quickly a stock valuation can unwind when there is such lack of transparency" about how a firm calculates its revenues and earnings, he said.

[SieLeiBo]

In D werden bekanntlich von Elan corp. mit
871331 (ADR) und mit 903801 zwei Aktien-Spezies gehandelt.
Mich wundert, dass erstere im Kurs z.T. deutlich - heute
immerhin 1 Euro - über der zweiten Gattung liegt.
Sind denn beide nicht gleich zu behandeln?

Für eine Antwort wäre ich dankbar.

[puhvogel]

Elan has come under pressure as a result of another brokerage house indicating the
potential of a “cash crunch” at Elan. We just spoke with the CEO of Elan to review their
situation.
• Elan has approximately $1.4 billion in cash (not including $148 million in cash off
balance sheet in the QSPEs) on the B/S and does not appear to be in a cash crunch
situation. Elan will need to repay $160 mill due in 2002 in the QSPEs (Qualified
Special Purpose Entities, off balance sheet) for which $148 million in cash already exists
there. Interest and principal payments in the QSPEs are made through liquidation of the
assets in the QSPEs. Elan said it will also repay a $62 million 3.5% note due this year.
Next year the Liquid Yield Option Notes are putable to the company in the fourth
quarter. It is evident that they have enough cash to deal with both. Additional coverage
beyond cash is provided by other current financial assets.
• Elan said it will harvest its equity investments in other companies over time. In our
opinion, this is not an indication of a depressed sale but is an indication that the
company is harvesting investments from its drug delivery business to fund the transition
to a fully integrated pharmaceutical company.
• According to Elan, the 20F (annual report) should be out shortly.
• The company has not changed EPS or cash flow guidance at this time. We remain at
$1.35 for 2002, which includes SAB 101 income. The $400 million in operating cash
flow they expect this year should come principally from the combination of operations
and interest and other income. Interest and other income includes asset sales, which
Elan is using to fund the previously mentioned transition. This was stated by the
company on their first quarter conference call.
• The stock currently trades at 1.8x our 2002 estimated product sales (before
rationalization). This is very inexpensive considering other names in our universe which
trade at 2.5-5.8 x sales. We remain Neutral on the stock in the intermediate term as we
do not feel that it is appropriate to recommend a stock that is currently under SEC
investigation.

[desastermaster]

Hallo,
heute rasiert es den freitaeglichen pull back (up)
wieder. Vorsicht bleibt wohl erstmal geboten.
hier noch ein snip aus dem heutigen fool take.
Best
dm


Elan or Enron?

Pharmaceutical company Elan Corp. (NYSE: ELN) shares dropped after the company announced a restructuring Monday aimed at calming
shareholder fears and simplifying finances. Though CEO Donal Geaney stays on, the company appointed former U.S. Attorney General
Richard Thornburgh as lead independent director in a symbol of commitment to better corporate governance. The market is not placated,
though. After slipping below $8 yesterday, shares now trade at nine-year lows.

The company, which was built on innovative drug-delivery technology, transformed itself into a drug maker, produced growing free cash
flow from new drugs and earned a lofty valuation, though not without bumps. The Securities and Exchange Commission investigated Elan`s
accounting for many joint ventures and settled in 1999 with Elan restating earnings and changing accounting practices.

This year, investors grew worried about Elan`s off-balance sheet partnerships after Enron`s similar vehicles gained notoriety -- despite
Elan`s assertion that it could handle the debt from the partnerships. CFSB analyst David Maris has maintained a one-man crusade against
the company, hammering away at the partnerships and further attacking what he sees as the company board`s lack of independence. When
word of a new SEC investigation surfaced in February, Elan shares dropped 50% to the mid-teens and have dropped another 50% from
that level, and debt-rating agencies have followed with downgrades.

Management will accelerate its ongoing program to reduce and simplify its business, selling off non-core drugs and drug candidates to
focus on the three areas of neurology, pain management, and autoimmune diseases. Though the company says it will "continue to capitalize
on its strong market position" in acute care and dermatology, it will only look to in-license drugs and drug candidates in the three now-core
areas.

Management also will be selling off assets and looking to simplify its biotech joint venture and partnership structure. Unfortunately, it`s
unclear whether Elan can sell its investments for good prices in a market that has discounted the value of biotech businesses heavily and
may perceive Elan as desperate.

The Motley Fool Select examined the company in its February issue and concluded that the shares were too risky until the current SEC
investigation is resolved. Seeing as the stock has dropped by nearly 50% from that point, as questions continued to swirl, we`d say Select`s
cautionary stance was justified.

[Robin7]

An Puhvogel:
Elan min 17% auf 5,47 Dollar. Allmählich reicht es mir.
Hast Du die Aktie gehalten? Was ist zu tun? Sieht doch alles langsam nach Konkurs aus. Jetzt noch verkaufen?

[puhvogel]

@Robin7: Leider kann ich dich nicht trösten, denn auch ich sitze noch voll meinen "verbilligten" Positionen.
Dazu muss man auch sagen, dass die Nachrichten am Freitag in der Tat schlecht waren, da geplante Einnahmen von derem Bestseller Zanaflex, der immerhin 10 % des Gesamtumsatzes ausmacht, fehlen werden. Die FDA hat am Freitag eine genrische form zugelassen. Diese Zulassung wurde erst in einem halben Jahr erwartet, sowohl von Analysten als auch von der Firmenleitung selber.

Eigentlich wäre das im Prinzip kaum ein Problem, wenn der Kapitalmarkt nicht völlig Elan misstrauen würde. Kapitalmassnahmen würden also sehr teuer werden, d.h. es müssen doch vermutlich Betriebsanteile versilbert werden. Was mich wundert ist, dass der irische Staat dem ganzen Treiben so kommentarlos zusieht, wie mit das größte Unternehmen Irlands wegen eines Vertrauenproblems und nicht wegen operativer Schwierigkeiten über den Jordan geht.

Es kann sein, dass der Markt auf ein fait accompli wartet, wie bei Dynegy letzten Freitag. Ich kann dazu aber keine Garantie abgeben, denn da habe ich mich jetzt bisher zu häufig bei Elan , speziell beim Kursverlauf geirrt!
Wie ich schon mal gesagt habe, Du musst selber entscheiden!

[Robin7]

An Puhvogel:
Ja Du hast recht,es ist wohl ein Vertrauensproblem.Ich habe mir in der letzten Zeit oft die Homepage www.elan.com und da auch die voraussichtlichen Gewinne für die Folgejahre angesehen. Elan hat wieder eine neue Reihe am 28.6.2002 reingestellt. Danach zu urteilen gäbe das ein KGV von vielleicht 4 oder 5. Allerdings scheint das niemand mehr zu glauben, denn wo gibt es ein Biotech- oder Pharmaunternehmen mit diesem KGV. Bei einem angemessenen KGV von 20 müsste die Aktie über 20 Dollar notieren. Was glaubt der Markt? Weitere hohe Abreibungen auf die Biotechbeteiligungen? Kann sein. Ich denke eher an neue negative Ratingeinstufungen. Dann gehts weiter abwärts obwohl es fast nicht mehr möglich erscheint. Ein Konkurs? Ist doch wohl kaum anzunehmen oder was glaubst Du?

[gholzbauer]

Tuesday July 2, 4:36 am Eastern Time

Reuters Company News
Elan says hit by recovery plan, stock falls

DUBLIN, July 2 (Reuters) - Irish pharmaceuticals company Elan (ELN.), whose shares have plummeted more than 90 percent on worries about its accounting practices, said on Tuesday it would suffer impairment charges due to a recovery programme and losses in its stock portfolio.

"Implementation of the recovery plan may result in impairment charges to the profit and loss account for intangibile and tangible asset write-downs, asset impairments and similar restructuring charges," Elan said in a statement on its corporate website, in conjunction with a filing of its 2001 annual report with the U.S. Securities and Exchange Commission.

The company said tumbling stock prices had eroded the value of its investments in drug delivery, biotechnology and pharmaceutical companies, held on its balance sheet and in its two "Qualified Special Purpose Entities".

It said that under Irish accounting practices, the investments were valued at $2.102 million at the end of 2001 , but it now expected that impairment charges on the investments "will be signficant".

The company said it expected to publish details of the financial impact of the recovery plan in the near future.

[SieLeiBo]

Elan welch neuerliches Trauerspiel des Kurses.

Von -20,4% (USA) über -16,5% (London) zu -15,0% (Dublin)
auf 4,25 E ist der Rückgang erneut zweistellig.
Noch Freitag war der Kurs 6,70 E, da habe ich die
Notbremse gezogen.

Schließlich noch ein downgrade von Merill Lynch.
Es ist dies die 13.!!! Abwertung in Folge seit Mitte Jan.

[puhvogel]

@Robin: Ganz klar. Der Kurs verhält sich, als wäre Elan bald insolvent. Was mir bei Vivendi (hatte ich auch mal als Turnaround untersucht und bin dann vor den Schulden zurückgeschreckt, und Worldcom noch einleuchtet, denn die haben in großen Massstab eingekauft oder Gewinne in einer überkompetetiven Branche noch recht logisch vorkommt, da habe ich bei Elan schwere Probleme.

Als Beispiel: Die Begründung von ML

8:31AM Elan Corp cut to Neutral at Merrill -- debt uncertainty (ELN) 4.91: Merrill Lynch downgrades to Long-Term NEUTRAL from Strong Buy after reading through major components of the 20-F document released last night. While does not believes ELN is in any near term liquidity crisis, firm feels that until the market demonstrates a bottoming, there will be uncertainty related to the amount of long term debt due.
Oder aus dem Text von der Ratingagentur S&P:

S&P may cut Elan Corp Plc corporate credit rtg

NEW YORK, July 1 - Standard & Poor`s said today that it placed its corporate credit rating (triple-B-minus), and all of its other ratings for specialty pharmaceutical company, Elan Corp. PLC, (NYSE:ELN - News) on CreditWatch with negative implications, following Elan`s announcement of earlier-than-expected generic competition to one of its top selling products, the pain medication Zanaflex.

"Standard and Poor`s will assess the financial implications of the pending loss of Zanaflex sales to generics as well as the implications of previously announced plans to raise R&D expenditures, expand its U.S. and European marketing infrastructures, and pursue further acquisitions, before resolving the CreditWatch," commented Standard & Poor`s credit analyst Arthur Wong.

Dublin, Ireland-based Elan already faced near-term challenges in expanding its product sales and the increased likelihood of major debt-financed product acquisitions. The expected generic competition to Zanaflex, which generated $160 million in 2001, is a significant impact on Elan`s growth prospects, especially given that Zanaflex was one of the faster growing products in Elan`s portfolio.

While Elan continues to maintain a significant net cash position of roughly $1 billion, likely (???)future product acquisitions and/or a year-end 2003 put option on its LYONS issue may result in the company utilizing a significant portion of its cash and investments.

Also, given recent questions surrounding Elan`s accounting policies and the resultant SEC investigation, the company`s access to debt and equity markets is likely limited.

Und noch ein Kommentar:

Elan`s (NYSE: ELN - News) long-awaited annual report containing financials based on U.S. accounting was released Monday. The good news is no restatement of earnings, suggesting that rumors of accounting shenanigans were overdone. The bad news is that a significant write-down of 20%-30% of Elan`s $2.1 billion in investment assets is coming in the second quarter. Also, Standard & Poor`s placed the company`s corporate debt rating on CreditWatch with negative implications, citing generic threats to Zanaflex, Elan`s best-selling drug. There`s no denying that Elan`s troubles are serious, but we think the latest round of share bashing is overdone and panic-driven.

Todd Lebor


Ich sag mal lieber nix, das geht über meinen Verstand.
Best Invest!

[desastermaster]

Ich hab jetzt mal ne Spassposition zu 2.39 reingenommen.
Best
dm

[Robin7]

An Puhvogel
Das ist eine verfluchte Scheisse. Ich habe es noch kommen sehen mit den verdammten Herabstufungen. Die Aktie ist tot und wird sich auch nicht mehr erholen. Zu diesem Kurs verkaufen oder auf den Totalverlust warten? Das Managemnet ist entweder auch total unfähig oder es sind Gaumer wie am Neuen Markt. Was wirst Du tun???

[Robin7]

1,80 Dollar minus 63%. Jetzt haben wohl alle den Verstand verloren und die Shortseller-Schweine werden sich mal wieder eine goldene Nase verdienen. Das kommt einem fast schon so vor, als sollte die Firma absichtlich in de Ruin getrieben werden.

[SieLeiBo]

Mit Schlußkurs 1.65$ für ELN hat dieser Tag ein unrühmliches
Ende genommen.
66,4% Kursverlust an einem Tag!
Gehandelte Aktien: 51,8 Mill.
Kursspanne heute: 1.64-3.92!
Börsenkapitalisierung nur noch ca. 550 Mill.$

Ungaublich, auch wenn ich seit 6,70$ nicht mehr investiert bin.

[puhvogel]

Tja Robin. Ich bin wirklich fassungslos. So etwas habe ich nun bei meinen Watchlist-Werten auch nicht erlebt, weder 98,90 noch 87, außer vielleicht bei Mosenergo. Und bei Mosenergo war man sich nicht sicher, ob die in Zukunft noch Einnahmen haben würden.

Ich glaube übrigens nicht, das gestern Hedge-Fonds zugange waren, dass waren stinknormale Fonds die ihre Bestände auf den Markt geworfen haben und einfach keine Käufer gefunden haben (so gross war der Umsatz für diesen Fall nicht).

Hedge-fonds hebeln meinesachtens lieber, d.h. mit kleinem Einsatz große Wirkung zu erzeugen.

Ich halte, aber vom Kurs und von der Panik läuft alles auf Konkurs hinaus, ich weiss nur nicht wie. Kauf aber bloss nicht nach!

[puhvogel]

[puhvogel]

Elan <ELN.I> shares collapse after S&P downgrade
By Carmel Crimmins
DUBLIN, July 3 (Reuters) - Shares in embattled Irish
pharmaceuticals firm Elan <ELN.N> halved on Wednesday after a debt rating agency cut its creditworthiness to junk status, compounding existing worries over its book-keeping.
Standard and Poor`s cut Elan`s credit rating by three
notches(!!) to BB-minus from BBB-minus -- deep into junk territory -- citing Elan`s shrinking access to capital and a possible funding need of more than $1 billion over the next two years.
The stock fell to a low of just 1.20 euros in morning trade, its second heavy fall in as many days, before edging back to 1.35. Plagued by accounting concerns ahead of the downgrade, Elan has lost over 90 percent of its value so far this year.
S&P highlighted Elan`s move to raise cash by selling
royalties on future sales of five products. Elan has the option of buying back the royalty rights for $481 million in 2002.
S&P said the credit downgrade reflected the increased risk of repurchasing these rights.
"Such a repurchase could well create a funding need in
excess of $1 billion over the next couple of years," said
Standard & Poor`s credit analyst Michael Kaplan.
S&P said Elan`s imploding stock price reduced the likelihood it could repay its debts with shares.
Elan has dismissed speculation it is facing a cash squeeze, saying it has total current financial assets of $2.2 billion.

"SIGNIFICANT" CHARGES
Elan shares were also in a tailspin on Tuesday when it
released its 2001 annual report and revealed its business
recovery plan and a drop in the value of its investments would result in "significant" charges.
Once Ireland`s largest firm by market value, Elan is now worth around 500 million euros. A year ago it was worth 22 billion euros.
The company recently launched a scale-back of operations and management shake-up to try and salvage investor confidence.
But in a research note, NCB Stockbrokers said it remained wary of the stock.
"With poor cashflow visibility and financing to prove more difficult, we remain concerned about the company`s long-term financial position."
Elan has said it would release details next week of its
recovery plan and the "significant" impairment charges on the value of its investments in drug delivery, biotechnology and pharmaceutical companies -- held on its balance sheet and in two off-balance sheet subsidiaries.
In New York, where the stock is more heavily traded, the company plummeted 66 percent on Tuesday, closing at $1.65.

[gholzbauer]

Hab mir heut aus Jux und Dollerei 1k ELN zugelegt.
Dieses "P/E 0,90" bei Yahoo war einfach zu stark, auch wenn es so nicht stimmt.
Mehr will ich mit dieser Firma nicht verzocken, zumindest so lange die Karten nicht auf dem Tisch liegen. Man wird vorsichtig in diesen Zeiten.
Wenn man bedenkt, daß 1000 ELN vor einem Jahr 60.000 $ wert waren ...
Meine Kristallkugel und der 5-Tages-Chart sagen mir, daß ein kurzfristiger bounce auf 4$ möglich ist, weil die "normalen" Fonds jetzt raus sind und der Abgabedruck nachläßt.
Aber wie ich mich kenne, werde ich sie erst bei 0,20 $ oder 20 $ wieder hergeben wollen.

Ich frage mich gerade, ob es nach EU-Recht zulässig wäre, daß der irische Staat die Firma mit einer Bürgschaft für einen Kredit rausboxt, falls wirklich einer nötig sein sollte? Schließlich ist es in Deutschland ebenfalls üblich, daß die Bundesländer für ihre Landesbanken bürgen, z.B. für die größenwahnsinnige WestLB. Schon eine kleine Andeutung der irischen Rgierung könnte den Kurs explodieren lassen.

Habt ihr zufällig die Webadressen irgendwelcher irischer Zeitungen? Wäre interessant, was die so schreiben.


P.S. Lässiger Schlußspurt vorhin eben

[puhvogel]

Der Seitenhieb auf die WestLB war gut

Schon gestern gab es enttäuschend wenig Nachrichten darüber in irsichen Zeitungen. Als würde man über Enron berichten.
So ein typisches Beispiel dafür:
http://www.unison.ie/

Bei den meisten irischen Zeitungen muss man sich registrieren lassen.
http://uk.dir.yahoo.com/regional/countries/ireland/news_and_…
Die Irish Times und Irish Independent sind wohl "große" Zeitungen.

Und ich sollte besser bei Fussballwetten mein Geld verzocken, immerhin bin ich Zweiter bei der WO-WM-Tipprunde geworden.

[puhvogel]

+40 %
Auch Dr. Reddy bekommt Zulassung für generisches Zanaflex.

[kays]

Verstehe zwar nicht viel von Bilanzen aber die Kurserosion ist doch wohl auf den Abschreibebedarf der beiden fremdfinanzierten Beteildigungsportfolios ( QSPE`s) zurückzuführen. Diese umfassen 840mio$ und müssen 2004/2005 zurückgezahlt werden. Darin sind Beteildigungen an über 40 Unternehmen enthalten. Die fällige Abschreibung hierauf soll 20 -30% betragen. Gerade kleinere Biotechfirmen sind aber in letzter Zeit im Kurs drastisch verfallen, so das die Abschreibung je nach Cashbestand viel höher sein kann.
Ferner steht die Rückzahlung von drei Anleihen in den nächsten Jahren bevor, 63mio$ Juli 2002, 325mio$ 2004 und 650 mio$ 2008 . Also 1,9 milliarden in den nächsten Jahren. Am 31.3.2002 betrugen die flüssigen Mittel 2,2 Milliarden$, davon 1,437 Milliarden in cash ( wenn die Bilanzierung wirklich stimmt).Sieht doch eigentlich ganz gut aus. Bei den in Nr.44 aufgeführten Optionen auf den Rückkauf von Arzneirechten würde mich interessieren ob die Lizenzgebühren verfallen wenn die Rechte nicht zurückerworben wären und um welche Produkte es dabei geht.

[puhvogel]

Hier noch ein ein FAQ-ausschnitt von der Elan-Homepage und Moodys debt-review aus dem alten Elan Thread
(PS: @Sirleibo: Ein schönes Beispiel, warum man nach Möglichkeit einen Thread beibehalten sollte, auch wenn der Titel vielleicht gar nicht mehr passt. Es sein denn, es gab einen fundamentalen Unterschied.)

Thread: Kein Titel für Thread 54566040
Interessant ist auch die Aussage: Irish GAAP consolidates the QSPEs.

Thread: Kein Titel für Thread 54566042

@kays: Eigentlich steht das im Seite 44ff folgende verstreut.
--------------------
The estimated difference in relative fair value between the royalty rights on Sonata and the royalty rights on Myobloc was $60.0 million. This amount was paid to Pharma Marketing by Elan in cash and was capitalised by Elan in intangible assets. Elan may, at its option at any time prior to June 2003, acquire the royalty rights by initiating an auction process.
--------------------------------------

Der ganze Kurs verhält sich allerdings geradezu, als wäre da etwas für uns Retail-Investoren Unsichtbares (a la WCOM), denn egal was passiert, es sieht so aus, als hätten die immer noch über ein Jahr Zeit, ihre Schulden umzustrukturieren. Das sieht man dem Kurs aber nun keineswegs an.

Letzte Anmerkung: Wenn jetzt plötzlich alle Investoren wie wild geworden Ford verkaufen würden, dann möchte ich mal gerne wissen, wie Ford auf einmal auf einen Schlag alle Verbindlichkeiten bezahlen will, so ganz ohne jede Umschuldung. D/E> 21!

[kays]

Gibt es hier noch "Elanvolle" Investoren die sich trauen nachzukaufen ? Unter finanznachrichten.de findet sich sogar ein Zeitungsartikel der sich mit der Studienzeit eines der Vorstandsmitglieder befasst. Bei seiner Tätigkeit in einer Studentenvereinigung soll es zu einem Fehlbetrag von unter 100 Pfund gekommen sein. Außerdem soll er nicht der Satzung entsprechende Zahlungen an einen Fussballverein und einer Schwulenvereinigung zu verantworten gehabt haben. Solche Meldungen belegen doch nur wie unseriös die derzeitige Berichterstattung ist. Gibt es noch andere Meinungen hier ?

[gholzbauer]

Morgen wird`s wieder interessant.
Vielleicht lassen sie endlich raus, welche Royalties sie zu welchen Konditionen verhökert haben.
Positive Überraschungen erwarte ich nicht unbedingt; eher könnten sie den Abschreibungsbedarf auf ihre Biotech-Beteiligungen von den bisher genannten 20-30% noch erhöhen müssen, was jedoch im Kurs schon enthalten sein sollte.
Wenn es nicht knüppeldick kommt oder der Kurs andererseits nicht nach oben davonhüpft, lege ich mir evtl. nochmal ein paar ELN zu. Allerdings betrachte ich das Ganze weiterhin als Spielerei mit Totalverlustrisiko.




----




Monday July 8, 9:00 am Eastern Time

Elan Won`t Comment On Lower Earnings Guidance Report

DUBLIN -(Dow Jones)- A spokeswoman for beleaguered Irish drugs maker Elan Corp. PLC wouldn`t comment Monday on a newspaper report that the company is to cut its 2002 earnings forecasts.

"We have no comment," Emer Reynolds told Dow Jones Newswires. "Our next communication will be tomorrow."

Elan holds a conference call with investors at 1230 GMT Tuesday after the disclosure of its annual report, along with a regulatory filing to the U.S. Securities and Exchanges Commission, last week sent its shares into freefall.

A report in Monday`s Financial Times said Elan is expected to "significantly" lower expectations for this year`s earnings when it holds its conference call Tuesday.

Analysts were already braced for lower earnings expectations after last week`s news, contained in the filings, that Elan sold the royalty rights to some of its top drugs, effectively giving up some future revenue for cash right now.

This, combined with revelations that it may have to take an "impairment" charge on some of its biotech investments, sent Elan shares plummeting last week.

The newspaper report quoted people close to the company as saying that Elan won`t be able to meet its earnings goal of $1.55 to $1.65 a share it set at the beginning of the year.

Elan shares Monday were trading unchanged at EUR1.90. At the start of the year, Elan shares stood at around EUR45.00 each. Elan shares fell 44.5% last week alone, after more financial details contained in the annual report were disclosed.

In June, Elan announced a shake-up in some top management posts in an effort to calm investors. It also said it would streamline and re-focus its business in the aftermath of its first- quarter earnings which were below expectations. It`s also facing a formal investigation by the SEC into its accounting practices.

Investors will be focusing on what the company has to say about its cash position.

In late June, Elan said one of its main revenue drivers, pain management drug Zanaflex, came under unexpectedly early generic attack. At that time, many brokers were already in the process of cutting earnings estimates for 2002, 2003 and 2004.

[puhvogel]

Elan CEO Steps Down Amid Credit Concerns
July 9
— LONDON (Reuters) - Irish pharmaceuticals group Elan Corp. announced on Tuesday that Chairman and Chief Executive Donal Geaney had stepped down -- just hours before he was expected to address investors about the firm`s financial position.

But the company said in a statement its recovery action plan was going ahead and that it had more than $1.3 billion in cash balances, which it said was enough to see it through to completion.

The plan involves selling assets, cutting costs and focusing on core products.

It said in a statement Deputy Chairman Thomas Lynch was also leaving the board.

Shares in Elan, a former titan of the Irish stock exchange, nose-dived last week when the publication of its 2001 Annual Report raised fresh questions about its accounting methods and left investors fearing a cash crunch.

Elan`s admission that it had sold royalty rights for some products and faced higher debts then had originally been expected shocked investors, who have seen the stock price crash 96 percent so far this year on persistent accounting concerns.


Copyright 2002 Reuters News Service. All rights reserved. This material

[gholzbauer]

http://www.forbes.com/2002/07/09/0709elan.html?partner=yahoo…

Elan Worth More In Parts
Matthew Herper, 07.09.02, 2:19 PM ET

NEW YORK - Things at Elan Pharmaceuticals continue to get worse. The company`s long-time chief executive, Donal Geaney, resigned today just before a scheduled meeting of Wall Street analysts. With Elan tarnished by accounting controversies and a failed drug trial, investors cheered Geaney`s departure, bidding the stock up 6% to $2.30. But even after that bump, Elan shares remain down 96% from their 52-week high.

Garo Armen, chief executive of Antigenics (nasdaq: AGEN - news - people ) and a member of the Elan`s (nyse: ELN - news - people ) board of directors, has now taken the helm. Still, the company is in a cash crunch and is hoping to raise $1 billion. What does it have to sell? Plenty. The only question is what will be left when the selling is done. Here is our back-of-the-envelope calculation of what Elan might be worth if its sold off part by part.

Elan`s Marketed Drugs Could Be Worth More Than $1 Billion

Chief among Elan`s assets are its already approved medicines. Elan has two drugs with sales of more than $100 million, Zanaflex and Skelaxin. Both are medicines used to treat muscle spasms and pain. How much are they worth? Robert Hazlett, pharmaceuticals analyst at Robertson Stephens, says he uses a rule of thumb that a drug is worth four times continuing sales. By that logic, Zanaflex and Skelaxin alone are worth more than Elan`s current market value of $500 million.

Of course, the morass of accounting scandals and disappointments that have enveloped Elan explain its low market value. Patent protection for Zanaflex is gone, and generics are on their way. But in February 2001, Geaney predicted in a press release that in 2002 five of Elan`s drug`s would pass the $100 million in sales mark: Zanaflex, Skelaxin, Abelcet for fungal infections, Sonata for pain, and Maxipime for pneumonia. In total, Elan has 12 marketed drugs.

By Hazlett`s rule of thumb, that would give Elan`s drug business a value of more than $2 billion. Of course, there are other concerns: Patent expirations, and sales that look like they may be more sluggish than Deaney expected. But if Elan were willing to sell off its drugs, it could probably easily raise $1 billion. The problem with that, of course, is that the revenue base provided by all of those drugs is an appealing thing to hold on to. Elan won`t sell these unless it has no other choice.

Elan`s Alzheimer`s Research Could Be Worth $300 Million

What about research? Elan bought Athena Neurosciences for $600 million in 1996. (Again, this price is conspicuously higher than Elan`s current market value). The idea being pushed by Geaney and then-chief financial officer Thomas Lynch was that Elan could make the leap and become a large pharmaceutical company. Athena had only $50 million in sales, but it had a strategy for beating Alzheimer`s disease that had scientists excited.

Pharmacia (nyse: PHA - news - people ) and Wyeth (nyse: WYE - news - people ) inked deals with Elan for Alzheimer`s research after promising animal results. But then, in March, Elan had to halt clinical trials on the lead product out of Athena, a vaccine that sought to teach the immune system to knock out the plaques that are thought to cause many of the debilitating effects of Alzheimer`s. Elan`s stock began its plummet.

Still, the work being done by Athena Neurosciences is very promising. Even after the beating they have taken this year, biotech stocks are at levels above those seen in 1996. Athena might still be worth $600 million, but odds are today`s market would place it at a substantial discount. Still, the unit must be worth more than $300 million. Still, this is something Elan will desperately try not to sell: It is literally the company`s hope for the future.

Accounting Problems Make Everything Else Hard To See

Before Geaney and Lynch went on an acquisition spree, Elan was a company specializing in drug delivery. What are those asset`s worth? It`s hard to tell what that business has been contributing to the bottom line. The massive number of strange deals that allegedly boosted the company`s balance sheet make it hard to discern what this or any of the Elan`s other assets are worth.

"How big a portion of the revenues is it?" asks Robertson Stephens` Hazlett. "How much are you attributing to Elan and how much are you attributing to its portfolio of holdings? Investors have a difficult time valuing the business. One of the important things to take away from the meeting today is that statements were made that they will be moving toward increasing transparency. We anxiously wait for that day."



-----------
Bei folgendem Artikel beachte man das Datum: 09/`01!


http://www.forbes.com/global/2001/0917/042.html

Elan`s spin
Elizabeth MacDonald, 09.17.01

How can Elan pour money into drug research while still reporting fat profits? Deft accounting helps.

Elan, of Dublin, started out as a company specializing in ways to deliver other pharmaceutical companies` drugs in novel ways--for example, nicotine patches. Now it`s transformed itself into something potentially far more valuable: a full-scale pharmaceutical house with its own collection of drugs. To that end it has, partly through acquisitions, amassed a portfolio of more than 40 drugs, either approved or under development, aimed at such ills as Alzheimer`s and Crohn`s disease. So in one company, investors have a very appealing combination: the potential for blockbuster drugs, revenues from drug-delivery systems and products now on the market. Elan took in revenue of $1.3 billion last year, on which it reported a net (under Irish accounting rules) of $342 million. Its American Depositary Shares go for $53, up from $44 in early January. In a bear market for tech stocks, Elan commands a market value of $17 billion.

But there`s another side to this sunny story, according to Christopher Teeters with the Center for Financial Research & Analysis in Rockville, Maryland. This research boutique specializes in questioning the accounting of listed companies.

The first thing that raised Teeters` suspicions was Elan`s habit of funding some research and development through unconsolidated research entities. Two of these affiliates: Axogen, set up to study neurological drugs, and Neuralab, set up to study Alzheimer`s drugs. Elan pumped money into these entities in the form of investments, and they in turn paid Elan to hire the people with the test tubes and the white lab coats. The effect, argues Teeters, was to inflate Elan`s financial results by turning R&D expenses into revenues and investment assets.

On Dec. 31, 1999, Elan bought Axogen for $268 million. A month later it picked up Neuralab for $76 million. Now those R&D costs are flowing onto Elan`s profit and loss statement, but Elan is using other means to bolster revenues and keep some of its research outlays out of the profit- and-loss statement, through "strategic collaborations," says Teeters.

In these deals Elan joins another drug company in a joint venture, makes a cash investment in the venture, then gets some or all of the cash back in the form of a license or contract fee spread over the agreement for Elan technology. In 1999, Elan invested $285 million in strategic collaborators and took in $194 million in licensing fees from these ventures. Last year it put $378 million into these ventures and booked $169 million in license fees.

Elan typically takes equity stakes of less than 20% in the companies or joint ventures, so it`s not required to consolidate these deals in its financial statements, Teeters says. Instead, it books the investment as an asset and the license fee as revenue. But are these really arm`s- length deals? Amarin, a British company that makes headache remedies, among other things, agreed to buy $25 million worth of drug licenses and inventory from Elan in 1999. Later that year Elan took a $23 million stake in Amarin. Shortly after, Thomas Lynch, who is Elan`s executive vice chairman, became "nonexecutive" chairman of Amarin.

Lynch insists that the accounting doesn`t distort in the least. Referring to Axogen and Neuralab, he says: "We wanted to use the revenue to fund the research, not to create profits," adding: "That`s the approach most companies took." He says in 1999 the U.S. Securities & Exchange Commission approved Elan`s accounting for its strategic collaborations. Lynch adds that contract revenue, which includes revenue from the collaborators, dropped by 8% from 1999 to 2000 and that Elan is moving to make product revenues a bigger portion of sales.

Teeters has another bone to pick. Unlike its earlier reports, Elan`s 2000 annual filing did not spell out the names of its collaborators, the amounts it was investing in each and the sums it took back in license fees.Why clam up?"Commercial confidentiality" reasons, Lynch says.

Teeters estimates that, absent the revenue from the collaborators, Elan would have had earnings (before exceptional items) of 94 cents a share in 2000 rather than the $1.46 it reported. Lynch takes exception: The most bearish interpretation of the results would be $1.38, he says.

Is Elan worth $53 a share? It might be if you are banking on some future payoff from a blockbuster drug. But if you are buying only because it looks like a cheap biotech stock at 36 times earnings, you should look twice at those earnings.

[puhvogel]

So läuft das Spiel:

Bond king Gross slams hedge fund managers
Reuters, 07.09.02, 5:51 PM ET

By Nichola Groom

NEW YORK, July 9 (Reuters) - The rising power of U.S. hedge funds to manipulate markets through short-selling could have devastating effects on the corporate bond market, according to Bill Gross, head of the world`s largest bond fund.

Gross, who helps manage roughly $250 billion in fixed-income assets at Pacific Investment Management Co. (PIMCO), said short-selling is more harmful to bonds than stocks because fund managers are often forced to sell fixed-income issues if they are downgraded from investment grade to junk by the credit rating agencies.

"Knowing this requirement for forced institutional sales at the stroke of a downgrade, hedge funds find the vulnerable (low investment-grade companies) and begin the chase," Gross wrote in a comment posted on PIMCO`s web site.

Short-sellers borrows a security to sell and look to make a profit by buying them back at a lower price. Because it drives bond prices down and yields up, agency downgrades often follow suit, forcing fund managers to sell them, Gross said.

The fates of U.S. firms, therefore, are increasingly dictated by hedge fund activity as opposed to their own management and lenders, Gross said.

"Corporate survival and access to capital will undoubtedly be jeopardized because this is so," he wrote.

Gross also said bonds have been hit hard because many banks have stopped offering short-term loans. Other fund managers agree with him.

"The corporate bond market is a less stable place than it was when banks were providing short-term credit support," said Daniel Dektar, who helps invest $22 billion of investment-grade bonds at Smith Breeden Associates in Chapel Hill, North Carolina.

The absence of short-term lending has led to volatility in debt spreads and asset valuations that have been reflected by volatile credit ratings, Dektar said.

Several hedge funds have recently made billions by short-selling bonds in companies that have been subject to accounting probes or are being investigated by the SEC. This has been been a more rampant phenomena since the fall of the once high-flying energy trader Enron Corp. <ENRNQ.PK> late last year.

Most recently, bonds of WorldCom Inc. (nasdaq: WCOME - news - people), the U.S. long-distance telephone company embroiled in a $3.85 billion accounting scandal, have become fodder for hedge fund managers after they plummeted to 15 cents on the dollar last month.

BLAME LIES WITH COMPANIES, NOT HEDGE FUNDS

However, hedge fund managers disagree with Gross` assessment of the market, saying the funds play an important role in rebuilding disgraced firms.

"By shorting bonds, the funds drive price discovery reflecting more realistic market levels of pricing," said James Hedges, president of LJH Global Investments, a hedge fund advisory firm. "Without hedge funds leading the way, many reorganizations and bankruptcies would drag on with glacial progress."

Others argue the real problem lies with corporate honesty, which is to blame driving bond prices down in the first place.

"The market is being hit because people are trying to lay off credit risk because they don`t feel safe even owning `A` rated bonds," said one arbitrageur. "Maybe the finger should get placed on corporate governance."

Copyright 2002, Reuters News Service

[Robin7]

An Puhvogel:
Nochmal meine Frage: Glaubst Du an eine Pleite sprich Totalverlust?

Ich halte das alles für Panikmache, aber was solls, die Masse hat recht. Die Firma wird ja förmlich in den Angrund geredet. Ich möchte mal wissen, was passieren würde, wenn man bei den meisten AGs die Diskussion über die Rückführung der Schulden beginnt und ob die einzelnen Geschäftsbereiche das wert sind. Dann ist doch nicht die Frage. Die Frage lautet doch, ob die AG aus den Einnahmen die Zinsen zahlen kann, und irgeldwann die Kredite zurückführt.

[puhvogel]

Eigentlich bin ich fundamental immer noch auf dem Stand vom Moodys-Artikel weiter unten, "nur" ist der Kurs völlig zusammengefallen, der Kreditmarkt offenbar überhaupt nicht mehr anzapfbar, speziell durch das fatale starke Downgrade von S&P:
Ich möchte mal wissen, was passieren würde, wenn man bei den meisten AGs die Diskussion über die Rückführung der Schulden beginnt und ob die einzelnen Geschäftsbereiche das wert sind. Dann ist doch nicht die Frage. Die Frage lautet doch, ob die AG aus den Einnahmen die Zinsen zahlen kann, und irgeldwann die Kredite zurückführt.

Eigentlich sollte auch dann noch so viel Geld übrig bleiben, dass für die Aktionäre eine vernünftige Dividende dabei rauskommt und/oder das erwirtschaftete Geld in echtes Wachstum investiert wird. Aber im Prinzip hast du Recht.

Beispiel Ford: Wenn man deren Cash-Reserven 28 Mrd $ mit deren Schulden vergleicht (210 Mrd $), dann möchte ich nicht wissen, was passiert, wenn der Kapitalmarkt auf einmal die 210 Mrd $ sofort in bar sehen möchte. Ob solche Assets wie Hyundai und was die noch alles gekauft haben noch für einen guten Preis über die Theke geht?
Ähnliches gilt für Kelloggs (wäre jetzt vermutlich ein exzellenter Put-Kandidat jetzt, es gibt aber keinen Warrant) etc, selbst eigtnlich gut laufende Werte wie VW und BMW wurden letztens erwähnt.

Bleibt zu hoffen , dass vermögende langfristig agierende Investoren wie Buffett, Icahn oder der saudische Prinz jetzt zugreifen und nicht wie der Rest der Rasselbande darauf wartet, was die anderern machen.

Aber ob da nicht noch was Schlimmes aus den Beteiligungen nachkommt, was ich übersehen habe, kann ich auch nicht sagen. Der Guy Wyser Pratt hatte sich auch gewaltig bei der Dt. Babcock und v.a.D. bei seinem Management geirrt.

[gholzbauer]

Wednesday July 10, 3:34 pm Eastern Time

Reuters Company News
Moody`s cuts Elan Corp senior implied rating

Approximately $2.4 Billion of Rated Debt Affected

(Press release provided by Moody`s Investors Service)

NEW YORK, July 10 - Moody`s Investors Service lowered the debt ratings of Elan Corporation plc (NYSE:ELN - News; senior guaranteed debt to B2 from Ba2).


The downgrades reflect concerns over the fall in value of Elan`s balance sheet investments, the risks associated with the implementing the company`s recovery plan, anticipated disruption resulting from departure of senior management, and expected depletion of the cash account due to nearing debt maturities and contingent obligations. The ratings remain under review for possible further downgrade as we await further details on balance sheet valuation and management guidance for 2002, as well as the continuing uncertainties associated with the SEC investigation into Elan`s accounting practices.

The following ratings were downgraded and remain under review for possible further downgrade:

Senior Implied: to B2 from Ba2

Issuer Rating on Elan Corporation plc: to B2 from Ba2

Athena Neurosciences Finance, LLC guaranteed notes (on a senior basis) and shelf: to B2/(P)B2 from Ba2/(P)Ba2

Elan Finance Corporation Ltd. guaranteed notes (on a subordinated basis): to Caa1 from Ba3;

Elan Pharmaceutical Investments II Ltd. guaranteed notes (on a subordinated basis): to Caa1 from Ba3;

Elan Pharmaceutical Investments III Ltd. guaranteed notes (on a subordinated basis): to Caa1 from Ba3;

Dura Pharmaceuticals, Inc. subordinated notes: to Caa2 from B1

Moody`s concerns about the valuation of Elan`s balance sheet investments have been heightened by the company`s recent announcement that it expects a non-cash impairment charge of approximately $600 million. In addition, Moody`s notes that in conjunction with $160 million of EPIL III debt repayment, Elan has guaranteed a loan to a purchaser of EPIL III assets, and that the guarantee may be called upon in 3 months. We believe these developments indicate the difficulty Elan may have in disposing of its financial investments, many of which are in privately held biotechnology and pharmaceutical companies, as it attempts to simplify its balance sheet.

Moody`s is concerned that further erosion of Elan`s book equity could result from potential additional write-offs of Elan`s financial assets, write-offs of intangible assets, or restructuring charges related to Elan`s business recovery plan. Moody`s does note, however, that in addition to financial assets Elan has significant non-core assets, which it may sell as part of its business recovery plan. Elan`s current balance sheet cash of approximately $1.4 billion will begin to deplete due to near term obligations, which we believe will increase the pressure to sell assets. Obligations include $62 million in a maturing Dura convertible (July 2002), approximately $200 million associated with prior acquisitions, as well as any shortfall related to the EPIL III asset disposal.

In addition, $325 million borrowed under the bank credit facility which expires in 2004 becomes due on July 29, 2002; we are uncertain that Elan will retain access to this credit facility. Looking beyond 2002, Moody`s now believes that Elan`s having sufficient cash to cover the potential LYONs put in December 2003 will be dependent upon asset sales, the success of which may be uncertain. A put of the LYONs could be settled in shares at Elan`s option, although Moody`s would not consider this a viable option due to the low share price. We believe Elan`s access to the capital markets for refinancing may remain limited.

Moody`s believes the recent departure of Elan`s top senior management and the recruitment of a new CEO presents disruption and distraction risks. We also note the risks associated with Elan`s changing business strategy as it implements its recovery plan. Elan previously announced that it would continue to pursue the acquisition and in-licensing of pharmaceutical products in its core therapeutic areas, but now appears to be favoring cash preservation, cash infusion through asset divestitures and cost reduction efforts. Although we view the liquidity preservation favorably, we believe that without acquisitions, operating cash flow related to core pharmaceutical sales will remain limited, particularly considering the recent news related to availability of generic version of Zanaflex.

Moody`s believes the recent disclosure of Elan`s relationship with Pharma Marketing Limited, including recognition of $190 million in 2001 revenues from this entity, exacerbates our earlier concerns that Elan`s cash flow generating capabilities, related solely to its core pharmaceuticals business, are very limited. Moody`s notes that the changing business strategy also includes a refocusing of the drug delivery business on a single platform, i.e. NanoCrystal. The ratings remain on review for possible further downgrade. Elan has indicated that it will provide further guidance shortly with respect to its recovery plan and its impact on the balance sheet and cash flows, as well as updated business guidance for 2002.

In addition, we believe that the current SEC investigation into Elan`s accounting practices still presents significant uncertainties in terms of both timing and outcome, as well as potential repercussions related to the shareholder lawsuits filed against Elan. Moody`s will continue to review the company`s core business performance, any changes in Elan`s strategic direction or financial policies, and the progress in recruiting new senior management. Moody`s believes that offsetting factors include the recent changes in Elan`s corporate governance, favorable prescription trends in Elan`s key pharmaceutical products, and the potential provided by Antegren, an experimental treatment for multiple sclerosis and Crohn`s disease in Phase III clinical trials.

Elan is a specialty pharmaceutical and drug delivery company headquartered in Dublin, Ireland, with current areas of pharmaceutical focus in neurology, pain management, oncology, infectious diseases and dermatology.

[kays]

Unter finanznachrichten.de findet ihr einen kurzen Artikel der auf Aussagen des neuen CEO Armen gegenüber der Sunday Times beruht. Zunächst stehen Entlassungen unter den rd. 4600 Beschäftigten an und auch der Verkauf der Arzneiliefersparte mit 328 mio$ Umsatz und 67,7 mio$ Gewinn wird erwogen.
In guten Zeiten würde das sicherlich zum 10-fachen Jahresgewinn zu verscherbeln sein, aber jetzt? Außerdem ist diese Sparte ein sicherer Gewinnbringer und könnte den cash-flow übel beeinflussen, daher kaufe ich trotz der wieder steigenden Notierungen vorerst nicht nach. Wäre schön wenn wieder eine Diskussion in Gang käme...

[PidderLyng]

Merrill Lynch rechnet vor, dass ELAN Vermögenswerte von 5 -6 $ pro Aktie aufweist.

Wozu dann noch Entlassungen ...??

:O

[JSK]

Der folgende Artikel ist nicht nur für Biotechs interessant, er wirft auch ein deutliches Licht auf die Vorgehensweise des Texas-Cowboys zu Enron und Co. :

http://www.washingtonpost.com/wp-dyn/articles/A4252-2002Jul1…

Starker Tobak :O

[kays]

Die für den 31.Juli vorgesehene Hauptversammlung ist verschoben auf den 19.August. Die Ergebnisse für das 2.Quartal sollen aber dennoch zum alten Termin vorgelegt werden.

[desastermaster]

Hallo,
unter den produkten von elan befindet sich mit MYOBLOC
uebrigens das gute alte botulinum toxin welches sich die
amerikanische Hausfrau zur bekaempfung des haesslichen
Stirnrunzeln in die Birne spritzen laesst
damit wird einfach die stirnmuskulatur gelaehmt.
danach sehnt sich naturgemaess auch der gestresste
Investor wofern ihm das hirn nicht eh schon gelaehmt ist.
Elan koennte ja seinen getreuen shareholdern quasi als
dividende ein ampuellchen zukommen lassen
Best
dm

[kays]

@ Pidder Lyng
unter finanznachrichten.de findest Du einen Artikel ( Quelle financialtimes) in dem die Rolle von ML als Haus- und Investmentbank von Elan und als einer der Hauptaktionäre der Rechteinhaber der Gesellschaften darstellt, denen Elan demnächst die Rechte abkaufen will.In dem Zusammenhang wird darauf verwiesen, das die Kosten für den Rückkauf um die 800mio$ liegen können. Lesenswert,denn leider haben sich die Gerüchte bislang meistens bestätigt.

[puhvogel]

Die müssen schon rein operativ entlassen, da sie jetzt Zanaflex verlieren, die gut zum Umsatzwachstum beitgetragen haben. Deren Produkte laufen prima, aber der Cash

Zahlen sind raus. Sie schreiben die QSPes ab, verzichten auf die Dermatologielinie.

Und noch dies, was noch nicht in der Bilanz steckt.
July Actions

Recovery plan announced today.
Acquisition of all the royalty rights, including royalty rights over Antegren, held by Autoimmune Diseases Research & Development Corporation ("Autoimmune") for a net cash outflow of $82.5 million.
Repayment in full of the $325.0 million revolving credit facility and termination of facility.
Repayment in full of $62.6 million of 3.5% convertible notes at maturity.
Cash balances after taking account of these actions $903.6 million (including cash held as collateral of $148.0 million).

[puhvogel]

Reuters Market News
Elan says to raise $1.5 bln by end 2003

DUBLIN, July 31 (Reuters) - Embattled Irish pharmaceuticals group Elan Corp. (NYSE:ELN - News) said on Wednesday it expected to raise $1.5 billion by the end of 2003 as part of a recovery plan designed to allay investor fears of a cash crunch.

As part of the plan, which involves selling off non-strategic units, Elan said it would also cut costs by a number of measures including axing 1,000 jobs from its 4,500 strong workforce.

Elan, plagued by uncertainty about its accounting methods and mounting debts, said it had acquired all the royalty rights held by Autoimmune Diseases Research & Development Corporation for a net cash outflow of $82.5 million.

The company repeated that it has sufficient cash to meet its liquidity requirements.

[southbound]

Die Frage ist, rating downgrade schon eingepreist ist.
So schlecht waren die Q-Zahlen nicht.
Selbst wenn die Umsätze auf Jahresbasis zurückgehen sollten, was bei Zanaflex zu erwarten ist, wären wir noch bei weitem unter einem KUV < 1.
Das momentane debt/equity ratio ist nach meinen Schätzungen weit unter 2, ohne Berücksichtigung irgenwelcher Bewertung von Patenten oder Lizenzen.
Die SEC Untersuchung macht mir keine großen Kopfschmerzen,
siehe PLMD, TTWO. Da bringt mich das downgrade eher in`s grübeln.
Charttechnisch ist könnte ELAN ausbrechen, jedoch nach dem downgrade ist erst einmal ein pullback zu befürchten. Den Iren war es heute egal, die Preise werden aber in NYC gemacht.

S&P cuts Elan Corp Plc corporate credit rating

(Press release provided by Standard & Poor`s)

NEW YORK, July 31 - Standard & Poor`s said today that it lowered its corporate credit rating on Elan Corp. PLC (NYSE:ELN - News) to single-`B`-minus from double-`B`-minus, and all of its other ratings on the specialty pharmaceutical company and its affiliates. The ratings are removed from CreditWatch, where they were placed on July 2, 2002, with negative implications. The actions are due to Standard & Poor`s increased concern over Elan`s ability to meet obligations as they come due.
ADVERTISEMENT



The low speculative-grade rating on Dublin, Ireland-based Elan reflects the company`s declining pharmaceutical sales prospects, significant upcoming debt maturities and other funding needs, and the uncertain value of its investment portfolio, mitigated somewhat by its still substantial cash position. The outlook is negative.

"Elan is currently restructuring its operations, as it looks to refocus on neurology, pain, and autoimmune therapeutic areas, reduce its pharmaceutical sales force, and divest assets, including select drugs from its portfolio," said Standard & Poor`s credit analyst Arthur Young.

Elan`s pharmaceutical business has suffered various setbacks in the past year, including slower-than-expected sales growth of its newer products and the earlier-than-expected generic competition now facing Zanaflex. Zanaflex, which generated $160 million in 2001, was one of the largest and faster growing products in Elan`s portfolio.

As the company transitions to a smaller operating base, it will be challenged to produce break-even cash flows from continuing operations, excluding cash restructuring charges.

As part of its restructuring, Elan hopes to raise $1.5 billion from asset sales by the end of 2003. The timely receipt of proceeds from asset divestitures is essential to the current rating.

[puhvogel]

Gut das du den downgrad hier noch eingefügt hast, den hatte ich zuerst übersehen.
So im Nachinein ist der Verlust von Zanaflex ein wirklich schwerer Schlag ins Kontor, dessen Auswirkungen ich unterschätzt habe. Eigentlich komisch, dass der Patentschutz jetzt schon ausläuft, da Elan 1999 Zanaflex von einem großen Pharmaunternehmen für teures Geld gekauft haben.
Daher sind die kommenden Zahlen in der Tat schlecht abschätzbar, da die fehlenden Zanaflex Umsätze durch Entlassungen kompensiert werden müssen.

Dennoch muss ich mich über das Ausmaß des Downgrades doch sehr wundern, immerhin unter Argentinien Niveau. Argentinien-Anleihehalter richten sich ganz offenbar darauf ein, nur 30 % ihres Geldes wiederzubekommen, auch für mich ist das zu heiss. Vielleicht hat ja auch S&P recht, und es steht ein Gelgenheit zum Geldscheffeln offen, aber bei Worldcom haben die sich auch geirrt.
Ein schönes Schmankerl:
http://www.businessweek.com/investor/content/jun2002/pi20020…

Im Gegensatz dazu sehe ich bei Elan wenig Schwierigkeiten bis ins Jahr 2004 hinein weiter zu kommen, zumal sie als Option eine grössere Schuldverschreibung in Aktien einlösen können.
Dann wäre die Verwässerung natürlich riesig, aber das Unternehmen ist nicht pleite. Um mich zu wiederholen, Ford steht da auf viel wackligeren Füssen, auch operativ, wenn die Amis den Konsum zurückstellen.

[southbound]

@puhvogel
Das debt/equity ratio ist bei allen Automobilwerten über 2.
Doch Du solltest hier nicht Äpfel und Birnen vergleichen.
Ford ist natürlich die absolute Krönung.

Doch wie beuteilen die instis die kommende Entwicklung?
Die halten meines Wissens im noch einen beträchliche Anteil der shares. Von panic selling kann bei denen keine Rede sein.

Ich sehe in Elan ein las vegas investment.

[southbound]

So, bin jetzt investiert. Sauberer pull back auf die 2.25$.

[kays]

Wie beurteilt ihr die weitere Entwicklung? Leider bin ich beruflich stark eingespannt und komme nicht mehr dazu mir die news anzusehen. Mir schwant eine Pleite wegen der wegbrechenden Umsätze , es fehlt in absehbarer Zeit evt. das Geld zum forschen, hat jemand von euch schon verkauft, bzw. was kostet eine Absicherung durch puts je 1000 Stück. Für einen Kommentar, auch der heutigen HV wäre ich dankbar.
kays

[McGum]

Scheint ja echt los zu gehen bei ELAN. Wo liegt hier der Hauptgrund, sieht es doch nicht so schlimm aus mit den vielen Joint Ventures und der Verschuldung, hat jemand News?

[puhvogel]

Ich kann keine vernünftige Angaben machen , denn meine persönliche Beurteilung der Lage weicht dermassen von der Einschätzung der Marktmeinung ab, dass es schmerzt. Ich warte noch immer auf eine schlechte Nachricht, ansonsten macht der Kurs wenig Sinn.

[gholzbauer]

Kursziel 10$. Amen.

[puhvogel]

Ich dachte immer, die Begriffe Kursziel und Dausend gehören immer inhärent zusammen. Diese Reuters Nachricht rauscht gerade durch die Ticker.

Elan <ELN.I> surges on recovery plan, t`over rumours
DUBLIN, Aug 27 (Reuters) - Shares in troubled Irish
pharmaceuticals company Elan <ELN.I> surged for a second
consecutive day on Tuesday on positive sentiment about its
recovery programme and takeover rumours, market analysts said.
Elan, which has lost 95 percent of its value this year, was up 10.14 percent to 3.80 euros at 0846 in early trade in Dublin.
Analysts said the stock had been buoyed by market
speculation about a possible takeover by U.S. drugs giant Bristol-Myers Squibb <BMY.N>, but said the more significant factor was growing positive sentiment about a restructuring programme unveiled at Elan`s annual general meeting last week.
Analyst Orla Hartford at NCB Stockbrokers, which last Friday upgraded Elan to hold from reduce, characterised the takeover rumours as "highly speculative" but said that on restructuring Elan "is making moves in the right direction".
"The company is being more pro-active on that side," she said.

Egal was da wirklich los ist, dahinter steckt seit 3 Handelstagen ein enormer Kaufdruck dahinter der noch grösser ist als der Kurs suggeriert. Dito GLW.

[kurttilly]

Ich glaub` es gilt dabeizubleiben !

Die Aktien des angeschlagenen irischen Pharmaunternehmens Elan steigen heute an der Heimatbörse um 11.59 Prozent auf 3.85 Euro. Das ist der zweite Tag in Folge, an dem die Aktie sich erholen kann, nachdem sie in diesem Jahr 95 Prozent ihres Wertes verloren hatte.

Impuls für die Aufwärtsbewegung ist die positive Aufnahme des Restrukturierungsprogrammes und Übernahmegerüchte.

Analysten teilten mit, dass es ein Gerücht gebe, dass Bristol-Myers an der Übernahme von Elan interessiert sei.

© BörseGo


Link(s) zu weiteren Unternehmensmeldungen:

ELAN CORPORATION

[southbound]

2.80$ haben sauber gehalten.




Also, ich habe schon schlimmer Sachen gesehen.

SOURCE: Elan Corporation
Elan Reports Second Quarter 2002 Financial Results
DUBLIN, Ireland--(BUSINESS WIRE)--July 31, 2002--Elan Corporation, plc(NYSE:ELN - News):

Second quarter financial highlights (Pro forma)

Total revenue of $456.1 million in the second quarter of 2002 compared to $461.2 million in the second quarter of 2001.
Net loss of $802.0 million for the quarter, or $2.29 per diluted share. Diluted earnings per share of $0.07, excluding other charges of $826.6 million, compared to $0.45 for the second quarter of 2001, excluding other charges.
Other charges of $826.6 million of which $795.6 million is non-cash, related primarily to investment related charges and intangible asset writedowns.
Cash balances at June 30, 2002 of $1,373.7 million (including cash held as collateral of $148.0 million).
July Actions

Recovery plan announced today.
Acquisition of all the royalty rights, including royalty rights over Antegren, held by Autoimmune Diseases Research & Development Corporation ("Autoimmune") for a net cash outflow of $82.5 million.
Repayment in full of the $325.0 million revolving credit facility and termination of facility.
Repayment in full of $62.6 million of 3.5% convertible notes at maturity.
Cash balances after taking account of these actions $903.6 million (including cash held as collateral of $148.0 million).
Introduction

Elan Corporation, plc (NYSE: ELN - News; "Elan") today announced a net loss of $802.0 million ($2.29 loss per diluted share) for the second quarter of 2002 compared to net income of $134.3 million for the second quarter of 2001 ($0.37 earnings per diluted share). Pro forma earnings, before other mainly non-cash charges of $826.6 million, amounted to $24.6 million or $0.07 per diluted share. Other charges arose primarily from investment related charges and intangible asset writedowns.

The following analysis is based on the pro forma income statement data excluding other charges included on page 12.

Revenue

Total revenue decreased to $456.1 million in the second quarter of 2002 from $461.2 million in the second quarter of 2001.

Total revenue can be further analysed as follows:




3 Months ended June 30,
2001 2002 %
US$m US$m Change
(a) Product Revenue
Product sales 216.7 325.0 50%
Rationalisation revenue 106.3 34.6 (67%)
Pharma Marketing/Autoimmune 33.3 15.1 (55%)
------- --------
Total product revenue 356.3 374.7 5%
------- --------
(b) Contract Revenue
Amortisation of fees 63.7 50.0 (22%)
Research revenue and milestones 30.2 16.9 (44%)
Pharma Marketing/Autoimmune 11.0 14.5 32%
------- --------
Total contract revenue 104.9 81.4 (22%)
------- --------
Total Revenue 461.2 456.1 (1%)
------- --------


(a) Product Revenue
Product sales increased by 50% in the second quarter 2002 compared to the second quarter 2001. Product revenues from Elan`s U.S. promoted products, as set out in the attached revenue analysis, increased by 75% to $248.4 million in the second quarter of 2002 compared to $142.0 million in the second quarter of 2001. Excluding acquisitions and new product launches (i.e. Sonata, the Roxane pain portfolio and Frova), Elan`s U.S. promoted products increased by 44% in the second quarter of 2002 over the second quarter of 2001. Elan`s U.S. promoted products accounted for 66% of total product revenue in the second quarter of 2002 compared to 40% in the second quarter of 2001 reflecting the acquisition of Sonata and the Roxane pain portfolio, the launch of Frova and the growth of Elan`s other U.S. promoted products.

In the second quarter of 2002, Skelaxin, Maxipime, Abelcet and Zonegran each experienced continuing strong prescription growth resulting in U.S. product sales increases of 12%, 47%, 23% and 229%, respectively, over the second quarter of 2001, to $42.0 million, $23.3 million, $23.3 million and $17.1 million, respectively. Myobloc/Neurobloc global product sales were $4.0 million in the second quarter of 2002 compared to $2.6 million in the second quarter of 2001. Product sales from Sonata and the Roxane pain portfolio were $24.8 million and $13.6 million, respectively, for the second quarter of 2002. These products were acquired in the second half of 2001 and therefore had no reported sales in the second quarter of 2001. Frova had sales of $6.2 million in the second quarter (which reflected initial stocking of the trade channels).

Included in product revenue are co-marketing fees received from Pharma Marketing/Autoimmune of $15.1 million for the second quarter of 2002 and $33.3 million for the second quarter of 2001. No further co-marketing fees will be received from Pharma Marketing or Autoimmune. In the case of Pharma Marketing the program has been completed and the arrangements for Autoimmune were terminated in July 2002. Total revenues of $29.6 million were recorded from Autoimmune in the second quarter 2002 (product revenue $15.1 million and contract revenue $14.5 million) and no revenues were received from Pharma Marketing. As part of the termination, Elan acquired all of the royalty rights, including those related to Antegren, previously sold to Autoimmune for a net cash outflow of $82.5 million. As part of the arrangements with Pharma Marketing, the royalties payable to Pharma Marketing were $15.7 million (2001: $3.9 million) during the quarter. These royalty payments are included in cost of sales. Elan has the right to initiate an auction process to purchase the royalty rights previously sold to Pharma Marketing at any time prior to June 2003. The purchase price is capped at an amount of approximately $385.0 million at June 30, 2002. The purchase price increases by approximately 25% annually.

On June 28, 2002 Elan announced that Eon Labs received FDA approval to market a generic alternative for the Zanaflex 4mg dosage form. A number of other generic forms of Zanaflex have since received approval from the FDA. In the second quarter of 2002, Elan recorded total Zanaflex net sales for its 2mg and 4mg dosage forms of $65.9 million representing 18% of total product revenue and 14% of total revenue. Elan expects a significant decline in future sales and profitability of Zanaflex. The carrying value of the intangible assets associated with Zanaflex of $11.7 million has not been impacted by the genericisation.

(b) Contract Revenues
Contract revenue in the second quarter of 2002 was $81.4 million compared to $104.9 million in the second quarter of 2001. The amortisation of license fees by our drug delivery and biopharmaceutical businesses amounted to $50.0 million in the second quarter of 2002 compared to $63.7 million in the second quarter of 2001. Of the $50.0 million in amortised license fees in the second quarter of 2002, $47.0 million relates to the amortisation of licence fees earned from our business ventures. Research revenue and milestones amounted to $16.9 million in the second quarter of 2002 compared to $30.2 million in the second quarter of 2001 reflecting the receipt of a milestone for Nifedipine 60mg in the second quarter of 2001 of $12.8 million. The total amount of revenue included in research revenue from our business ventures was $5.7 million in the second quarter of 2002 which was offset in part by costs of $4.6 million included in research and development expenditure. In the second quarter of 2001, research revenue from our business ventures amounted to $5.5 million, offset in part by costs of $4.1 million.

Under the arrangements with Pharma Marketing and Autoimmune, research revenues of $14.5 million were received in the second quarter of 2002 compared to $11.0 million in the second quarter of 2001. No further research revenues will be received from Pharma Marketing or Autoimmune.

Gross profit

The gross profit margin on product revenues was 68% in the second quarter of 2002 compared to 72% in the second quarter of 2001, reflecting changes in the mix of product revenue, in particular the decrease in product rationalisation revenue, and higher royalties payable to Pharma Marketing.

Operating expenses

Selling, general and administrative expenses increased by 24% from $148.7 million in the second quarter of 2001 to $185.0 million in the second quarter of 2002 reflecting principally higher sales and marketing expenditure, including costs associated with the relaunch of Sonata and the Roxane pain portfolio and the launch of Frova. Research and development expenses increased by 19% from $78.4 million in the second quarter of 2001 to $93.4 million in the second quarter of 2002 principally reflecting increased clinical trial expenditure, particularly on Antegren.

Elan has adopted SFAS 142 "Goodwill and Other Intangible Assets" effective January 1, 2002, and on that date Elan ceased amortisation of all goodwill. Goodwill amortisation in the first and second quarter of 2001 was $6.9 million and $7.4 million respectively.

Operating income

Operating income decreased from $135.6 million to $56.6 million in the second quarter of 2002. This reflects the reduced gross margin and increased investment in research and development and in sales and marketing support for our promoted products.

Net interest and other income/(loss)

Net interest and other income/(loss) amounted to a loss of $31.0 million in the second quarter of 2002 compared to income of $32.8 million in the second quarter of 2001. The main movement from the second quarter of 2001 reflects both a reduction in investment gains and an increase in losses incurred in the current quarter. These losses principally reflect investment and other losses of $7.8 million in the quarter, a charge of $11.2 million in respect of investments accounted for in accordance with SFAS 133 which requires mark to market accounting and expenses of $9.4 million representing Elan`s funding of its business ventures. Net interest expense amounted to $4.0 million.

Other charges

The results for the second quarter of 2002 have been arrived at after providing $826.6 million in mainly non-cash other charges as follows:

3 Months ended
June 30, 2002
US$m
Impairment on investments
held by Elan 268.2
Charges relating to the
guarantees issued to
the noteholders of
Elan Pharmaceutical
Investments II, Ltd. ("EPIL II") 139.4
Charges relating to the
guarantees issued to
the noteholders of
of Elan Pharmaceutical
Investments III, Ltd. ("EPIL III") 179.6
Impairment of dermatology
product intangible assets 60.3
Impairment of Naprelan intangible 34.2
Impairment of Myambutol intangible 72.4
Write off of Zanaflex
inventory due to genericisation 41.5
----------
Non-cash charges 795.6
Other: costs related to
business restructuring,
relocation and termination
costs, litigation and SEC
related legal costs 31.0
----------
826.6
==========


The financial markets for emerging biotechnology, drug delivery and pharmaceutical companies have been in significant decline during 2002. Elan has a substantial portfolio of investments in this sector. In addition, Elan has guaranteed the debts of two Qualifying Special Purpose Entities ("QSPE`s"), EPIL II and EPIL III, to the extent that the investments held by them are insufficient to repay the debt when it falls due in 2004 and 2005, respectively. The principal amount outstanding under the loan notes issued by EPIL II and EPIL III is $840.0 million at June 30, 2002.

During the second quarter of 2002, Elan recorded an impairment charge of $268.2 million relating to its investment portfolio. In addition, Elan made provisions of $139.4 million and $179.6 million to cover the potential shortfall in the investment portfolios of EPIL II and EPIL III respectively. These charges have been arrived at based on the estimated fair value of the investment portfolios at June 30, 2002 on the basis that the investments will be held for the medium term. These charges do not reflect the continued decline in the financial markets since June 30, 2002, any liquidity discount which may be required if investments were to be sold earlier than expected, and the impact, if any, of Elan`s revised strategy regarding the funding of business venture partners as outlined in the recovery plan. Any further decline in market value due to changes in market conditions or Elan`s strategy may require provisions to be made in future quarters.

After providing for the potential investment shortfalls the estimated asset value and cash positions of EPIL II and EPIL III can be summarised as follows:


EPIL II EPIL III TOTAL
US$m US$m US$m

Investments in public companies 96 150 246
Investments in private companies 151 24 175
Cash (net of accrued interest) 64 36 100
--------------------------------------
Total assets 311 210 521
Provisions for guarantee 139 180 319
--------------------------------------
Total indebtedness 450 390 840
--------------------------------------


After providing for an impairment charge of $268.2 million, Elan`s investment portfolio can be analysed as follows:


As at June 30, 2002
US$m

Marketable investment securities(a) 661.7
Investments and marketable investment securities 639.2
-----------------
Total 1,300.9
----------------------------------------------------------------------
(a) Includes $96.7 million in managed funds


On June 29, 2002, EPIL III disposed of certain of its financial assets at estimated fair value, in accordance with the legal documentation entered into upon the formation of EPIL III, to an unaffiliated third party (the "Purchaser") for approximately $148.0 million. The Purchaser raised the financing for the purchase of the financial assets through borrowings under a bank facility. On the closing, the Purchaser`s assets consisted solely of the disposed financial assets. Elan has provided a guarantee and provided cash collateral to the bank to support the Purchaser`s obligation to repay the $148.0 million loan. In the event that the Purchaser does not repay the bank by September 29, 2002 by obtaining alternate financing or selling the financial assets (which in many cases, requires issuer consent), or otherwise, the bank will call upon the guarantee and the cash collateral. This would result in a loss to Elan of the amount payable under the guarantee. Any further decline in the financial markets since the disposition could impact the amount payable by Elan.

The impairment and other charges recorded in the second quarter of 2002 do not reflect charges or costs that will arise from the recovery plan that was announced today. Elan had patents and licences, and goodwill, with carrying values of approximately $1,557.0 million and $502.0 million, respectively at the end of the second quarter of 2002. Tangible assets had a carrying value of $484.6 million at the end of June 2002. The impact of the business recovery plan on the carrying value of intangible and tangible assets and the costs of streamlining the business have not yet been determined. As the recovery plan is implemented, Elan expects to record additional charges, including severance, retention and similar restructuring costs. The amount of this charge will depend on the businesses and assets disposed of together with the amount of the proceeds received. The cash element of any such charges, related primarily to severence, retention and similar restructuring costs, based on preliminary data, is not expected to exceed $200 million over the next 18 months.

Liquidity

At June 30, 2002 Elan had $1,373.7 million (of which $148.0 million is cash held as collateral) in cash and cash equivalents, compared with $1,437.1 million in cash and cash equivalents at March 31, 2002.

Elan believes it has sufficient cash, liquid resources, investments and other assets that are capable of being monetised to meet its liquidity requirements. The focus of the recovery plan is on maintaining financial flexibility through cash generation.

The following table sets out, as at June 30, 2002, the major contracted and potential cash payments relating to Elan`s business, excluding capital expenditures or future investments in financial assets such as in business venture partners which together could amount to $250 to $300 million in the period to December, 2003.


2002 2003 Thereafter Total
US$m US$m US$m US$m
-------------------------------------------------

Contracted
7.25% Senior
Notes (2008) - - 650.0 650.0
Revolving Credit
Facility (1) 325.0 - - 325.0
3.5% Convertible (1) 62.6 - - 62.6
Fixed Product Payments 144.2 122.0 49.2 315.4
Contingent Product
Payments (2) 35.2 128.6 104.0 267.8
EPIL II & III (2) - - 840.0 840.0
LYONS (3) - 1,013.4 - 1,013.4
--------------------------------------------------
Total Contracted
& LYONS 567.0 1,264.0 1,643.2 3,474.2
Potential
Pharma Marketing (2) (4) 385.0 - - 385.0
Autoimmune (1) (2) 82.5 - - 82.5
Product Acquisitions (2) - - 45.1 45.1
-------------------------------------------------
Total Potential 467.5 - 45.1 512.6
-------------------------------------------------
Total Contracted,
Potential & LYONS 1,034.5 1,264.0 1,688.3 3,986.8
----------------------------------------------------------------------

(1) Paid in July
(2) In order to comply with US GAAP, these amounts are not
included on the balance sheet
(3) If the LYON is put to the company, Elan has the option to
repay the LYONs for cash or shares or any combination thereof.
(4) Elan can acquire the royalty rights from Pharma Marketing
prior to June 30, 2003


On June 30, 2002 Elan decided not to exercise its option for $180.0 million to acquire certain dermatology products from GlaxoSmithKline. Elan will continue to market the products until the end of 2002 at which time the rights will revert to GlaxoSmithKline. These products generated revenues of $35.0 million through June 30, 2002 and $61.8 million in the 12 month period in 2001. As a result of this decision Elan wrote off intangible assets of $60.3 million in the second quarter of 2002.

In July 2002, Elan repaid the revolving credit facility of $325.0 million in full and since the covenants were not consistent with the recovery plan outlined today the facility was terminated.

In July 2002, Elan repaid the $62.6 million 3.5% convertible notes at maturity.

Also in July 2002, Elan acquired the royalty rights previously sold to Autoimmune for a total consideration of $121.0 million which, after taking account of the redemption of Elan`s investment of $38.5 million in Autoimmune, resulted in a net cash cost of $82.5 million.

Qualifying Special Purpose Entities ("QSPEs")

Included as an appendix on page 14 is an analysis of the impact on the six months to June 2002 results, assets and liabilities of consolidating the QSPEs. If the QSPEs were consolidated, "net interest and other loss" would be increased by $26.5 million in the first half of 2002. Other charges for the quarter would be reduced by $181.4 million because the investment provision required to bring the book value to estimated fair value would be less if the QSPEs had always been consolidated. The total liabilities of the QSPEs, which are guaranteed on a subordinated basis by Elan, at June 30, 2002, were $840.0 million. In support of these liabilities, the QSPEs have $100.0 million in cash (net of accrued interest) and also investments in private and publicly quoted biotechnology and emerging pharmaceutical companies with an estimated fair value of $421.0 million. These investments are valued by Elan on a quarterly basis and annually by an investment bank.

Of the $840.0 million in principal amount of debt issued by the QSPEs, $450.0 million is due in 2004 with the remainder due in 2005.

Elan is focused on the discovery, development, manufacturing, selling and marketing of novel therapeutic products in neurology, pain management and autoimmune diseases. Elan shares trade on the New York, London and Dublin Stock Exchanges.

The financial information set forth above should be read in conjunction with our consolidated financial statements and related notes included in our Form 20-F for the fiscal year ended December 31, 2001 (the "20-F") and other information and data contained therein. For a discussion of pending litigation and the ongoing SEC investigation and the possible adverse effects, see note 24 to the "Notes Relating to Financial Statements" in the 20-F and "Risk Factors - We and certain of our officers and directors have been named as defendants in numerous purported class actions and we are the subject of an SEC investigation; these proceedings, the investigation and other events have materially adversely affected our ability to access sources of external financing for our business and an adverse outcome in these proceedings or the investigation would have a material adverse effect on our business, financial condition, results of operations and cash flows" in the 20-F.

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 outcome of Elan`s recovery plan and its ability to maintain flexibility and maintain sufficient cash, cash equivalents, and investments and other assets capable of being monetised to meet its liquidity requirement; the success of research and development activities and the speed with which regulatory authorisations 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 for the fiscal year ended December 31, 2001, 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.


Three months Income Statement Data - Pro forma Six months
ended June 30, ended June 30,

2001 2002 2001 2002
US$m US$m US$m US$m
----------------------------------------------------------------------
Revenues
356.3 374.7 Product revenues 680.5 705.1
104.9 81.4 Contract revenues 210.1 194.7
---------------------- --------------------
461.2 456.1 Total revenues 890.6 899.8

---------------------- --------------------
Costs and Expenses
78.4 93.4 Research & development 152.5 180.6
98.5 121.1 Cost of goods sold 187.7 218.6
148.7 185.0 Selling, general & 298.6 365.1
administrative
----------------------- --------------------
325.6 399.5 Total operating expenses 638.8 764.3
--------------------
-----------------------
135.6 56.6 Operating income 251.8 135.5
----------------------- --------------------

(0.7) (4.0) Net interest
income/(expense) 4.4 (9.0)
(6.7) (9.4) Business venture funding (11.7) (17.3)
43.1 1.4 Investment gains 77.3 15.0
(2.9) (19.0) Investment and (5.7) (36.7)
other losses
------------------ ---------------------
32.8 (31.0) Net interest and 64.3 (48.0)
other income/(loss)
------------------ ---------------------

168.4 25.6 Net income before tax 316.1 87.5
and other charges
(4.7) (1.0) Taxation (8.0) (2.0) ---------- -----------
------------------

163.7 24.6 Net income before 308.1 85.5
other charges
(29.4) (826.6) Other charges (97.4) (837.5)
------------------ ---------------------
134.3 (802.0) Net income/(loss) 210.7 (752.0)
================== =====================


$0.45 $0.07 Diluted earnings $0.85 $0.24
per ordinary share
before other charges
$0.37 ($2.29) Diluted earnings per $0.59 ($2.15)
ordinary share after
other charges
Other Information
362.7 335.0 Gross Margin 702.9 681.2
48.2 51.3 Depreciation and 93.5 97.4
amortisation included
in operating costs



Three months Unaudited Consolidated Six months
ended June 30, US GAAP Income ended June 30,
Statement Data
2001 2002 2001 2002
US$m US$m US$m US$m
----------------------------------------------------------------------
Revenues
356.3 377.8 Product revenues 680.5 711.0
105.2 81.7 Contract revenues 212.1 195.5
------------ ----------- ---------------------
461.5 459.5 Total revenues 892.6 906.5

------------ ----------- ---------------------

Costs and Expenses
97.5 109.0 Research & development 200.2 205.9
99.6 166.4 Cost of goods sold 192.4 266.5
158.4 367.0 Selling, general 339.8 549.0
& administrative
------------ ----------- --------------------
355.5 642.4 Total operating 732.4 1,021.4
expenses
--------------------
------------ -----------
106.0 (182.9) Operating income/(loss) 160.2 (114.9)
------------ ----------- --------------------

(0.5) (4.0) Net interest expense (1.4) (9.0)
(6.7) (9.4) Business venture funding (11.7) (17.3)
43.1 1.4 Investment gains 77.3 15.0
(2.9) (606.1) Investment and (5.7) (623.8)
other losses
------------ ----------- ---------------------
33.0 (618.1) Net interest and 58.5 (635.1)
other income/(loss)
------------ ----------- ----------------------

139.0 (801.0) Net income/(loss) 218.7 (750.0)
before tax
(4.7) (1.0) Taxation (8.0) (2.0)
------------ ----------- ----------------------
134.3 (802.0) Net income/(loss) 210.7 (752.0)
============ =========== ======================


$0.37 ($2.29) Diluted earnings $0.59 ($2.15)
per ordinary share



Reconciliation to
Pro-Forma Income
Statement
US$m US$m Other charge has US$m US$m
been reclassified
as follows:
Revenues
- 3.1 Product revenues - 5.9
0.3 0.3 Contract revenues 2.0 0.8
------------ ----------- ---------- -----------
0.3 3.4 Total revenues 2.0 6.7

Costs and Expenses
19.1 15.6 Research & development 47.7 25.3
1.1 45.3 Cost of goods sold 4.7 47.9
9.7 182.0 Selling, general 41.2 183.9
& administrative
------------ ----------- ---------- -----------
(29.6) (239.5) Operating effect (91.6) (250.4)
0.2 - Net interest (5.8) -
income/(expense)
- - Business venture - -
funding
- - Investment gains - -
- (587.1) Investment and - (587.1)
other losses
----------------------------------------------------------------------
(29.4) (826.6) Total other charge (97.4) (837.5)
----------------------------------------------------------------------



Balance Sheet Data December 31, June 30,
2001 2002
Assets US$m US$m
----------------------------------------------------------------------
Current Assets
Cash and cash equivalents 1,572.5 1,373.7
Marketable investment securities 798.4 661.7
Other current assets 608.7 640.1
--------------- -----------------
2,979.6 2,675.5

Intangible assets 2,124.6 2,084.8
Property, plant and equipment 401.1 484.6
Investments and marketable
investment securities 858.4 639.2
----------------- -----------------
Total Assets 6,363.7 5,884.1
================= =================

Liabilities and
Shareholders` Equity
Shareholders` equity 3,283.9 2,534.4
Accounts payable and
accrued liabilities 1,090.8 1,344.5
7.25% senior notes due 2008 650.0 650.7
3.25% zero coupon subordinated
exchangeable notes due 2018 951.4 966.9
Senior unsecured revolving
credit facility 2004 325.0 325.0
3.5% convertible subordinated
notes due 2002 62.6 62.6
----------------- -----------------
Total Liabilities and
Shareholders` Equity 6,363.7 5,884.1
================= =================



Q2 2002 YTD 2002
Cash Flow Data US$m US$m
----------------------------------------------------------------------
Cashflows from operating activities 66.1 118.0
Movement on debt interest liability - (23.6)
Working capital movement (30.9) (34.1)
Net purchase of tangible assets (46.4) (101.0)
Net purchase of investments and
marketable investment securities (1.9) (71.9)
Product acquisition payments (46.5) (173.9)
Cash flows from financing activities (3.8) (2.5)
----------------- -----------------
Net Cash Movement (63.4) (289.0)
Cash and cash equivalents
at beginning of period 1,437.1 (b)1,662.7
----------------- ---------------
Cash and cash equivalents
at end of period 1,373.7 1,373.7
================= ===============

(b) included in cash and cash equivalents at December 2001 was
$90.2 million related to cash equivalents with an instrument
maturity greater than 3 months. This is included in current
assets marketable investment securities in the balance sheet
data above.

Financial Information
Relating to Qualifying Special
Purpose Entities (QSPEs) - Including
Six months ended June 30, 2002 As reported QSPE`s
US$m US$m
----------------------------------------------------------------------
Net loss after other charges (752.0) (597.1)
Diluted earnings per ordinary
share after other charges ($2.15) ($1.70)
Total assets 5,884.1 6,331.3
Total indebtedness 3,349.7 3,870.7
Shareholders` equity 2,534.4 2,460.6



Historic Revenue Analysis
- Pro forma Basis

Total revenue analysis (US$m) Q2 2001A Q2 2002A Q2 Change
`01 - `02
Product Revenue
US Promoted Products
CNS/Pain 82.7 171.3 107%
Hospital Products 42.1 60.2 43%
Dermatology 17.2 16.9 (2%)
----------------------------------------
Sub-total 142.0 248.4 75%

European products 21.0 26.9 28%
International and other 9.8 6.0 (39%)
Diagnostics 12.6 18.2 44%
Contract manufacturing
and royalties 31.3 25.5 (19%)
-----------------------------------------
Sub-total 74.7 76.6 3%

Product Revenue before
rationalisation and
co-promotion fees 216.7 325.0 50%

Rationalisation Program
Product revenue before
disposal/partnering 28.8 9.8 (66%)
Rationalisation revenue 77.5 24.8 (68%)
-----------------------------------------
106.3 34.6 (67%)

Co-promotion Fees
Autoimmune - 15.1 n/a
Pharma Marketing 33.3 - (100%)
------------------------------------------
33.3 15.1 (55%)

Total Product Revenue 356.3 374.7 5%

Contract Revenue
Amortisation of fees 63.7 50.0 (22%)
Autoimmune - 14.5 n/a
Pharma Marketing 11.0 - (100%)
Research revenue
and milestones 30.2 16.9 (44%)
------------------------------------------
Total Contract Revenue 104.9 81.4 (22%)
------------------------------------------
Total Revenue 461.2 456.1 (1%)
-------------------------------------------



Ratio Analysis Q2 2001A Q2 2002A

Product revenue / Total revenue 77% 82%
Product Revenue before
rationalisation and co-promotion
fees /Product revenue 61% 87%
US promoted product lines /
Product revenue 40% 66%



Historic Revenue Analysis
- Pro forma Basis
Q2 2001A Q2 2002A Q2 Change
`01 - `02
CNS/Pain
Zanaflex 37.6 64.1 70%
Skelaxin 37.5 42.0 12%
Pain portfolio - 13.6 n/a
Zonegran 5.2 17.1 229%
Myobloc 2.4 3.5 46%
Frova - 6.2 n/a
Sonata - 24.8 n/a
------------- -------------- -----------
Sub-total 82.7 171.3 107%

Hospital Products
Maxipime 15.8 23.3 47%
Abelcet 19.0 23.3 23%
Azactam 7.3 13.6 86%
------------- -------------- -----------
Sub-total 42.1 60.2 43%

Dermatology 17.2 16.9 (2%)

------------- -------------- ------------
US Promoted Products 142.0 248.4 75%
------------- -------------- -----------

European Products
Abelcet 2.8 4.7 68%
Dilzem 2.5 3.2 28%
Univer 1.5 1.6 7%
Zanaflex 1.9 1.8 (5%)
Neurobloc 0.2 0.5 150%
Myocet 0.1 1.4 1300%
Other products 12.0 13.7 14%
-------------- ---------------- ------------
Total European products 21.0 26.9 28%
-------------- ---------------- ------------

Prescription Trends (`000) Q2 2001A Q2 2002A Q2 Change
`01 - `02

Zanaflex 512 878 71%
Skelaxin 1,006 1,209 20%
Roxicodone 145 142 (2%)
Zonegran 38 93 145%
Sonata 444 439 (1%)
Maxipime(c) 813 1,238 52%
Abelcet(c) 187 195 4%
Azactam(c) 51 54 6%

(c) Represents audited sales volumes for 3 months ended May 2002




--------------------------------------------------------------------------------
Contact:
Elan Corporation
Investors: (U.S), Jack Howarth, 212/407-5740
800-252-3526
Investors: (Europe), Emer Reynolds, 353-1-709-4000
00800 28352600
Media: Sunny Uberoi, 212/407-5740
800/252-3526

[southbound]

Elan Corp. heiße Spekulation
Quelle: IWATCH
Datum: 02.09.02

Der Irische Pillendreher Elan Corp. Plc. hat in diesem Jahr bereits 95% Kursverlust hinter sich, so die Experten von "iWatch". Das Hauptprodukt Zanaflex (gegen Muskelkrämpfe) habe aufgrund von starken Konkurrenzprodukten (Eon Labs, ELAB) schneller an Ertragsstärke verloren, als erwartet. Anschließend sei auch bei Elan noch ein Bilanzierungsskandal zu Tage gekommen. Der Kurs sei von 45 US-Dollar im Januar auf ein Tief von 1,31 US-Dollar gefallen. Inzwischen habe sich der CEO verabschiedet und der Kurs sich ein wenig erholt. Im Ergebnis sehe das Unternehmen nun nicht mehr so gut aus, wie noch vor einem Jahr. Der Ertrag werde sich im nächsten Jahr halbieren, der Umsatz werde um rund 20% zurückgehen. Schrumpfende Zahlen und Vertrauensverlust seien natürlich Gift für den Aktienkurs. Nach heutigen Zahlen blicke Elan auf ein KUV von 0,5 und ein KGV 03e von 19. Elan habe Bilanzierungsunregelmäßigkeiten, der verantwortliche CEO sei jedoch bereits beseitigt. Elan wirtschafte in einem schrumpfenden Markt gegen zunehmende Konkurrenz. Seit den Turbulenzen habe Elan noch keine neue Linie gefunden. Die Kursbewegung sei derzeit mehr als willkürlich zu bezeichnen. Sie sollten lieber darauf warten, dass das Unternehmen mit neuer Führung eine neue Richtung finde. Sobald sich das abzeichne, könne diese Aktie schnell mal 100% oder mehr gut machen. Sofern es jedoch nicht gelinge, eine neue Linie zu finden, sei dieser Konzern jedoch eine riskante Anlage. Die Cashreserven von 1,7 Mrd. US-Dollar machten jedoch Hoffnung, dass das Unternehmen auch eine längere Durststrecke durchstehen könne. Auch der Umstand, dass ein Fonds sehr stark in Elan investiert gewesen sei und seine Position gänzlich habe auflösen müssen, spreche dafür, dass der Kursverlust übertrieben gewesen sei. Wer wild spekulieren möchte, kann bei Kursen unter 2 US-Dollar einsteigen und auf eine Genesung von Elan Corp. setzen, so die Experten von "iWatch". Aber Vorsicht: Dieses Unternehmen bewege sich am Rande des Abgrunds, da die Konkurrenz den eigenen Markt bearbeite.

© aktiencheck.de AG

[southbound]

@puhvogel

shire ist dir ja bekannt, bmy war die falsche Fährte.


Take this for what it`s worth!
by: upanddownmarket
Long-Term Sentiment: Strong Buy 09/02/02 03:46 pm
Msg: 79956 of 79988

Take this for what it`s worth... I cannot (I will not) offer the source of this information.

Goldman Sachs International will be doing a M&A "deal" with Shire Pharmaceuticals Group, PLC (Ticker: SHPGY) to acquire Elan Corporation, PLC (Ticker: ELN).

Merrill Lynch will have an Intermediate-Term Rating recommendation for Shire Pharmaceuticals Grp, PLC in their Pan European (Health Care) Valuation Update to "Strong Buy" (C.1.1.9). Note: Merrill Lynch expects to receive or intends to seek compensation from ELN (or an affiliate) for investment banking services within the next three months (dated 9/2/2002).

[southbound]

Und wieder haben die 2.80$ gehalten.

[McGum]

Hat jemand News zu Elan? Vorallem betreffend BristolMyers hat sich da schon wieder was getan?

[puhvogel]

Mc Gum: Das war ein Gerücht, das es aber immerhin bis in die offiziellen Reuters Nachrichten gekommen ist.

2 positive Nachrichten für Elan die letzten Tage:
Elan hat doch das Patent von einem Gericht für die transgene Alzheimermaus zugegesprochen bekommen, als Folge steigt der Kurs nachbörslich um 12,5 % auf 3.20 $.
Wenn es ein vernünftiges Mausmodell ist, ist es zumindestens als Asset zuminedestens theoretisch schnell in Geld verwandelbar.

Und ELan erhält von der FDA die Zulassung für neue Dosierung von Skelaxin und Zanflex (bei letzterer ist allerdings der Patetnschutz ausgelaufen)

[McGum]

Voll investieren hahahah

[Newman8]

Warum fällt elan heute um 35% ?
Hatte lange überlegt,spekulativ einzusteigen.
Zum glück habe ich es bis jetzt gelassen.
Aber nun, bei 1,3 € bin ich mal wieder am überlegen.

[Robin7]

Was ist heute los? Elan 1,11 minus 43%.

[Newman8]

@ Robin7
Hab leider keine Ahnung!
Werde morgen wohl aber mal ein paar einsammeln.
Oder möchte mich noch jemannd warnen?
Muss doch einen Grund für den Absturz geben.
Newmann8

[Newman8]

HHHHHHHAAAAAAAAAAAALLLLLLLLOOOOOO!!!!!
Keiner ne Ahnung was los ist?
Habe eine kleine Order zu 1,10 reingestellt!
Mal schauen ob es klappt.
Newmann8

[puhvogel]

Die Aktien des irischen Pharmaunternehmens Elan fallen am Dienstag um 40 Prozent, nachdem das Unternehmen ankündigte, im dritten Quartal eine Sonderbelastung von 542 Millionen Dollar verbuchen zu müssen.

Elan, dass einst größte börsennotierte Unternehmen in Irland mit einer Marktkapitalisierung von 22 Milliarden Dollar, ist aktuell noch mit 340 Millionen Euro bewertet.

Durch den Verkauf von Geschäftsbereichen und das schwache Investmentportfolio müsse man nun 542 Millionen Dollar abschreiben, hieß es.

Der Kurssturz der Elan Aktie begann zum Jahresanfang, als unter anderem die US-Börsenaufsichtsbehörde SEC im Unternehmen Ermittlungen initiierte.

[puhvogel]

Ziemlich ernüchternde Zahlen von Elan, Frova enttäuscht mich schwer:

UPDATE 2-Elan posts $1 bln Q3 loss; questions remain
Wednesday October 30, 5:43 am ET
By Michael Roddy


(Adds share price, analyst comment)
DUBLIN, Oct 30 (Reuters) - Troubled Irish drug maker Elan (Irish:ELN.I - News) reported a $60.7 million third-quarter loss before one-time items on Wednesday, though investment losses and other charges pushed it to a net loss of $1 billion.

Elan`s Irish shares, which have lost more than 95 percent of their value in the past year, were trading 2.7 percent higher at 1.55 euros after it said its recovery plan was on target. Most trading in Elan shares takes place in the United States.

Analysts said the results statement left many questions unanswered. They said they wanted details of progress in an investigation into Elan`s accounting practices by the U.S. Securities and Exchange Commission, the search for a new chief executive and planned assets sales.

"There`s a couple of positives," said analyst Jack Gorman of Davy Stockbrokers, who noted that Elan had posted positive earnings before interest, taxes, depreciation and amortisation (EBITDA) in the third quarter. Na toll

"I think the focus might turn now to the conference call to see if we can get a bit more flavour on those particular issues," he said. The call is slated for later on Wednesday.

Elan, which has been cutting jobs and selling assets to pare down its debt, said its recovery plan was on target.

"I am pleased to announce that the recovery plan is proceeding as outlined on July 31, 2002," said Garo Armen, chairman of the drug maker, which was once the largest company by market value on the Irish stock exchange.

"I am confident that we will reach our divestiture targets with greater realisations of cash and ahead of schedule," he added. "In addition, we remain focused on our very important research and development efforts, which are progressing according to plan."

DEBT-CUTTING PLAN

Elan has begun spinning off assets to pay off debt of $3.0 billion, of which $1.0 billion falls due in December 2003. It also said it had completed 70 percent of a planned 1,000 reduction in headcount by the end of the year.

Elan said revenue came in at $340 million, versus $484.3 million in the same quarter last year. Product revenue fell 42 percent to $219.9 million.

The company said total cash balances as of September 30 were $632.9 million.

It said that this figure, considered key to the company`s recovery plan, should exceed $1 billion when sales of its Abelcet and Actiq drugs are closed.

Elan posted net income of $128.6 million in the third quarter of last year.

This year it took charges of $943.1 million, including non-cash items of around $773 million, primarily from investment related losses, an intangible asset writedown and other costs associated with the implementation of its recovery plan.

Analysts said the net loss of 17 cents per share was close to market expectations.

"We had (forecast) a loss per share of 19 cents so it`s in line," said analyst Ian Hunter of Goodbodys Stockbrokers in Dublin.

"For the earning side of things they`d already guided so, although for our model their revenues were slightly above what we were expecting, their exceptional costs were slightly higher and so it`s evened out."

Hunter said that Elan appeared to have got a good deal on its Abelcet anti-fungal treatment, for which it is being paid $370 million, along with $50 million for Actiq.

"If they manage to get one or two other sales under their belt then I think they`ll have turned it around, but what is left afterwards is the next question," Hunter said.

Elan said its Antegren and Prialt products, as well as its Alzheimer treatment, were progressing "as targeted in the recovery plan".

Elan has seen its market value drop to just over half a billion dollars from a peak of $22 billion in June of last year amid concerns about its accounts and complex debt arrangements.

[kays]

Neue Herabstufung im Rating,Milliarden die in den nächsten Jahren zurückgezahlt werden müssen, Verkauf des Tafelsilbers,so das aus dem operativen Geschäft kaum Gewinne bleiben und als Gegenpol ein Geflecht an Beteiligungen an teils börsennotierten Miniunternehmen.
Eigentlich doch Gründe den derzeitigen Kursanstieg zum Verkauf zu nutzen oder sehe ich das verkehrt?

[kurttilly]

An alle Elan-Investierten !!!!

Weiß jemand bescheid, warum Elan heute so steigt? Warum so hohe Umsätze an der NYSE (letzer 25.000 Stück)?

[kays]

Könnte daran liegen das irgentein Börsendienst Gepusht hat. Bei einem Rating von caa und Verkauf des Tafelsilbers sehe ich sonst keine Erklärung.

[desastermaster]

Naja immerhin duerfte der allgemeine Anstieg die Beteiligungen von ELN
nicht mehr ganz so schlecht ausschauen lassen.
Aktuell: AMRN +55% auf $4.70 (nach empfehlung von Peter Lynch) - davon stehen 39% zu 5$ in ELNs Buechern.
sowie: vom 2.12.
Press Release for Elan Corporation, plc
Ligand Announces Exercise of Overallotment Option
for Convertible Subordinated...
damit bezahlen sie die AVINZA Rechte und kaufen ihre shares
von ELN zurueck.
Immerhin tut sich da doch was...
wies unterm strich ausgeht bleibt abzuwarten.
best
dm

[desastermaster]

ELN haussieren heute mal wieder ohne ersichtliche news.
Weis einer einen Grund dafuer?
Best
dm

[desastermaster]

So nun scheinen sie den deal mit king doch noch gebacken zu kriegen.
Das pusht ja heute erstmal...
Bleibt abzuwarten was noch an Mist in den epils steckt und
ob denn nach dem ganzen Abverkauf ueberhaupt noch ein nennenswertes
operatives Geschaeft uebrig bleibt
Best
dm



Press Release for Elan Corporation, plc


King Pharmaceuticals Reaches Revised Agreement to
Proceed with Acquisition of Elan`s Primary Care
Business
5/20/2003 2:05:00 AM
Provides Revised Financial Projections Reflecting
Transaction

BRISTOL, Tenn., May 20, 2003 /PRNewswire-FirstCall
via COMTEX/ -- King Pharmaceuticals, Inc. (KG)
announced today that the Company has reached an
agreement with Elan Corporation, plc (ELN) that
restructures the terms of the Asset Purchase
Agreement dated January 30, 2003. Pursuant to the
revised terms of the agreement, the previously
announced planned acquisition of Elan`s primary
care business in the United States and Puerto Rico
is expected to close by the end of June 2003,
subject to the satisfaction of certain
contingencies, including approval by the holders of
a majority of the outstanding common stock of Elan
and other customary conditions. King and Elan have
also agreed to suspend litigation between King and
Elan relating to the original agreement until the
closing of the transaction, at which time the
litigation will be dismissed.

Elan`s primary care business includes two branded
prescription pharmaceutical products, as well as
rights to potential new formulations of the
products, and Elan`s experienced primary care field
sales force consisting of approximately 375
individuals. The products include Sonata(R)
(zaleplon), a nonbenzodiazepine treatment for
insomnia, and Skelaxin(R) (metaxalone), a muscle
relaxant, in the United States, its territories and
possessions, and Puerto Rico ("Territories"), and
related New Drug Applications ("NDAs"), trademarks,
copyrights, patents, and licenses to certain
patents associated with potential new formulations
of such products. As part of the transaction, King
will acquire certain intellectual property,
regulatory filings, and other assets relating to
Sonata(R) directly from Wyeth Pharmaceuticals.

Under the restructured agreement, the total
consideration paid by King at closing will equal
approximately $750 million. King will deposit $400
million in escrow in anticipation of closing. The
$750 million purchase price includes the transfer
of inventory with a value of approximately $40
million. Net sales of Sonata(R) and Skelaxin(R) in
the Territories totaled approximately $238 million
during 2002.

Jefferson J. Gregory, Chairman and Chief Executive
Officer of King, stated, "We are pleased to
announce that we have reached a new agreement that
permits us to proceed with the acquisition of
Elan`s primary care business, which includes
Sonata(R) and Skelaxin(R). The addition of Elan`s
dedicated primary care field sales force of
approximately 375 individuals to our established
sales and marketing capabilities should
particularly well position Sonata(R) for long-term
growth and significantly enhance the Company`s
ability to successfully promote and grow our other
branded prescription pharmaceutical products."

Sonata(R) is a nonbenzodiazepine short-acting
treatment for insomnia, with most patients
experiencing the onset of sleep within ten to
twenty minutes of taking the drug. With a short
half-life of approximately one hour and a four to
five hour duration of action, the product can be
taken in the middle of the night without residual
side effects such as drowsiness, loss of memory, or
impact on psychomotor skills. Sonata(R) was
developed by Wyeth and approved for marketing in
the United States in 1999. Sonata(R) has
Hatch-Waxman exclusivity through August 2004 and a
composition of matter patent which the U.S. Patent
and Trademark Office is expected to extend through
June 2008. Net sales of Sonata(R) totaled
approximately $93 million during 2002.

In connection with the transaction, King and Elan
will enter into a Reformulation Agreement whereby
Elan will continue its ongoing development of new
formulations of Sonata(R), including an extended
release product. King will reimburse Elan for the
direct costs incurred in connection with the
formulation development program for Sonata(R), and
will pay Elan potential payments totaling
approximately $71 million upon the successful
attainment of certain significant development
milestones, including regulatory approval.
Furthermore, King will pay Elan a reasonable
royalty on net sales of each new formulation of
Sonata(R), plus a potential one-time milestone
payment of $15 million upon the achievement of a
specified net sales threshold.

Mr. Gregory commented, "With an excellent efficacy
and safety profile, and as one of only two approved
nonbenzodiazepines for the treatment of insomnia,
we believe Sonata(R) provides King with a
differentiated product among available insomnia
treatments. Moreover, with a composition-of-matter
patent expected to extend through June 2008, and
the opportunity to potentially develop a new
improved formulation with additional patent
protection, we continue to believe that Sonata(R)
provides King with another potential cornerstone
product."

Mr. Gregory added, "Elan has made significant
strides in the development of new formulations of
Sonata(R) utilizing their proprietary delivery
technology. Phase II clinical studies involving an
extended release formulation of Sonata(R) are
expected to begin within a year. We believe the
successful development of such a formulation should
potentially provide Sonata(R) with additional
long-term exclusivity."

Kyle P. Macione, President of King, commented, "We
continue to view our acquisition of Elan`s primary
care field sales force, which we plan to expand to
over 400 individuals, as a transformational event
for our Company. This dramatic expansion of our
U.S. primary care field sales force by over 90
percent provides critical mass, growing our total
sales force to approximately 1,200 individuals.
This expansion significantly enhances our existing,
proven sales and marketing capability and positions
us to compete even more effectively in the primary
care marketplace." Mr. Macione continued,
"Moreover, this should allow us to more
aggressively expand the representation of our
branded prescription pharmaceutical products among
primary care providers and strategically positions
King to launch new products as they emerge from our
growing product pipeline."

Skelaxin(R) is a muscle relaxant indicated for the
relief of discomforts associated with acute,
painful musculoskeletal conditions and has a
method-of- use patent through December 2021
claiming increased bioavailability when
administered to a patient with food. Furthermore,
the U.S. Food and Drug Administration ("FDA") now
requires Abbreviated New Drug Applications ("ANDA")
for generic equivalents to Skelaxin(R) to include
in-vivo studies under both fed and fasted
conditions that evaluate the products`
comparability to Skelaxin(R). Eon Labs, Inc. and
Corepharma LLC each have submitted to the FDA an
ANDA for a generic equivalent to Skelaxin(R) 400mg,
together with a paragraph IV certification
pertaining to the Skelaxin(R) method-of-use patent,
U.S. patent no. 6,407,128 ("the `128 Patent") that
does not expire until December 2021. Elan has filed
a patent infringement action against both Eon and
Corepharma. In March 2003, Eon reported that the
FDA has determined that Eon`s ANDA is not
approvable due to bioequivalency issues.

King will potentially pay Elan an additional $25
million milestone payment relating to the ongoing
exclusivity of Skelaxin(R) on January 2, 2004 and
will also pay Elan a royalty equal to 5% of net
sales of the current formulation of Skelaxin(R) in
the Territories through December 31, 2005.
Beginning in 2006, King will pay Elan a royalty
equal to 10% of annual net sales of the current
formulation of Skelaxin(R) in excess of $50 million
in the Territories. Net sales of Skelaxin(R)
totaled approximately $145 million during 2002.

Mr. Macione noted, "Skelaxin(R) remains the only
branded prescription pharmaceutical product without
a generic substitute in the muscle relaxant
therapeutic class. Total prescriptions for Skelaxin
equaled approximately 4,961,000 during the twelve
months ended December 31, 2002, a 20% increase over
the same period of the prior year, according to NDC
Health monthly prescription data." Mr. Macione
added, "King intends to continue to enforce the
Skelaxin(R) patent. Furthermore, as part of this
transaction, King and Elan also plan to enter into
an agreement relating to new formulation
development for Skelaxin(R)."

In connection with the transaction, Elan will
assign to King the Supply Agreement relating to the
supply of Sonata(R) to Elan by Wyeth. Under the
assigned Supply Agreement, Wyeth is obligated to
supply King`s requirements for Sonata(R) until
April 2010.

This transaction is expected to be immediately
accretive to King`s earnings upon closing. As such,
King is revising the Company`s projected ranges for
estimated total revenue and estimated diluted
earnings per share, excluding special items, for
the year-ending December 31, 2003 to reflect the
acquisition of Elan`s primary care business. King`s
revised projected ranges for estimated total
revenue and estimated diluted earnings per share,
excluding special items, for the year-ending
December 31, 2003, are as follows (dollars in
millions, except EPS):

Under Generally Accepted Accounting Principles
("GAAP"), "diluted earnings per share" includes
special items. King provides its guidance for
diluted earnings per share results for the year
ending December 31, 2003, excluding special items.
This non-GAAP financial measure excludes special
items (which King considers to be those items that
are not related to the Company`s ongoing,
underlying business) because King believes that it
is appropriate for investors to consider results
excluding these items, in addition to the Company`s
results reported in accordance with GAAP. King
believes this non- GAAP financial measure provides
an analysis of the Company`s results that is
comparable among periods since it excludes the
impact of items such as merger and restructuring
expenses, asset impairment charges, expenses of
drug recalls, and gains and losses resulting from
the divestiture of an asset, among others. However,
investors should note that these non-GAAP measures
involve judgments by King`smanagement (in
particular, judgments as to what is or is not
classified as a special item). Since King generally
does not predict the future impact of special
items, King is unable to reconcile the Company`s
2003 earnings guidance, excluding special items, to
GAAP.

King, headquartered in Bristol, Tennessee, is a
vertically integrated pharmaceutical company that
develops, manufactures, markets, and sells branded
prescription pharmaceutical products. King, an S&P
500 Index company, seeks to capitalize on
opportunities in the pharmaceutical industry
created by cost containment initiatives and
consolidation among large global pharmaceutical
companies. King`s strategy is to acquire branded
pharmaceutical products and to increase their sales
by focused promotion and marketing and through
product life cycle management.

This release contains forward-looking statements,
which reflect management`s current views of future
events and operations, including, but not limited
to, statements pertaining to King`s planned
acquisition of Elan`s primary care business in the
U.S. and Puerto Rico, including Sonata(R) and
Skelaxin(R) and Elan`s primary care field sales
force, statements pertaining to the growth
prospects for Sonata(R) and Skelaxin(R), statements
pertaining to the U.S. Patent and Trademark
Office`s expected extension of the Sonata(R)
composition of matter patent to June 2008,
statements pertaining to Elan`s continued
development of potential new formulations of
Sonata(R), statements pertaining to potential
milestone and royalty payments to Elan relating to
the potential development of new formulations of
Sonata(R), statements pertaining to the planned
initiation of Phase II clinical studies involving
an extended release formulation of Sonata(R),
statements pertaining to the potential of new
formulations of Sonata(R) which could provide the
product with additional long-term exclusivity,
statements pertaining to Sonata(R) providing King
with another potential cornerstone product,
statements pertaining to the planned new
formulation development for Skelaxin(R), statements
pertaining to potential milestone payments to Elan
relating to Skelaxin(R), statements pertaining to
King`s plan to enforce the Skelaxin(R) patent,
statements pertaining to King`s planned expansion
of Elan`s primary care field sales force,
statements pertaining to the ability of King`s
expanded sales force to enhance the sales and
prescription growth of Sonata(R), Skelaxin(R), and
King`s other branded prescription pharmaceutical
products, statements pertaining to King`s expanded
sales force enhancing the Company`s ability to
launch new products, statements pertaining to the
planned closing of this transaction, statements
pertaining to this transaction being accretive to
earnings upon closing, and statements pertaining to
management`s projections for estimated revenue and
estimated diluted earnings per share, excluding
special items, for the year-ending December 31,
2003, which projections reflect King`s planned
acquisition of Elan`s primary care business, assume
that Levoxyl(R) (levothyroxine sodium tablets, USP)
continues as an exclusive product without an
approved generic substitute, and assume that two
products under review by the FDA, AtroPen(R), a
nerve gas antidote for consumer use, and
DiaJect(R), a diazepam filled auto-injector for
epilepsy, are approved and subsequently launched
during the second-half of 2003. These
forward-looking statements involve certain
significant risks and uncertainties, and actual
results may differ materially from the
forward-looking statements. Some important factors
which may cause results to differ include: the
ability of King and Elan to consummate the
contemplated transaction described above,
dependence on approval of the transaction by the
shareholders of Elan, dependence on the ability of
King and Elan to satisfy all other relevant
contingencies, dependence on management of King`s
growth and integration of its acquisitions,
dependence on Elan`s ability to successfully
develop new formulations of Sonata(R) and
Skelaxin(R) with related effective patent
protection, dependence on Elan`s ability to timely
initiate Phase II clinical studies involving an
extended release formulation of Sonata(R),
dependence on the U.S. Patent and Trademark Office
extending the Sonata(R) composition of matter
patent to June 2008, dependence on the
enforceability of the Sonata(R) composition of
matter patent, dependence on the enforceability of
the Skelaxin(R) method-of-use patent, dependence on
King`s ability to maintain effective patent
protection for Sonata(R) and Skelaxin(R), including
new formulations of such products, and successfully
defend against any attempt to challenge the
enforceability of patents relating to the products,
including any motion for summary judgment or other
similar legal action, dependence on whether generic
competition for Sonata(R) and Skelaxin(R) are
successfully introduced prior to the expiration of
the Sonata(R) composition of matter patent, the
Skelaxin(R) method-of-use patent, and any patent
related to any new formulation of Sonata(R) or
Skelaxin(R), dependence on the enforceability of
patents related to any new formulation of Sonata(R)
or Skelaxin(R), dependence on the ability of King`s
dedicated field sales force representatives,
including those acquired from Elan as part of this
transaction, to successfully market Altace(R)
(ramipril), Levoxyl(R), Thrombin-JMI(R) (thrombin,
topical, bovine, USP), Sonata(R), Skelaxin(R), and
King`s other branded prescription pharmaceutical
products, dependence on Wyeth Pharmaceuticals`
ability to continue to supply King`s requirements
for Sonata(R) through April 2010, dependence on the
potential effect on sales of our existing branded
pharmaceutical products as a result of the
potential development and approval of a generic
substitute for any such product or other new
competitive products, dependence on King`s and
Wyeth`s ability to successfully market Altace(R)
under the co-promotion agreement between King and
Wyeth, dependence on the development and
implementation of successful marketing strategies
for Altace(R) by King and Wyeth, dependence on the
development and implementation of successful
marketing strategies for Levoxyl(R), dependence on
the potential negative effect on sales of
Levoxyl(R) as a result of the potential development
and approval of a generic substitute for
Levoxyl(R), dependence on growth of net sales of
King`s branded pharmaceutical products, in
particular, Altace(R), Levoxyl(R), and Thrombin-
JMI(R), as well as revenue and diluted earnings per
share, excluding special items, at a rate equal to
or in excess of management`s projections,
dependence on share count projections used in
computing projected diluted earnings per share,
excluding special items, on a year-end basis for
2003, dependence on the successful marketing and
sales of King`s products, including, but not
limited to, Altace(R), Levoxyl(R), and
Thrombin-JMI(R), dependence on the successful
marketing and sales of Sonata(R) and Skelaxin by
King, dependence on royalty revenues from
Adenoscan(R) (adenosine) and Adenocard(R)
(adenosine), dependence on management of King`s
growth and integration of its acquisitions,
specifically including, but not limited to, King`s
acquisition of Meridian, King`s acquisition of
Intal(R) (cromolyn sodium), Tilade(R) (nedocromil
sodium) and Synercid(R) (dalfopristin and
quinupristin) from Aventis, and King`s acquisition
of Elan`s primary care business, dependence on the
ability of King to realize potential synergies from
King`s acquisition of Meridian, dependence on any
determination of the ultimate focus and outcome of
the previously announced investigation of the
Company by the U.S. Securities and Exchange
Commission ("SEC"), dependence on the possibility
that the previously announced continuing
independent review by the audit committee of King`s
Board of Directors, which was initiated due to the
ongoing investigation of the Company by the SEC,
may result in a determination to revise our
disclosures or financial statements which could
have a material adverse effect on our reported
financial results, dependence on the possibility
that shareholders or regulatory authorities may
initiate proceedings against King and/or our
officers and directors, dependence on the import of
any relevant facts presently unknown to King`s
executive management, dependence on the high cost
and uncertainty of research, clinical trials, and
other development activities involving
pharmaceutical products, including, but not limited
to, King Pharmaceuticals Research and Development`s
pre-clinical and clinical pharmaceutical product
development projects, including binodenoson,
dependence on FDA approval of the ANDA now pending
on DiaJect(R) and King`s ability to successfully
continue that approval process, dependence on
King`s ability to timely obtain FDA approval of
civilian formulations of AtroPen(R), dependence on
Kinty to maintain effective patent protection for
the hydrofluoroalkane ("HFA") formulation of
Intal(R) through September 2017, for Tilade(R)
through October 2006, and for Synercid(R) through
November 2017, dependence on the FDA`s timely
approval of the HFA formulation of Intal(R),
dependence on whether our customers order
pharmaceutical products in excess of normal
quantities during any quarter which could cause our
sales of branded pharmaceutical products to be
lower in a subsequent quarter than they would
otherwise have been, dependence on changes in the
share price of Novavax common stock which is the
underlying collateral for the Novavax convertible
notes held by the Company, dependence on the
availability and cost of raw materials, dependence
on no material interruptions in supply by contract
manufacturers of King`s products, dependence on the
potential effect of future acquisitions and other
transactions pursuant to our growth strategies on
King`s financial and other projections, dependence
on our compliance with FDA and other government
regulations that relate to our business, and
dependence on changes in general economic and
business conditions, changes in current pricing
levels, changes in federal and state laws and
regulations, and manufacturing capacity
constraints. Other important factors that may cause
actual results to differ materially from the
forward-looking statements are discussed in the
"Risk Factors" section and other sections of King`s
Form 8-K dated April 15, 2003, previously submitted
to the SEC. King does not undertake to publicly
update or revise any of its forward-looking
statements even if experience or future changes
show that the indicated results or events will not
be realized.

SOURCE King Pharmaceuticals, Inc.

Copyright (C) 2003 PR Newswire. All rights
reserved.

[desastermaster]

So hier auszugsweise die news von gestern und heute.
die liquiditaetssituation duerfte damit insgesamt deutlich
entspannt haben.
Best
dm


Elan Completes Sale of Its Primary Care Franchise
after Receiving Shareholder Approval
6/13/2003 2:00:00 AM
DUBLIN, Ireland, Jun 13, 2003 (BUSINESS WIRE) --
Elan Corporation, plc (ELN) ("Elan") today
announced the completion of the sale of its primary
care franchise (principally its rights to
Sonata(TM)(zaleplon) and Skelaxin(TM)(metaxalone),
related inventory and rights to enhanced
formulations of these products) to King
Pharmaceuticals, Inc. (KG) ("King"). Elan has
realized net cash proceeds of $314.5 million from
the transaction, which was previously announced on
May 20, 2003, after giving effect to the
elimination of contractual and potential future
payments relating to Sonata and Pharma Operating
Ltd., a wholly owned subsidiary of Pharma Marketing
Ltd., and a final payment by Elan to Wyeth in
respect of Sonata. Elan`s primary care sales team,
consisting of approximately 350 personnel, will
transfer their employment to King. All claims under
the pending lawsuit between Elan and King, which
had been suspended pending the closing of the
transaction, will be dismissed by the parties with
prejudice.

At a special shareholders meeting held yesterday
(the "Extraordinary General Meeting"), Elan`s
shareholders approved an ordinary resolution for
the sale of the primary care franchise.

Elan is focused on the discovery, development,
manufacturing, selling and marketing of novel
therapeutic products in neurology, pain management
and autoimmune diseases. Elan shares trade on the
New York, London and Dublin Stock Exchanges.

SOURCE: Elan Corporation, plc

Copyright (C) 2003 Business Wire. All rights
reserved.

Press Release for Elan Corporation, plc


Elan Repurchases 40% of Outstanding LYONs
6/12/2003 4:11:00 PM
DUBLIN, Ireland, Jun 12, 2003 (BUSINESS WIRE) --
Elan Corporation, plc (ELN) ("Elan") today
announced that, through early June 2003, it
repurchased approximately $524 million in principal
amount at maturity of its Liquid Yield Option(TM)
Notes due 2018 ("LYONs") through a number of
separate, privately negotiated transactions. The
repurchases represented approximately 40% of the
LYONs outstanding at the beginning of the year. The
aggregate purchase price of the LYONs was
approximately $310 million, representing a discount
of approximately 4% to the accreted value of the
LYONs at December 14, 2003 of approximately $323
million. As a result of all the repurchases, the
aggregate purchase price of the LYONs at December
14, 2003 has been reduced from approximately $1,013
million to approximately $494 million.

After taking account of all repurchases completed
since the fourth quarter of 2002, Elan has
repurchased a total of $842 million in principal
amount at maturity of the LYONs, representing
approximately 51% of the originally issued LYONs,
at a cost of approximately $460 million. Holders of
the LYONs may require Elan to purchase all or a
portion of their LYONs on December 14, 2003 at a
price equal to the issue price of the LYONs plus
all accrued original issue discount through the
purchase date. Elan may, at its option, elect to
pay the purchase price for the LYONs in cash, by
the delivery of ADSs, or any combination of cash
and ADSs. Elan may repurchase additional LYONs in
the future and any such repurchases may be
material.

SOURCE: Elan Corporation, plc

[desastermaster]

Epil I,II,III und ihre bilanzierung sorgen heut fuer einen
kraeftigen Nackenschlag.
Best
dm

Press Release for Elan Corporation, plc


Elan to File for Extension of Time to File Annual
Report on Form 20-F
6/26/2003 2:32:55 AM
DUBLIN, Ireland, Jun 26, 2003 (BUSINESS WIRE) --
Elan Corporation, plc (ELN) ("Elan") today
announced that it intends to file with the
Securities and Exchange Commission ("SEC") a Form
12b-25 to extend to July 15, 2003, the filing date
for Elan`s Annual Report on Form 20-F for fiscal
2002.

The delay in filing is the result of current
discussions among Elan and the Office of Chief
Accountant and the Division of Corporation Finance
of the SEC regarding the appropriate accounting
treatment, under U.S. Generally Accepted Accounting
Principals, for Elan`s qualifying special purpose
entities, Elan Pharmaceutical Investments, Ltd.
("EPIL I"), Elan Pharmaceutical Investments II,
Ltd. ("EPIL II") and Elan Pharmaceutical
Investments III, Ltd. ("EPIL III").

The delay in filing the 2002 Form 20-F may cause a
technical default under certain of Elan`s debt
covenants that require it to provide audited
consolidated financial statements to the holders of
the EPIL II and EPIL III notes and Elan`s 7 1/4%
Senior Notes.

G. Kelly Martin, President and Chief Executive
Officer, said, "Elan is fully cooperating with the
SEC and is pursuing all available options for
quickly resolving the SEC discussions and for
addressing the impact of those discussions on
Elan`s outstanding debt." Mr. Martin continued, "At
Elan, we are dedicated to continuing our efforts to
deliver life-changing solutions that enable people
to live healthier, longer lives. As one of the
world`s leading companies in research and
development for Alzheimer`s disease, multiple
sclerosis, Crohn`s disease and severe pain
therapeutics, we take seriously our commitment to
meet the needs of patients and their families. With
such obligations to the world community at large,
as well as our obligations to our shareholders and
employees, we remain highly focused on reaching
resolution with the SEC in a timely manner."

Absent Elan curing the technical defaults under its
debt covenants by filing with the SEC its 2002 Form
20-F or absent receiving waivers from the
applicable noteholders, these defaults would become
events of default on July 30, 2003 under the EPIL
II and EPIL III notes and on September 14, 2003
under the Senior Notes, which could result in the
requisite holders of those notes declaring the
applicable debt to become immediately due and
payable. In the event that the requisite holders of
the EPIL II notes, the EPIL III notes or the Senior
Notes determined to accelerate their debt in light
of the technical nature of the default, such
acceleration would trigger the cross-acceleration
provisions of all of Elan`s other outstanding
indebtedness, including its Liquid Yield Option(TM)
Notes. Elan would not be able to satisfy the
acceleration of a significant amount of its
outstanding debt.

The proper accounting treatment for EPIL I, EPIL II
and EPIL III is also part of the previously
announced investigation by the Enforcement Division
of the SEC. No assurance can be given as to any
issues that may arise as a result of that
investigation.

[puhvogel]

By Mark Bendeich and Kevin Smith
LONDON/DUBLIN, June 26 (Reuters) - Irish drugs firm Elan
Corp <ELN.I> warned its investors on Thursday that it risked
collapse, after revealing that a delay in the filing of its 2002
U.S. accounts could put it in default with some bondholders.
Elan said it had missed an initial deadline for the filing
of its 2002 annual report with the U.S. Securities and Exchange
Commission (SEC), and that a delay beyond July 30 could bring it
into technical default with some of its bondholders.
Shares in the debt-ridden company, which fell from grace
last year on concerns over its complex accounts, lost another
quarter of their value, falling to 326-1/2 pence in London
trade. In early 2002 they fetched more than 30 pounds.
"Obviously it`s not good -- any talk of technical default is
going to get investors very worried," said Peter Jackson,
analyst at Dublin-based Bloxham Stockbrokers.
Analysts said they were waiting for a conference call with
the company later in the day to clarify the situation, but in
the meantime they expected Elan shares to fall sharply.
"It certainly puts them back on the critical list," said
analyst Peter Frawley of Merrion Capital in Dublin.
Once Ireland`s biggest company, Elan is saddled with some
$2.2 billion in debt and is due to repay a bond, which analysts
said it has whittled down to just under $500 million, by the end
of the year. It has been selling off assets in order to meet its
debt obligations.
Elan Chief Executive Kelly Martin told Reuters that the
audited 2002 annual report was due "about now" but it had been
delayed because Elan was still in talks with the SEC over the
accounting treatment of some special purpose entities.
Special purpose entities were a feature of the collapse of
energy trading giant Enron. They have been commonly used as a
way of raising money off a company`s balance sheet.
Martin, who was appointed this year, said Elan hoped to be
able to file the report with the SEC by July 15 but that a delay
beyond the end of July would put it into technical breach of a
covenant, or borrowing condition, on two series of bonds.
These are known as the EPIL II and EPIL III series of notes
and amount to about $840 million, analysts said.
A further delay beyond September 14 could also trigger the
immediate repayment on Elan`s Senior Notes, worth $650 million.
Martin said that if its bondholders demanded their money
back in the event of default, Elan could face a major run on its
debts by other lenders and would not be able to withstand it --
even though it has been raising cash from a slew of asset sales.
Asked if the worst-case scenario -- where a technical breach
of bond covenants snowballed into a wider run on its debts --
would lead to the end of Elan, Martin replied: "Yes".
"We are working extraordinarily hard to resolve these
issues," Martin told Reuters.
"If in the event that those efforts, as heroic and as
focused as it may be, do not work for some reason, we have laid
out now to the marketplace the consequences of that -- and that
(collapse) to me would be an enormous tragedy."
Martin said Elan had an "open relationship" with its
bondholders and it planned to discuss the delay in filing its
accounts with these lenders in the next 24 hours.
However, he declined to give any opinion on the likelihood
that Elan could resolve its talks with the SEC and file its
audited 2002 accounts before July 30, the first default trigger.

[puhvogel]

Elan - verspätete Bilanzeinreichung bei der SEC

Der irische Medikamentenhersteller Elan plant bei der US-Börsenaufsichtsbehörde SEC einen Antrag zu stellen, der die verspätete Einreichung der Jahresbilanz für 2002 bekannt geben soll. Die Bilanz soll erst am 15. Juli 2003 eingereicht werden. Grund für die Verspätung der Bilanzmeldung seien anhaltende Gespräche mit der Behörde über die Behandlung von Umsätzen der Zweckgesellschaften von Elan. Elan betont, in allen Belangen mit der Behörde zu kooperieren.

[puhvogel]

5,69 $ realtime

[puhvogel]

TEXT-S&P cuts Elan corporate credit rating to CCC
2003-06-26 16:26:17 EST

(The following statement was released by the rating agency)

NEW YORK, June 26 - Standard & Poor`s Ratings Services said today that it lowered its corporate credit rating on Elan Corp. PLC to `CCC` from `B-`. Standard & Poor`s also lowered all of its other ratings on Elan, a specialty pharmaceutical company, and its affiliates, and the ratings have been placed on CreditWatch with negative implications.

The actions follow Dublin, Ireland-based Elan`s announcement that it is filing with the Securities and Exchange Commission (SEC) for an extension to file its Form 20-F 2002 Annual Report by July 15, 2003. The delay is related to the company`s ongoing discussions with the SEC over appropriate accounting treatment, under U.S. Generally Accepted Accounting Principals, for the company`s various special purpose entities (Elan Pharmaceutical Investments I, EPIL II, and EPIL III).

"The delay in filing may cause the company to be in technical default of its debt covenants, raising the possibility that debtholders can demand immediate repayment," said Standard & Poor`s credit analyst Arthur Wong. "Without a waiver, the $572 million in outstanding EPIL II and EPIL III debt would be considered in default on July 30, 2003, and Elan`s $650 million in senior unsecured notes would be in default on Sept. 14, 2003."

Elan is already facing a possible put on $494 million in outstanding LYONs securities at the end of 2003. As of March 31, 2003, the company had $984 million in on-hand cash and has received net proceeds of $315 million from the recently closed sale of its primary care business. Elan will not be able to meet its debt obligations given an acceleration of its debt maturities.

[desastermaster]

Sie kratzen weiter Cash zusammen...
Best
dm

Press Release for Elan Corporation, plc


Elan to Receive $65 Million in Cash from the Sale
of Its Remaining Shares of Ligand
7/3/2003 9:19:00 AM
DUBLIN, Ireland, Jul 3, 2003 (BUSINESS WIRE) --
Elan Corporation, plc (ELN) (together with its
affiliates, "Elan") today announced that it has
agreed to sell its remaining approximately 5.8
million shares of common stock of Ligand
Pharmaceuticals (LGND) ("Ligand") to a number of
qualifying institutional investors for aggregate
net cash proceeds of $65.1 million. As a result,
Elan will have disposed of its entire shareholding
of approximately 14.5 million shares of Ligand for
aggregate net cash proceeds of $158.1 million.

As previously announced on November 12, 2002, Elan
sold approximately 2.2 million shares of Ligand
common stock to Ligand for $20.0 million, and
realised no gain or loss on disposal. On May 28,
2003, Elan realised approximately $73.0 million in
net cash proceeds from the sale of 6.4 million
shares of Ligand common stock. The aggregate
carrying value of these shares, together with the
carrying value of Elan`s remaining shares of Ligand
common stock sold today, is $65.8 million, and Elan
expects to record a pre-tax gain of approximately
$72.3 million in respect of these two transactions.

The proceeds from the transaction will form part of
Elan`s targeted proceeds from the divestment of
assets as outlined in its recovery plan.

Elan is focused on the discovery, development,
manufacturing, sale and marketing of novel
therapeutic products in neurology, pain management
and autoimmune diseases. Elan shares trade on the
New York, London and Dublin Stock Exchanges.

SOURCE: Elan Corporation

Copyright (C) 2003 Business Wire. All rights
reserved.

[desastermaster]

und das naechste Stueckchen wird verhoekert.
Best
dm

Press Release for Elan Corporation, plc


Nitto Americas Has Agreed to Acquire Elan
Transdermal Technologies, Inc.
7/3/2003 9:22:00 PM
MIRAMAR, Fla., Jul 3, 2003 (BUSINESS WIRE) -- Nitto
Americas, Inc., the U.S. subsidiary of Nitto Denko,
has agreed to acquire 100% of the stock of Elan
Transdermal Technologies, Inc. ("ETT"), a
wholly-owned subsidiary of Elan Corporation, plc
(ELN), a fully integrated biopharmaceutical company
headquartered in Dublin, Ireland.

ETT is a fully-integrated transdermal research,
development and manufacturing company that offers
proprietary and generic controlled-release
transdermal products for a wide range of therapies,
utilizing a number of sophisticated technologies.
The company offers a full range of pharmaceutical
services, from research and development to scale-up
and commercial manufacturing in an FDA registered
facility, and currently employs 110 associates all
of whom will be offered employment with the new
company.

Nitto Denko Corporation is one of the world`s
leading producers and developers of transdermal
drug delivery systems, featuring a proprietary drug
delivery system and multiple patent-protected
technologies. The company has particular expertise
in the areas of adhesive formulation and patch
development.

"We took a leading position in transdermal drug
delivery technology in the early 1980`s," said
Hideki Yamamoto, Chairman of Nitto Denko
Corporation. "Then, we developed and honed the
technology, earned the leading share in the
Japanese market and became one of the world leaders
in transdermal drug delivery systems. Our goal with
this combination is to enhance our leadership
position by fusing our unique transdermal drug
delivery platforms and developmental strengths with
ETT`s U.S. based manufacturing presence, regulatory
expertise, patent portfolio and broad technology
platforms."

"This acquisition represents a significant
milestone in our strategy to integrate leading edge
technologies in the medical field," noted Bill
Hayes, CEO of Nitto Americas. "We remain committed
to improving the quality of medical care by
developing and manufacturing a variety of
transdermal drug delivery systems for new areas of
treatment. ETT is an excellent fit because it is a
sophisticated operation with a solid group of
professional people and high quality equipment.
Together, we can cost-effectively deliver the
highest quality transdermal drug delivery systems
to our pharmaceutical company customers throughout
the world."

Founded in 1918, Nitto Denko, headquartered in
Osaka, Japan, is a $3.5 billion global
manufacturing leader focused in specialty markets
with its primary focus in the medical, automotive
and electronics sectors. The company employs nearly
10,000 people at its manufacturing locations and
sales offices in North and South America, Europe,
Australia, Japan, China and other Asian locations.
Nitto Denko is traded on the Tokyo Stock Exchange,
First Section; the Osaka Stock Exchange, First
Section; and the Nagoya Stock Exchange, First
Section.

With the acquisition of ETT, Nitto Americas will
generate a forecasted $400 million in annual
revenue, has 1,700 employees in the U.S. and $280
million in assets. The company focuses on the
automotive, electronics, medical, membrane,
electrical, industrial, bonding, and retail and
industrial identification industries. The Nitto
Americas family of companies includes Permacel
headquartered in New Brunswick, NJ; Permacel
Automotive, the recently acquired Acoustiseal, in
Kansas City, MO; Hydranautics in Oceanside, CA;
Graphic Technology, Inc. in New Century, KS; and
Nitto Denko America in Fremont, CA.

SOURCE: Nitto Americas, Inc.

Copyright (C) 2003 Business Wire. All rights
reserved.

[puhvogel]

Steht kein Preis dabei, oder habe ich was übersehen....?

[desastermaster]

@ puhvogel
richtig, kein preis dabei... und ich hab auch woanders noch
keinen gefunden.
Wer weis ob sie den deal ueberhaupt schon fertig gebacken haben.
Hat bei king ja auch was gedauert.
Best
dm

[desastermaster]

Sie kriegen Ihren Scheiss von Bilanz einfach nicht gebacken...
lustigerweise fuehrt das in Londondon zu vergleichsweise hektischem Handel.
Best
dm

Press Release for Elan Corporation, plc


Elan Update on Filing of 2002 Annual Report on Form
20-F
7/16/2003 2:25:00 AM
DUBLIN, Ireland, Jul 16, 2003 (BUSINESS WIRE) --
Elan Corporation, plc (ELN) ("Elan") today
announced that it did not file with the Securities
and Exchange Commission ("SEC") Elan`s Annual
Report on Form 20-F for fiscal 2002 within the
15-day extension period provided under its
previously filed Form 12b-25.

As announced on June 26, 2003, Elan has been in
discussions with the Office of Chief Accountant and
the Division of Corporation Finance of the SEC. The
SEC has questioned Elan`s historic accounting
treatment, under U.S. Generally Accepted Accounting
Principles, for Elan`s qualifying special purpose
entity, Elan Pharmaceutical Investments III, Ltd.
("EPIL III"), and for a related transaction. Elan
is currently evaluating the issues raised by the
SEC and is devoting significant time and resources
to completing and filing its 2002 Form 20-F as
expeditiously as practicable. Elan cannot, however,
provide any assurances as to the timing of the
completion of its evaluation or the timing of the
filing of its 2002 Form 20-F.

SOURCE: Elan Corporation, plc

Copyright (C) 2003 Business Wire. All rights
reserved.

[desastermaster]

Tja da is nun die Auswertung der PhaseIII Studie zu Antegren.
Der primaere Endpunkt wurde verfehlt weil das Placebo zu gut wirkte...
Nun soll versucht werden das noch wegzudiskutieren da wohl der response
auch subjektiv vom Patienten eingeschaetzt wird und daher bei
einer 4:1 Aufteilung von Wirkstoff zu Placebo zu viele Leute meinten
sie seien in der Wirkstoffgruppe und so vermoege positiven Denkens
das Ergebnis veraendert haben koennten.
Immerhin ist die grundsaetzliche Wirksamkeit bestaetigt worden,
Best
dm


Press Release for Elan Corporation, plc


Analysis Of ANTEGREN Phase III Induction Clinical
Trial in Crohn`s Disease Completed
7/24/2003 7:06:50 AM
DUBLIN, Ireland & CAMBRIDGE, Mass., Jul 24, 2003
(BUSINESS WIRE) -- Elan Corporation, plc (ELN) and
Biogen, Inc. (BGEN) announced today that the Phase
III induction trial of ANTEGREN(R) (natalizumab)
did not meet the primary endpoint of "response" as
defined by a 70-point decrease in the Crohn`s
Disease Activity Index ("CDAI") at week 10.

This result appears to be due to a larger than
expected placebo response rate. However, data from
the study indicate that the biological activity of
natalizumab was similar to that seen in the Phase
II study published in the New England Journal of
Medicine earlier this year. Additionally, there
were no notable differences in the overall rates of
side effects between natalizumab and placebo
treatment groups through week 12.

"Although we did not meet the primary endpoint at
week 10, other data from the trial suggest that
natalizumab and its unique mechanism of action have
an important effect on inflammation and these data
further support our hypothesis that natalizumab
will be useful in the treatment of immune-mediated
diseases," said Lars Ekman, MD, PhD, Executive Vice
President, Research and Development, Elan. "We will
meet with regulatory authorities to discuss these
data and determine the most appropriate path
forward. In the meantime, we await results from the
Crohn`s `maintenance` trial."

As seen in the Phase II study, a significant effect
was seen on multiple markers of inflammation
including C-reactive protein and platelets in
natalizumab-treated patients as compared to
placebo. After review of the data, an analysis of a
subset of patients comprising 72% of the total
population enrolled in ENACT-1 demonstrated
evidence of active inflammation. This substantial
subset of patients with active inflammation had
statistically significant clinical response and
remission rates at week 10 and multiple other time
points compared to placebo.

"These data show that natalizumab has an impact on
biological activity in patients with Crohn`s
disease," said Burt Adelman, MD, Executive Vice
President, Research and Development, Biogen. "The
Phase III clinical trials evaluating natalizumab in
MS are on track. Previous studies have indicated
natalizumab`s potential to reduce new inflammatory
brain lesions and relapses in patients with
relapsing forms of MS."

The Study

The Phase III, double-blind, placebo-controlled
trial known as ENACT-1 (Evaluation of Natalizumab
in Active Crohn`s disease Therapy-1) randomized
patients to one of two treatment groups: 300 mg
natalizumab or placebo in a 4:1 ratio (active to
placebo) dosed at weeks 0, 4 and 8. The study
evaluated 905 patients. The primary endpoint of
"response" was defined as a 70-point decrease in
the CDAI score and "remission" was defined as a
CDAI score of less than or equal to 150, both at
week 10. Secondary and tertiary endpoints included
"response" and "remission" at other time points
through week 12, "time to remission and response,"
mean changes in CDAI as well as quality of life
measurements and inflammatory markers (e.g.,
C-reactive protein).

The week 12 response and remission endpoints were
significant compared to placebo as was a secondary
endpoint of IBDQ (Inflammatory Bowel Disease
Questionnaire - a validated quality of life
measurement) at week 10. Over the course of the
study, the time to remission and, at weeks 6
through 12, mean changes in CDAI were also
significant in natalizumab treated patients
compared to those treated with placebo.

There were no notable differences in the overall
rates of side effects between natalizumab and
placebo treatment groups through week 12. The most
common adverse events seen in the trial were
headache, nausea and abdominal pain across both
groups.

Analysis is underway to better understand the
unusually high placebo response rate. Recently,
high placebo response rates have been seen in
Crohn`s disease studies. The unexpected high rate
in ENACT-1 may be attributed to the study design: a
4:1 randomization ratio may have led patients to
believe that they would be assigned to the active
treatment arm and thus experience a beneficial
effect from treatment.

The Phase III data will be shared in greater detail
with the medical and scientific community at
medical meetings later this year.

Elan and Biogen are collaborating on the
development, manufacturing and marketing of
natalizumab. Natalizumab, a humanized monoclonal
antibody, has a novel mechanism of action: it is
the first alpha-4 antagonist in the new SAM
(selective adhesion molecule) inhibitor class. The
drug was designed to selectively inhibit immune
cells from leaving the bloodstream and to prevent
these cells from migrating into tissue (the
gastrointestinal tract in Crohn`s disease and the
brain in MS) where they may otherwise cause or
maintain inflammation.

Based on pre-clinical and investigational clinical
studies demonstrating that selectively inhibiting
alpha-4 integrin may prevent inflammation in
immune-related inflammatory diseases, Elan and
Biogen are pursuing a comprehensive clinical
development program in Crohn`s disease and MS.
Positive findings from the Phase II studies in
Crohn`s disease and MS were published in the
January 2, 2003 issue of the New England Journal of
Medicine. To date, more than 3,000 patients have
participated in Phase III natalizumab clinical
studies.

Ongoing Phase III Clinical Trial Program

In addition to ENACT-1, the natalizumab
"maintenance" trial in Crohn`s disease - ENACT-2
(Evaluation of Natalizumab as Continuous Therapy-2)
is ongoing.

Concurrently, two Phase III studies in MS are
underway. AFFIRM (natalizumab safety and efficacy
in relapsing-remitting MS) will evaluate the
ability of natalizumab to slow the rate of
disability in MS and reduce the rate of clinical
relapses; SENTINEL (safety and efficacy of
natalizumab in combination with AVONEX(R)
(Interferon beta-1a) in patients with
relapsing-remitting MS) will determine if the
combination of natalizumab and AVONEX is more
effective than treatment with AVONEX alone in
slowing rate of disability and reducing rate of
clinical relapses.

Crohn`s disease

Approximately one million people worldwide have
Crohn`s disease, a chronic and progressive
inflammatory relapsing-remitting disease of the
gastrointestinal tract, which commonly affects both
men and women. The disease usually causes diarrhea,
crampy abdominal pain, often fever, and at times
rectal bleeding. Loss of appetite and subsequent
weight loss also may occur. Complications include
narrowing of the intestine, obstruction, abscesses,
and fistulas (abnormal channels connecting the
intestine and other organs, including the skin),
malnutrition and decreased growth rate in children.

Elan is focused on the discovery, development,
manufacturing, selling and marketing of novel
therapeutic products in neurology, pain management
and autoimmune diseases. Elan shares trade on the
New York, London and Dublin Stock Exchanges. For
additional information about the company, please
visit http://www.elan.com.

Biogen is the world`s oldest independent
biotechnology company and a leader in biologics
research, development and manufacturing. A pioneer
in leading edge research in immunology,
neurobiology and oncology, Biogen brings novel
therapies to improve patients` lives around the
world through its global marketing capabilities.
For press releases and additional information about
the company, please visit http://www.biogen.com.

This press release contains forward-looking
statements regarding the potential for ANTEGREN and
future development efforts. These statements are
based on the companies` current beliefs and
expectations. Drug development and
commercialization involve a high degree of risk. A
number of risks and uncertainties could cause
actual results to differ materially. For example,
having failed to meet the primary endpoints in the
ENACT-1 study, the companies are unable to predict
when and if a filing for regulatory approval in the
Crohn`s indication will be made. Additional trials
may be required to generate sufficient data for
such a filing that could involve significant delay
and expense. ANTEGREN development efforts could
also be adversely affected if unexpected concerns
arise from additional data analysis or from new
data or as a result of discussions with regulatory
authorities or other obstacles. Additional risks
and uncertainties related to the companies`
businesses are described from time to time in their
respective periodic reports filed with the
Securities and Exchange Commission. The companies
do not undertake any obligation to publicly update
their forward-looking statements, whether as the
result of new information, future events or
otherwise.

SOURCE: Elan Corporation, plc and Biogen, Inc.

(c) 2003 Business Wire. All reproduction, other
than for an individual user`s reference, is
prohibited without prior written permission.

[puhvogel]

Ich wundere mich immer wieder, wie erfahrene etablieren Unternehmen solche dusseligen Fehler machen können.

[desastermaster]

Na immerhin scheinen Sie ja mal ne art bilanz gebacken zu kriegen.
Best
dm
Press Release for Elan Corporation, plc
Elan Announces Expected Filing of 2002 Annual Report on Form 20-F with SEC by September 5, 2003
9/4/2003 2:30:00 AM

Elan sets date of September 17 for second quarter 2003 financial results, and October 21 for the Annual General Meeting

DUBLIN, Ireland, Sep 4, 2003 (BUSINESS WIRE) -- Elan Corporation, plc (ELN) ("Elan") today announced that it has concluded its 2002 audit and expects to file Elan`s Annual Report on Form 20-F for the fiscal year ended December 31, 2002, with the U.S. Securities and Exchange Commission ("SEC") by September 5, 2003.

This will cure the previously announced defaults under certain of Elan`s outstanding debt.

Kelly Martin, President and Chief Executive Officer of Elan, said, "The conclusion of the 2002 audit and the filing of our 2002 Annual Report on Form 20-F is an important and necessary step in our recovery effort. Our approach throughout this complex process has been exceedingly deliberate; this approach was designed in order to ensure that any open items were thoroughly reviewed by all the necessary constituencies before moving forward. Over the course of the last nine weeks we appreciate the patience and support of all of our stakeholders in seeing this process through to its conclusion." Mr. Martin added, "We remain focused on executing our plans for improving and simplifying Elan`s financial position, reducing any historical legal/regulatory issues, investing in our core and strategic pipeline of products and building a world class business model aligned to our therapeutic focus areas of neurology, acute pain and autoimmune diseases."

As previously announced, Elan will restate its 2001 U.S. GAAP financial results and adjust its previously announced unaudited U.S. GAAP financial information for the year ended December 31, 2002 and the quarter ended March 31, 2003. The restatement and adjustments will give effect to the consolidation of one of Elan`s qualifying special purpose entities, Elan Pharmaceutical Investments III, Ltd. ("EPIL III"), and to the consolidation of Shelly Bay Holdings Ltd., an entity established by Elan ("Shelly Bay"), from June 29, 2002 through September 30, 2002. Shelly Bay acquired certain financial assets from EPIL III on June 29, 2002.

The impact of the restatement will be to reduce diluted earnings per share for 2001 from $0.95 to $0.75. For 2002, the adjustment will reduce Elan`s diluted loss per share from $6.85 to $6.65. Shareholders` equity at December 31, 2002 is reduced by less than $2 million. The adjustment reduces shareholders equity at March 31, 2003 by $16.2 million and increases Elan`s loss per share for the quarter ended March 31, 2003 by less than $0.01.

In addition, Elan announced unaudited U.S. GAAP financial information for the year ended December 31, 2002 on February 5, 2003. Elan has conducted a standard post balance sheet review and updated its original estimates, principally in relation to asset write-downs and asset divestment proceeds, based on more recent information received in the extended period from February 5, 2003, to the approval of the 2002 audited accounts on September 3, 2003. The impact is to reduce shareholders` equity at December 31, 2002 by a further $46.1 million and increase Elan`s diluted loss per share, after consolidating EPIL III and Shelly Bay, from $6.65 to $6.75. Shareholders` equity at March 31, 2003 is reduced by $46.1 million and Elan`s loss per share for the quarter ended March 31, 2003 is reduced by less than $0.01.

The restatement and the adjustments do not affect Elan`s previously filed Irish GAAP financial statements or its liquidity or cash position.

The investigation by the SEC`s Division of Enforcement is ongoing and no assurance can be given as to the timing of the completion of that investigation and any issues that may arise as a result of that investigation.

The 2002 Annual Report on Form 20-F will be posted on the Investor Relations section of the Elan web site, www.elan.com, by September 5, 2003.

Elan will report its second quarter 2003 financial results on September 17, 2003, before the U.S. and European financial markets open. The results announcement will be followed by a conference call, details of which will be provided shortly via a press release.

Elan will hold its Annual General Meeting ("AGM") at 10.30 a.m. on October 21, 2003, at The Davenport Hotel, Merrion Square, Dublin 2, Ireland.

Elan is focused on the discovery, development, manufacturing, sale and marketing of novel therapeutic products in neurology, acute pain and autoimmune diseases. Elan shares trade on the New York, London and Dublin Stock Exchanges.

This document contains forward-looking statements about Elan`s financial condition, results of operations and business prospects 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 or events. Among the factors that could cause actual results to differ materially from those described herein are the following: the outcome of the ongoing SEC Enforcement investigation and shareholder litigation, including the impact of the 2001 restatement and the 2002/2003 adjustments on the shareholder litigation; and the impact that any further delay may have on certain of Elan`s indebtedness; the outcome of Elan`s recovery plan and its ability to maintain flexibility and maintain sufficient cash, liquid resources, and investments and other assets capable of being monetized to meet its liquidity requirements; 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; 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; 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; 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 for the fiscal year ended December 31, 2001, 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

Copyright (C) 2003 Business Wire. All rights reserved.

[puhvogel]

Ich kann das gar nicht fassen.

[southbound]

Reuters
S&P raises Elan Corp Plc corporate credit rtg
Friday September 5, 4:15 pm ET


(The following statement was released by the rating agency)
NEW YORK, Sept 5 - Standard & Poor`s Ratings Services said today that it raised its corporate credit rating on specialty pharmaceutical company Elan Corp. PLC (Irish:ELN.I - News) to `CCC+` from `CCC`. Standard & Poor`s also raised all of its other ratings on Elan and its affiliates, and removed the ratings from CreditWatch.

The rating action follows Elan`s successful filing of its 20-F 2002 annual report with the SEC. The outlook is now developing.

The ratings were downgraded and placed on CreditWatch on June 26, 2003, following Elan`s announcement that it was not going to be able to file its 20-F report on time. This placed the company in technical default of its debt covenants and could have potentially resulted in an acceleration of all of Elan`s roughly $2 billion in debt. Elan indicated that it would not have been able to meet all of its debt obligations if that scenario had occurred.

"The ratings and outlook reflect Elan`s significant near-to-intermediate debt maturities and expected losses and negative cash flows in the intermediate term," said Standard & Poor`s credit analyst Arthur Wong. "These factors are partially offset by the company`s roughly $1 billion of cash and investments on hand."

While the filing of the 20-F removes the immediate threat of default, Elan continues to face significant debt maturities in the near-to-intermediate term. Specifically, nearly $500 million in LYONs securities can be put to the company at the end of 2003, and Elan Pharmaceutical Investments (EPIL) II and III have $840 million in securities due in 2004 and 2005.

At the same time, the company currently has roughly $1 billion in cash and investments on hand and also has the option of satisfying the put on the LYONs with any combination of cash and equity. However, Elan`s operations continue to generate losses and consume cash at a high rate, especially as the company spends to support its R&D program. Indeed, Elan may not be profitable until 2005. Moreover, its most promising product prospect, Antegren, which is being developed to treat Crohn`s disease and multiple sclerosis, is not expected to reach the market before 2006. Complete ratings information is available to subscribers of RatingsDirect, Standard & Poor`s Web-based credit analysis system, at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard & Poor`s public Web site at www.standardandpoors.com; under Credit Ratings in the left navigation bar, select Credit Ratings Actions.

[puhvogel]

Danke southbound, den upgrade habe ich gar nicht gesehen!

Dow Jones Business News
Elan Corp 2Q EBITDA Loss $23.9M Vs $54.5M Pft
Wednesday September 17, 3:56 am ET


Edited Press Release
Autoimmune - During the third quarter of 2002, Elan acquired all royalty rights held by Autoimmune Research and Development Corp. Ltd. and the arrangement was terminated. Consequently, no co-promotion revenue was received from Autoimmune during the second quarter of 2003 compared to $15.0 million in the second quarter of 2002.

Contract Revenue - Contract revenue in the second quarter of 2003 was $28.4 million compared to $81.8 million in the same period of 2002, a decrease of 65%.

The amortization of fees amounted to $8.5 million in the second quarter of 2003 compared to $49.5 million in the second quarter of 2002. Of the $8.5 million in amortized fees in the second quarter of 2003, $4.4 million related to business ventures. In the second quarter of 2002, $46.5 million of the $49.5 million related to the business ventures. As part of the recovery plan outlined on July 31, 2002, Elan completed a review of its business venture program and, as a result, Elan is terminating and restructuring most of its business ventures. Of a total of 55 active business ventures in July 2002, 37 have been terminated or restructured to date. The reduction in amortized fees during the second quarter of 2003 arose primarily from the restructuring and termination of business ventures, which started in 2002.

No revenue was received under the arrangement with Autoimmune during the second quarter of 2003. Research revenue of $14.5 million was received from Autoimmune in the second quarter of 2002. No further research revenue will be received from Autoimmune.

The gross profit margin on product revenue was 57% in the second quarter of 2003 compared to 58% in the first quarter of 2003 and 67% in the second quarter of 2002. The reduction in the gross margin in 2003 reflects the change in the mix of product revenues.

In particular, there was no revenue from Autoimmune in the second quarter of 2003 and revenue from Zanaflex was only $0.2 million compared to $64.1 million in the comparable period of 2002. In addition, during the second quarter of 2003, royalties paid to Pharma Marketing in respect of sales of Sonata (News - Websites), Zanaflex, Frova(TM) and Zonegran of $20.6 million were included in cost of sales compared to $15.8 million in the second quarter of 2002, and $11.9 million in the first quarter of 2003.

Research and development expenses were $80.9 million in the second quarter of 2003 compared to $96.5 million in the second quarter of 2002 and $86.5 million in the first quarter of 2003. This reduction reflects the refocusing of research and development efforts on key programs, which attracted increased investment, compensated for by reduced investment in non-core programs.

Selling, general and administrative expenses decreased by 33% to $120.4 million in the second quarter of 2003 from $180.9 million in the second quarter of 2002 (approximately $16 million of the reduction related to asset divestitures) and $125.3 million in the first quarter of 2003. This decline is expected to continue in 2003 following the ongoing implementation of the recovery plan, associated headcount reductions and business simplification. Included in selling, general and administration expenses for the second quarter of 2003 is approximately $18 million in relation to the primary care franchise that was sold on June 12, 2003.

Included in recovery plan and other significant charges of $203.2 million for the second quarter of 2003 are net costs associated with the implementation of the recovery plan of $6.8 million together with a payment of $196.4 million to Pharma Operating in relation to the purchase of royalty rights with respect to Sonata and Prialt.

Elan may in the future incur recovery plan related charges relating to severance, retention and similar restructuring costs. Elan may incur impairment charges related to investments and intangible assets if their fair value falls below their carrying value as a result of adverse changes in circumstances or market conditions.

The reduction in EBITDA is as a result of a number of factors including the disposal of a number of products and businesses, the payment of increased royalties to Pharma Marketing, the termination of arrangements with Autoimmune, the impact of generic competition on sales of Zanaflex offset by the significant reduction in costs resulting from the implementation of the recovery plan.

At June 30, 2003, Elan had $973.0 million in cash and cash equivalents ( including $7.1 million in restricted cash held by EPIL III), compared with $1, 013.9 million at December 31, 2002 (including $8.9 million in restricted cash held by EPIL III). Based on its recovery plan, Elan believes it has sufficient cash, liquid resources, investments and other assets that are capable of being monetised to meet its current liquidity requirements. The focus of the recovery plan is on maintaining financial flexibility through cash generation. However, Elan`s cash position will in future periods be dependent on a number of factors, including its asset divestitures, its balance sheet restructuring, its debt service requirements and its future operating cash flow and the outcome of the ongoing SEC Enforcement investigation and shareholder litigation. In addition to the actions and objectives outlined with respect to Elan`s recovery plan, Elan may in the future seek to raise additional capital, restructure or refinance its outstanding indebtedness, repurchase its equity securities or its outstanding debt, including the LYONs, in the open market or pursuant to privately negotiated transactions, or take a combination of such steps or other steps to increase or manage its liquidity and capital resources. Any such refinancings or repurchases may be material.

[puhvogel]

http://www.elan.com/InvestorRelations/Elan_Interim_Results.p…

[puhvogel]

Falls das jemand, wie ich auch, noch nicht mitbekommen hat: -7 % zur Zeit in der Vorbörse. Ich sehe das in ganzer Linie positiv!

UPDATE 2-Elan offers 35 mln shares, notes

(Adds details in paragraphs 3-8)
NEW YORK, Oct 29 (Reuters) - Elan Corp. , the Irish drugmaker whose share price collapsed last year amid concerns over its accounting practices and looming debts, on Wednesday said it intends to sell 35 million common shares and $250 million in
corporate notes to raise funds.
Elan said the stock and debt offerings will be subject to market and other conditions, and will be made outside the United States to non-U.S. citizens.
The company, which currently has about 350 million shares outstanding, said payment for the new shares is expected on or around Nov. 5.
The company also said it will offer to sell 5-year guaranteed notes that will be convertible into Elan shares or, at the option of the holder, at conversion ratios to be determined commencing on the
120th day following the closing of the offering.
It said payment for the notes is expected to occur on or around Nov. 11, but that the closing of the note offering would only take place if at least 30 million of its common shares from the stock
offering are sold.
Elan`s subsidiary, Elan Finance Corp., will use proceeds from sales of the stock and corporate notes to repurchase about $494 million of other notes the company had previously sold (Liquid Yield Option Notes) that are due in 2018 but which Elan aims to retire by mid-December.
Any excess proceeds from the upcoming sales would be used for corporate purposes.
The company said U.S. citizens may not buy the stock or debt offerings because the offerings are not being registered with U.S. regulators.
The stock and note sales, if completed, will still leave Elan heavily in debt. It needs to pay off an estimated $840 million in other so-called "EPIL II and EPIL III" notes in 2004 and 2005, while other notes totaling about $650 million come due in 2008.
The worth of the company, once the biggest capitalized firm on the Irish stock exchange with a market value of $22 billion, plunged by 90 percent last year after U.S. Securities and Exchange Commission launched an investigation of its accounting procedures regarding off-balance-sheet entities.

[puhvogel]

Unglaublich!
Positive News, die Reaktion (+9%,7,76 $) darauf ist schon fast enttäuschend.

Obwohl die relative Stärke war schon im Vorfeld sichtbar.

Elan Achieves Primary Endpoint in Prialt Phase III Trial
Wednesday January 7, 2:30 am ET
Amendment to New Drug Application Expected to Be Filed with U.S. Food and Drug Administration in Second Quarter

DUBLIN, Ireland--(BUSINESS WIRE)--Jan. 7, 2004--Elan Corporation, plc today announced that its recent Phase III trial for Prialt(TM) (ziconotide) met its primary endpoint in patients with severe chronic pain who had not achieved pain relief with other therapies including intrathecally delivered morphine. In the double-blind, placebo-controlled study, patients taking Prialt achieved statistically significant improvement at Week 3 in the Visual Analog Scale of Pain Intensity (VASPI) score, the most commonly used pain assessment scale for clinical trials. In the company`s analysis, the treatment appears to be safe, efficacious, and well tolerated. Based on the positive results, the company expects to file an amendment to its New Drug Application (NDA) with the U.S. Food and Drug Administration (FDA) in the second quarter of 2004 and to bring the treatment to market no later than the first quarter of 2005.

Prialt is the first in a new class of non-opioid analgesics known as N-type calcium channel blockers, administered intrathecally for the treatment of severe chronic pain. Elan submitted an application for approval for marketing Prialt in the European Union in May 2003.

Dr. Lars Ekman, executive vice president and president, Research & Development, Elan, said, "We are very encouraged by these definitive findings with Prialt and believe that this is significant news for patients suffering with severe chronic pain, many of whom are not now adequately treated. This study fulfills the clinical requirement in response to the FDA`s previous approvable letter, and upon submission, we anticipate a six month review for the amendment to the NDA."

The FDA had previously issued an approvable letter for Prialt, in which the agency had requested additional information. This trial was conducted in response to the FDA`s clinical request and designed with their input, studying 220 patients with severe chronic pain to demonstrate the efficacy and safety of lower doses of Prialt and a slower titration schedule than was used in two previous Phase III studies. In this clinical trial, there were few serious side effects, with an incidence similar to placebo. These data will be presented at a major scientific pain meeting this year.

As a non-opioid analgesic for patients with severe chronic pain such as neuropathic pain or pain secondary to cancer, Prialt addresses a significant unmet medical need. About two million patients in the U.S. with chronic pain fail to respond to existing comprehensive treatment. Of these, about 300,000 may be considered as potential candidates for intrathecal treatment, which could include Prialt. In order to make this treatment available to patients during the review process, a Treatment IND to make Prialt available on a limited basis to select pain centres in the United States will begin in the first quarter of 2004.

[puhvogel]

Da alles mittlerweile über Übernahmespekulationen im Pharmasektor spricht.
Das ist doch nun wirklich ein Kandidat, oder?
Elan war immerhin mal von der Marktkapitalisierung so groß wie Schering, und von der Zeit haben die noch eine volle Pipeline.

[thebull 2]

http://finance.yahoo.com/q/h?s=eln
Name
Elan Corp Plc
Last Price
10.2000
Net Change
+2.0000
Shares Matched
400
Orders Entered
33
Last Match Time
8:00:06.355

Market
NY
Previous Close
8.2000
Percent Change
+24.39%

[puhvogel]

Man beachte auch #126, dieselbe Krankheit ,aber eine andere Studie. Kursanstieg wird aber gleich für Gewinnmitnahmen genutzt. Den wert dieser sehr zusammenkonstruierten Studie kann ich aber nicht recht abschätzen.

Elan and Biogen Idec Announce ANTEGREN -Natalizumab- Phase III Maintenance Trial in Crohn`s Disease Met Its Primary Endpoint
Thursday January 29, 2:30 am ET


DUBLIN, Ireland, CAMBRIDGE, Mass. & SAN DIEGO--(BUSINESS WIRE)--Jan. 29, 2004--Elan Corporation, plc and Biogen Idec today announced that the Phase III maintenance trial of ANTEGREN® (natalizumab) in Crohn`s disease met the primary endpoint of maintenance of response. Maintenance of response was defined by a sustained Crohn`s Disease Activity Index (CDAI) score of less than 220 as well as no use of rescue intervention throughout 6 months of this study. There was a significant treatment difference of greater than 30 percent in favor of natalizumab in patients taking the drug compared to those taking placebo. No notable difference in the overall rates of side effects between natalizumab and placebo treatment groups was observed through month 6.

Elan and Biogen Idec, which are collaborating on the development, manufacturing and marketing of natalizumab, will discuss these data with regulatory authorities in both the U.S. and Europe and determine the appropriate path forward for natalizumab in Crohn`s disease. The clinical development program for natalizumab in multiple sclerosis (MS) is ongoing, with more than 2,000 patients enrolled.

"We are extremely encouraged by these findings and are committed to the further development and evaluation of natalizumab in Crohn`s disease," said Lars Ekman, MD, executive vice president and president, Research and Development, Elan. "These natalizumab data also reinforce the importance of studying its novel mechanism of action in the treatment of other severe and chronic inflammatory diseases. We expect to share the data from this study at a major medical meeting in the first half of this year."

The Phase III, double-blind, placebo-controlled, international trial known as ENACT-2 (Evaluation of Natalizumab as Continuous Therapy-2) enrolled responders from ENACT-1 (a 3-month study in patients with very active Crohn`s disease). These 428 patients from ENACT-1 were re-randomized after 3 months to one of two treatment groups: natalizumab (300 mg) or placebo, both administered monthly for a total of 12 months. The primary endpoint was through month 6 of ENACT-2; additional analyses will be performed at other timepoints.

The safety profile seen in this trial is similar to that seen in previous natalizumab trials. The most frequently reported adverse events in either group in the first 6 months of the study were headache, nausea and abdominal pain.

The Ongoing Clinical Development Program for Natalizumab

Concurrently, two Phase III studies in multiple sclerosis (MS) are underway. AFFIRM (natalizumab safety and efficacy in relapsing-remitting MS) will evaluate the ability of natalizumab to slow the rate of disability in MS and reduce the rate of clinical relapses; SENTINEL (safety and efficacy of natalizumab in combination with AVONEX® (Interferon beta-1a) in patients with relapsing-remitting MS) will determine if the combination of natalizumab and AVONEX is more effective than treatment with AVONEX alone in slowing rate of disability and reducing rate of clinical relapses.

"We are confident in the potential of natalizumab as a therapeutic option for patients with chronic immunologic diseases," said Burt Adelman, MD, executive vice president, Development, Biogen Idec. "We look forward to working with the regulatory agencies to determine the next steps."

[southbound]

Deutsche Securities upgrade auf buy von hold.

[thebull 2]

Press Release Source: Elan Corporation, plc and Biogen Idec

Elan and Biogen Idec Announce Initiation of ANTEGREN Rheumatoid Arthritis Trial
Tuesday February 3, 2:30 am ET
Phase II Study to Begin First Half Of 2004

DUBLIN & CAMBRIDGE, Mass. & SAN DIEGO--(BUSINESS WIRE)--Feb. 3, 2004--Elan Corporation, plc and Biogen Idec today announced that an Investigational New Drug (IND) Application for ANTEGREN® (natalizumab) for the treatment of rheumatoid arthritis (RA) has been filed with the U.S. Food and Drug Administration (FDA). The commencement of a Phase II clinical trial is on track to begin in the first half of this year.

ADVERTISEMENT
RA is a chronic progressive autoimmune disease that affects approximately 5.8 million people worldwide. RA often begins with pain and stiffness in the small joints of the hands and feet and can progress to involve other joints, sometimes with severe disability and disfigurement. Natalizumab is of interest in moderate-to-severe RA because of its novel mechanism of action.

"With the IND application process complete, we can now proceed with the clinical trials that will evaluate the ability of natalizumab to treat people with rheumatoid arthritis," said Lars Ekman, MD, executive vice president and president, Research and Development, Elan. "Additionally, we remain committed to the further development of natalizumab in Crohn`s disease and are very encouraged by the recent positive news with the Phase III maintenance trial."

The RA study will be a Phase II, multicenter, double-blind, placebo-controlled study of the efficacy, safety and tolerability of intravenous natalizumab (300 mg) in patients with moderate-to-severe rheumatoid arthritis receiving concomitant treatment with methotrexate.

"Elan and Biogen Idec look forward to investigating the potential of natalizumab in the treatment of rheumatoid arthritis, a therapeutic area with unmet medical need. In addition, our Phase III multiple sclerosis studies for natalizumab are ongoing with more than 2,000 patients enrolled," said Burt Adelman, MD, executive vice president, Development, Biogen Idec.

About ANTEGREN (natalizumab)

Elan and Biogen Idec are collaborating on the development, manufacturing and marketing of natalizumab, currently in Phase III trials for multiple sclerosis (MS) and Crohn`s disease. Natalizumab, a humanized monoclonal antibody, has a novel mechanism of action: it is the first alpha-4 antagonist in the new SAM (selective adhesion molecule) inhibitor class. The drug was designed to selectively inhibit immune cells from leaving the bloodstream and to prevent these cells from migrating into tissue -- the gastrointestinal tract in Crohn`s disease, the brain in MS, and the joints in RA -- where they may cause or maintain inflammation. To date, more than 4,000 patients have participated in natalizumab clinical studies.

About Elan

Elan Corporation, plc (NYSE: ELN - News) is focused on the discovery, development, manufacturing, selling and marketing of novel therapeutic products in neurology, severe pain and autoimmune diseases. Elan shares trade on the New York, London and Dublin Stock Exchanges. For additional information about the company, please visit http://www.elan.com.

About Biogen Idec

Biogen Idec (NASDAQ: BIIB - News) creates new standards of care in oncology and immunology. As a global leader in the development, manufacturing, and commercialization of novel therapies, Biogen Idec transforms scientific discoveries into advances in human healthcare. For product labeling, press releases and additional information about the company, please visit http://www.biogenidec.com.

Safe Harbor/Forward Looking Statements

This press release contains forward-looking statements regarding the planned timing of initiation of a Phase II clinical trial of ANTEGREN® (natalizumab) in RA and the potential for natalizumab as a treatment for RA. These statements are based on the companies` current beliefs and expectations, and are subject to risks and uncertainties that could cause actual results to differ materially. For example, the planned timing of initiation of clinical trials is subject to the ability of the companies to enroll patients, enter into agreements with clinical trial sites and investigators, and other technical hurdles and issues. The therapeutic potential of natalizumab as a treatment for RA is subject to the risks inherent in drug development. Drug development involves a high degree of risk. Drugs may not show therapeutic effect or an acceptable safety profile in early stage clinical trials. Success in early stage clinical trials does not ensure that later stage or larger scale clinical trials will be successful. The results achieved in later stage trials may not be sufficient to meet applicable regulatory standards. Problems or delays may arise during clinical trials or in the course of developing, testing or manufacturing drugs. For more detailed information on the risks and uncertainties associated with the companies` drug development and other activities see the periodic reports of Elan Corporation, Biogen Idec and Biogen, Inc. filed with the Securities and Exchange Commission. The companies do not undertake any obligation to publicly update any forward-looking statements.
Contact:

Media Contacts:
Elan
Anita Kawatra, 212-407-5755
800-252-3526
or
Biogen Idec
Amy Brockelman, 617-914-6524
or
Investor Contacts:
Elan
Emer Reynolds, 353 1 709 4000
800-252-3526
or
Biogen Idec
Christina Dillon, 617-679-2812


Source: Elan Corporation, plc and Biogen Idec

[thebull 2]

Reuters
UPDATE - Elan to test Antegren on rheumatoid arthritis
Tuesday February 3, 3:14 am ET

(Adds details, background)

DUBLIN, Feb 3 (Reuters) - Irish pharmaceuticals firm Elan Corporation Plc (Irish:ELN.I - News; London:ELN.L - News) said on Tuesday it would start Phase II clinical trials on the effect of its candidate drug Antegren on rheumatoid arthritis in the first half of the year.

Elan, which last week announced successful results from Phase III trials on the drug`s effects on Crohn`s disease, said it had filed an Investigational New Drug (IND) application with the U.S. Food and Drug Administration (News - Websites) .

"With the IND application process complete we can now proceed with the clinical trials that will evaluate the ability of (Antegren) to treat people with rheumatoid arthritis," Elan said in a statement.

Rheumatoid arthritis, which affects around six million people worldwide, is a chronic disease of the joints that can lead to severe disability.

Former stock-market heavyweight Elan, which has been streamlining its operations after its stock collapsed in 2002, has high hopes for Antegren, principally as a treatment for multiple sclerosis (MS).

Data from Phase III studies of Antegren`s effect on MS are expected late this year or early 2005.

Last week the company, which is collaborating on Antegren with U.S. partner Biogen Idec (NasdaqNM:BIIB - News), said results from tests on Crohn`s disease -- a debilitating bowel condition affecting around one million people -- represented "a big step forward".

[puhvogel]

Ich mache dann mal hier das Licht aus, wenn ich schon der letzte bin:
UPDATE 5-Irish drug maker Elan boosted by Antegren surprise
(Adds company confirmation of potential timeline, gives closing share price)
By Kevin Smith
DUBLIN, Feb 18 (Reuters) - Irish drug maker Elan Corp
<ELN.I> said on Wednesday a key drug was ready for approval a year ahead of schedule, sending its shares soaring and leaving its mixed fourth-quarter results in the dust.
Elan also said it could return to profit in the second half of 2005, a further boost to its shares which surged over 26 percent to a 12-month closing high of 8.75 euros.
The European healthcare index <.SXDP> eased 0.3 percent.
Elan said that, based on one-year data from a two-year
testing programme, it expected to file an application with the U.S. Food and Drug Administration (FDA) by mid-year for approval of its experimental drug Antegren as a treatment for the neurological disease multiple sclerosis (MS).
"This is the first MS treatment to be allowed to file after one year which ... points to very strong data," said Peter Frawley of Dublin-based Merrion Stockbrokers.
If approved, Antegren, which Elan is developing with its
U.S. partner Biogen Idec <BIIB.O>, could be on the market in early 2005, ahead of a previous target of 2006, Elan said.
The growing and hotly contested MS drug market is estimated by some analysts to be worth up to $4 billion.
"This is huge news. The talk has always been that Antegren could be much better than anything that`s currently out there and that if approved would become the gold standard in this area," said Bloxham Stockbroker analyst Peter Jackson.
He said previous trial data from the drug indicated a lack of side effects, which would be a big selling point along with the fact it needed to be taken just once a month and not up to three times a week as is the case with some existing treatments.

IMPACT ON COMPETITORS
The MS drug market is dominated byGerman-based Schering`s <SCHG.DE> Betaseron, Swiss-based Serono`s <SEO.VX> Rebif, Israeli firm Teva`s <TEVA.O> Copaxone, and Biogen`s own Avonex.
Shares in Schering, Serono and Teva fell on the news, while Biogen jumped 18 percent in New York.
Former stock market high-flier Elan, which has been
struggling to recover from the collapse of its share price in 2002, is pinning its future on Antegren, which is also
undergoing trials as a treatment for other complaints including the bowel disorder Crohn`s disease and rheumatoid arthritis.
The company posted a net loss of $0.88 per diluted share in the fourth quarter, a reduction of 52 percent on the same quarter in 2002 but slightly behind market expectations.
Total revenue dropped 20 percent to $157.5 million due to a radical asset-disposal programme undertaken to realign the company and avoid a potentially crippling cash crunch.
Analysts said sales of retained products, at $107.8 million, were slightly lower than forecast and the company`s cost base had not reduced as much as the market had hoped.
The firm later said its cash balance which, at just over
$800 million, was lower than had been anticipated by analysts, had been augmented by inflows of around $200 million since compilation of the results statement.
In terms of 2004 outlook, the firm`s guidance for total
revenues between $575 million and $625 million was better than forecast, but its prediction for a loss at the EBITDA (earnings before interest, tax, depreciation and amortisation) level of around $300 million was worse than expected, analysts said.
The company, whose share price slid more than 90 percent in 2002 on concerns about debts and a probe by U.S. regulators into accounting practices, raised more than $2 billion from disposals and a share and note offering, easing concerns about liquidity.
Elan said it hoped to have a resolution to the U.S.
Securities and Exchange Commission`s inquiry into its accounting practices by mid-2004.

*Knips*

[desastermaster]

Gestern hat der threadtitel immerhin mal wieder gestimmt...
keine Angst puhvogel - noch bist Du nicht der letzte mohikaner. Ich haenge noch ne etwas ausfuehrlicher erlaeuterung der Q4 zahlen an um dem posting etwas substanz zu geben.
Best
dm

Press Release for Elan Corporation, plc
Elan Reports Fourth Quarter 2003 and Full-Year Financial Results; Elan Provides Financial Guidance for 2004; Execution Momentum Continues with Key R&D Milestones
2/18/2004 2:30:00 AM
DUBLIN, Ireland, Feb 18, 2004 (BUSINESS WIRE) --
Elan Corporation,
plc today announced its fourth quarter and full-year 2003 financial
results, provided an update on the progress of its product development
activities and gave guidance for 2004.
Commenting on the results, Kelly Martin, Elan`s President and
Chief Executive Officer, said "Elan demonstrated significant progress
during the course of 2003 which provides for a strong foundation upon
which to build long term value for our shareholders. Our focus on
execution and operating discipline has enabled us to simplify our
balance sheet, increase liquidity and reduce our overall debt and
operating costs while achieving continued revenue growth from retained
products and services. Importantly, we never wavered from our
commitment to invest in and develop our strategic pipeline within our
key therapeutic areas of neurology, autoimmune and severe pain. The
expected one-year filing for MS, the recent positive Phase III
maintenance results in Antegren for Crohn`s disease and the successful
Phase III trial for Prialt confirms the potential for our world class
science to reach those patients who suffer from these diseases.
"Such execution momentum is the result of focus, dedication and
the extraordinary efforts of the Elan employees around the world who
remain dedicated to positioning us for success and working towards
bringing our scientific innovation to patients."
Financial highlights of the group`s performance from continuing
operations are set out below. The results of the group`s discontinued
operations under U.S. GAAP are presented as a separate component of
net loss for the current and prior periods. Details of the group`s
discontinued operations are discussed on page 9.

Fourth Quarter 2003 Financial Highlights - Continuing Operations

-- Total revenue of $157.5 million compared to $196.7 million in
the fourth quarter of 2002 (excluding exceptional provisions
for product returns, primarily Zanaflex(TM), of $83.0
million), a decrease of 20%.

-- Revenue from retained products of $107.8 million compared to
$74.1 million in the fourth quarter of 2002, an increase of
45%.

-- Reduction of 43% in selling, general and administrative
expenses in the fourth quarter of 2003 to $82.5 million from
$144.9 million in the fourth quarter of 2002. Reduction of 38%
in research and development expenditure in the fourth quarter
of 2003 from $101.1 million to $62.9 million.

-- Negative EBITDA of $34.9 million (before including net losses
on divestment of businesses and recovery plan related charges
of $172.2 million) for the fourth quarter of 2003 compared to
$109.7 million in the fourth quarter of 2002. (See "Non-GAAP
Financial Information" on page 6).

-- Net investment related losses of $101.1 million compared to
net investment losses of $318.3 million in the fourth quarter
of 2002.

-- Net loss after discontinued operations of $328.2 million
($0.88 loss per diluted share) compared to $688.5 million
($1.97 loss per diluted share) in the fourth quarter of 2002,
a reduction of 52%.

-- Cash and cash equivalents at December 31, 2003, of $807.5
million compared to $1,013.9 million at December 31, 2002.

Full-Year 2003 Financial Highlights - Continuing Operations

-- Total revenue of $746.0 million compared to $1,132.5 million
for full-year 2002, a decrease of 34%.

-- Revenue from retained products (excluding Zanaflex which went
generic in June 2002) of $398.4 million compared to $283.3
million in the full-year 2002, an increase of 41%.

-- Reduction of 30% in selling, general and administrative
expenses in 2003 to $403.8 million from $575.7 million in the
full-year 2002. Reduction of 21% in research and development
expenditure in the full-year 2003 from $368.3 million to
$289.2 million.

-- Negative EBITDA of $184.6 million (before including net losses
on divestment of businesses and recovery plan related charges
of $173.8 million) for the full-year compared to $116.7
million in the full-year 2002. (See "Non-GAAP Financial
Information" on page 6).

-- Net investment related losses of $38.8 million compared to net
investment losses of $1,460.9 million in the full-year 2002.

-- Net loss after discontinued operations of $529.4 million
($1.49 loss per diluted share) compared to $2,362.3 million
($6.75 loss per diluted share) for full-year 2002, a decrease
of 78%.

R&D Highlights

-- A Biologics License Application ("BLA") for Antegren for MS is
expected to be submitted mid-year to the U.S. Food and Drug
Administration ("FDA") by Elan and Biogen Idec.

-- Prialt(TM) (ziconotide) achieved a positive outcome on the
primary endpoint in its Phase III study for patients with
severe chronic pain. Elan expects to file an amendment to its
New Drug Application ("NDA") with the FDA in the second
quarter of this year.

-- Positive data was obtained from the Antegren(TM) (natalizumab)
Phase III trial in Crohn`s disease, where statistical
significance was reached in the primary endpoint of
maintenance of response following six months` treatment. A
treatment difference of greater than 30 percent was seen for
patients taking Antegren as compared to placebo.

-- An Investigational New Drug Application ("IND") was filed for
Antegren for the treatment of Rheumatoid Arthritis (RA), and a
Phase II clinical trial will begin in the first half of the
year.

-- Reviews of European Marketing Authorisation Applications
("MAA") for Prialt in severe chronic pain and for Zonegran as
adjunctive treatment of partial seizures in adults with
epilepsy are ongoing.

Recovery Plan Completion

-- Announced successful conclusion of the recovery plan with the
divestment of certain European businesses and locations.

-- Gross consideration received from asset divestitures of $2.1
billion, ahead of the target announced in July 2002 of $1.5
billion, and net proceeds of $0.6 billion from a private
ordinary share and convertible notes offering, bringing the
total consideration received to $2.7 billion.

-- Standard and Poor`s raised Elan`s corporate and senior
unsecured debt ratings to "B-" with positive outlook from
"CCC+"

-- Total contracted and potential future payments reduced from
$4.5 billion in 2002 to less than $2.0 billion at December 31,
2003, of which $1.1 billion fall due in 2008.

-- All of the 55 active business ventures at July 2002 have been
terminated, restructured or are now inactive.

-- Headcount reduced to less than 2,000 as of today from
approximately 4,700 in July 2002 and approximately 2,400 in
November 2003.

-- Recovery plan related and other significant charges of $443.2
million in 2003 compared to $763.6 million in 2002; and net
gains on the divestment of businesses of $267.8 million
compared to nil in 2002.

Guidance 2004

This guidance does not take into account the additional investment
required to position Antegren for a successful potential launch in MS
in 2005, which investment in research and development and selling,
general and administrative expenses may be significant given the
expected filing announced today. We will provide updated guidance to
the market at the appropriate time.

-- Total revenues in the range of $575.0 million to $625.0
million of which approximately 85% will comprise product
revenues.

-- Research and development expenses at the level of
approximately $300 million reflecting retention of drug
delivery business and increased investment of $30 million in
key programmes.

-- Negative EBITDA, after research and development expenses in
the range of $300 million, in the range of $150.0 million to
$170.0 million.

[borazon]

Bin natürlich ebenfalls noch dabei.
Hab leider nicht ganz so viele Stück wie ich gern hätte.
(Ich find auch immer ein Haar in der Suppe )

Übrigens: mein w:o-Jahresdepot 2002 besteht aus 43000 ELN KK 2,22 EUR ...


Hat von euch jemand ein vernünftiges Kursziel für ELN?
Im Moment bin ich diesbezüglich völlig ratlos.

[Freudmann]

Selling ELN/Buying KG


is what the market is speaking!!!

Seht Ihr das auch so? Bin auf Euere Antwort gespannt!

[puhvogel]

Na bin ich doch nicht ganz alleine.
Kursziel? Bin ich Förtsch?
Außerdem habe ich an Hand von CVTX gesehen, dass du ein wesentlich besseres Timing hast als ich, Du alter Zocker.

Die Zahl, die ich weiter unten dick markiert habe, lässt aber meine dreckige Fantasie wesentlich ziemlich schweifen.
Vergiss nicht, dass Elan mal ein "vernünftiges" Pharmaunternehmen war wie Schering, mit ziemlich heftigen Investitionen in die Forschung. Davon zehren die immer noch. Bis vor kurzem war manches Biotechunternehmen ohne jeden Umsatz höher bewertet. Der Markt wartet aber sicher noch darauf, das die Unsicherheiten verschwinden. Ein Upgrade von den Ratingagenturen wär auch ganz nett.

[borazon]

Ich ein Zocker?
Wie kommst denn auf sowas?

[Oncolyt5]

!

Dieser Beitrag wurde vom System automatisch gesperrt. Bei Fragen wenden Sie sich bitte an [e-mail]

[borazon]

Hab heut ein paar k verkauft.
Ok, letzten Freitag wär`s besser gewesen.
Aber ich bin nicht Gott.
Noch nicht.

[puhvogel]

Ja ich auch, allerdings schon 1 1/2 Wochen vorher.

[borazon]

Vorbörslich über 20$ wegen:

Reuters
UPDATE - Elan to seek EU approval soon for MS drug
Tuesday March 23, 5:50 am ET


LONDON, March 23 (Reuters) - Irish drug company Elan (Irish:ELN.I - News) said on Tuesday it planned to submit Antegren, an experimental multiple sclerosis drug it is developing with Biogen Idec (NasdaqNM:BIIB - News), for approval by European regulators this summer.

Elan`s share price jumped 3.6 percent on the news to trade at 15.95 euros on the Dublin stock exchange by 1045 GMT.

"The early European filing...further supports the market potential for the product," Dublin-based brokerage NCB said in a research note.

"The European market for multiple sclerosis therapies is less penetrated than the U.S. and Antegren has the opportunity to significantly expand the market in Europe..."

Elan and Biogen surprised the market last month by revealing they were ready to seek approval for Antegren from the U.S. Food and Drug Administration (News - Websites) (FDA) a year ahead of schedule.

That announcement sent shares in both companies soaring.

Elan has said that, if approved, Antegren could be on the market in early 2005, ahead of a previous target of 2006.

That would give the companies a step up on their rivals in the growing and hotly contested MS drug market, estimated by some analysts to be worth up to $4 billion.

The MS drug market is dominated by German-based Schering`s (XETRA:SCHG.DE - News) Betaseron, Swiss-based Serono`s (SEO.VX) Rebif, Israeli firm Teva`s (NasdaqNM:TEVA - News) Copaxone, and Biogen`s own Avonex.

Former stock market high-flier Elan is still struggling to recover from a 90 percent slide in its share price in 2002 on concerns about debts and a probe by U.S. regulators into accounting practices.

It is pinning its hopes on Antegren, which is also undergoing trials as a treatment for other complaints including the bowel disorder Crohn`s disease and rheumatoid arthritis.

Biogen, based in Cambridge, Massachusetts, has said it believes it can make a compelling argument for a swift review by U.S. regulators of the drug.

[Gbix]

28 June 2004
FDA Designates Antegren Biologics License Application for Priority Review as a Treatment for Multiple Sclerosis; Application Under Accelerated Approval Guidelines

CAMBRIDGE, Mass. & SAN DIEGO & DUBLIN, Ireland--(BUSINESS WIRE)--June 28, 2004--Biogen Idec and Elan Corporation, plc announced today that the Biologics License Application (BLA) for ANTEGREN(R) (natalizumab) has been designated for Priority Review and Accelerated Approval by the U.S. Food and Drug Administration (FDA) for the treatment of multiple sclerosis (MS). The next step in the process is action by the FDA on formal acceptance of the application, which occurs within 60 days of submission.

The FDA grants Priority Review status to products that are considered to be potentially significant therapeutic advancements over existing therapies that address an unmet medical need. Based on the FDA`s designation of Priority Review for natalizumab in MS, the companies anticipate action by the Agency approximately six months from the submission date, rather than 10 months for a standard review. On May 25, 2004, the companies announced they had previously submitted the BLA for the approval of natalizumab for MS.

"We are pleased that the FDA has designated natalizumab for Priority Review," said Burt Adelman, MD, executive vice president, Development, Biogen Idec. "We look forward to continuing to work with the FDA throughout the review process to provide this potential new therapeutic to patients with MS."

"The Priority Review designation underscores the significant unmet medical need in the area of MS," said Lars Ekman, MD, executive vice president and president, Research & Development, Elan. "We believe natalizumab will offer a new approach to treating MS and will bring hope to patients living with this disease."

The BLA for natalizumab is being evaluated by the FDA under Accelerated Approval guidelines. This review will be based on one-year data from two ongoing Phase III trials. The companies are committed to completing these two-year trials. In order to protect the integrity of the trials, the companies are not disclosing the one-year data at this time.

MS is a chronic disease of the central nervous system that affects approximately 400,000 people in North America and approximately one million people worldwide. It is a disease that affects more women than men, with onset typically between 20 and 40 years of age. Symptoms of MS may include vision problems, loss of balance, numbness, difficulty walking and paralysis.

About the MS Clinical Trials for ANTEGREN

The AFFIRM (natalizumab safety and efficacy in relapsing-remitting MS) trial is a two-year, randomized, multi-center, placebo-controlled, double-blind study of approximately 900 patients, evaluating the ability of natalizumab to slow the progression of disability in MS and reduce the rate of clinical relapses. The SENTINEL (safety and efficacy of natalizumab in combination with AVONEX(R) (Interferon beta-1a)) trial is a two-year, randomized, multi-center, placebo-controlled, double-blind study of approximately 1,200 patients with relapsing-remitting MS, evaluating the effect of the combination of natalizumab and AVONEX compared to treatment with AVONEX alone in slowing the progression of disability and reducing the rate of clinical relapses. Both study protocols provided for a one-year analysis of the data. The primary endpoints for both Phase III two-year trials in MS are based on the Expanded Disability Status Scale (EDSS) and relapse rate. The pre-specified primary endpoint of the one-year analysis was relapse rate.

About ANTEGREN (natalizumab)

Natalizumab, a humanized monoclonal antibody, is the first alpha-4 antagonist in the new selective adhesion molecule (SAM) inhibitor class. The drug is designed to inhibit the migration of immune cells into tissues where they may cause or maintain inflammation. To date, approximately 2,800 patients have received natalizumab in clinical trials, and the safety profile continues to support further development. In placebo-controlled trials to date, in both Crohn`s disease (CD) and MS, the most commonly reported adverse events in either group were headache, fatigue and nasopharyngitis.

Biogen Idec and Elan are collaborating equally on the development of natalizumab in MS, CD, and rheumatoid arthritis (RA).

About Biogen Idec

Biogen Idec (NASDAQ: BIIB) creates new standards of care in oncology and immunology. As a global leader in the development, manufacturing, and commercialization of novel therapies, Biogen Idec transforms scientific discoveries into advances in human healthcare. For product labeling, press releases and additional information about the company, please visit http://www.biogenidec.com.

About Elan

Elan Corporation, plc (NYSE: ELN) is a neuroscience-based biotechnology company that is focused on discovering, developing, manufacturing and marketing advanced therapies in neurology, autoimmune diseases, and severe pain. Elan shares trade on the New York, London and Dublin Stock Exchanges. For additional information about the company, please visit http://www.elan.com.

Safe Harbor/Forward Looking Statements

This press release contains forward-looking statements regarding the approval of ANTEGREN (natalizumab) and the potential of natalizumab as a treatment for MS. These statements are based on the companies` current beliefs and expectation. Drug development involves a high degree of risk. Factors which could cause actual results to differ materially from the companies` current expectations include: the risk that unexpected concerns may arise from additional data or analysis, that regulatory authorities may require additional information, further studies, or may fail to approve the drug, or that the companies may encounter other unexpected hurdles. For more detailed information on the risks and uncertainties associated with the companies` drug development and other activities, see the periodic reports of Biogen Idec Inc. and Elan Corporation, plc filed with the Securities and Exchange Commission. The companies assume no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Biogen Idec
Media
Amy Brockelman, 617 914 6524
or
Elan
Media
Anita Kawatra, 212-407-5755/800-252-3526
or
Biogen Idec
Investor
Elizabeth Woo, 617-679-2812
or
Elan
Investor
Emer Reynolds, 353 1 709 4000/800-252-3526

SOURCE: Elan Corporation

[puhvogel]

Pfizer-Statement bringt Elan unter Druck

Die Aktie des irischen Pharmaherstellers Elan Corp. (Nachrichten) setzte heute den Kursverfall der letzten Tage fort. Vergangene Woche hatte man sich beim Konkurrenten Pfizer (Nachrichten) skeptisch über Elans Multiple-Sklerose-Mittel Antegren geäußert. Vor allem hatte man bei Pfizer Bedenken über die Sicherheit des Präparats angemeldet. Verschiedene Nebenwirkungen würden sogar durch ein Absetzen des Medikaments nur noch verschlimmert. Inzwischen wird die Zulassung Antegrens durch die amerikanische Arzneimittelbehörde FDA noch einmal überprüft.

Ein Analyst von ING Financial Markets hat demgegenüber ausgeführt, dass von Seiten Pfizers die bisherigen Testergebnisse verzerrt dargestellt worden seien. Der umstrittene Effekt sei in einer Studie mit wenigen Patienten aufgetreten, bei einer größeren Probandenzahl dann aber verschwunden. Elan vermarktet Antegren in den USA zusammen mit Biogen Idec.

An der NYSE geben Elan derzeit weitere 3,88 Prozent auf 19,06 Dollar ab.

[puhvogel]

Und ich bin ganz raus. Jetzt beginnt eine gefährliche Zeit.
Kurs 29,23 $

Elan and Biogen jump as MS drug shines in trial
Mon Nov 8, 2004 01:58 PM ET

By Paul Hoskins and Toni Clarke

DUBLIN/NEW YORK, Nov 8 (Reuters) - Patients taking an experimental multiple sclerosis drug developed by Biogen Idec Inc. (BIIB.O: Quote, Profile, Research) and Elan Corp. (ELN.I: Quote, Profile, Research) experienced far fewer relapses in a clinical trial, data that analysts say could give the drug a dominant market position.

The companies hope the drug, Antegren, will be approved by the end of November based on one-year data from a two-year trial of 942 patients.

The data, released on Monday, showed a 66 percent reduction in the relapse rate in patients taking the drug compared to patients taking a placebo. By contrast, existing therapies reduce relapse rates by 30 to 40 percent, though Antegren was not directly compared to them in a head-to-head trial.

"Almost all the signs are positive for Antegren`s success," said Henry Dummett, senior health-care analyst at World Markets Research Centre. "Preliminary clinical trial data have all pointed to Antegren`s potential to be safer, more conveniently administered and more effective in treating MS than existing treatments."

Elan is counting on Antegren, which analysts expect to generate sales of more than $1 billion, to help it recover from a host of problems, including a regulatory investigation and a brush with bankruptcy in 2002.

Biogen is hoping the drug will take over from its multiple sclerosis drug Avonex, the U.S. market leader whose growth had been slowing in the face of competition from Serono SA`s (SEO.VX: Quote, Profile, Research) Rebif.

Shares of Ireland-based Elan rose 5 percent on the New York Stock Exchange, 8 percent on the Irish Stock Exchange and 6 percent in London. Shares of Biogen Idec were little changed on Nasdaq.

Multiple sclerosis is an autoimmune disorder that targets the central nervous system and can cause blurred vision, weakness, poor muscle coordination, loss of memory and mental functions. It affects more than 1 million people worldwide.

Analysts expect the market for treatments to grow from about $3.5 billion currently to about $6 billion over the next few years.

Antegren is the first in a new class of treatments called selective adhesion molecule, or SAM, inhibitors. The drug is a humanized monoclonal antibody that blocks a molecule known as alpha-4 integrin and prevents inflammatory cells from escaping into the tissue of the brain.

The drug will compete with Avonex, Rebif, which Serono markets with Pfizer Inc. (PFE.N: Quote, Profile, Research) , Schering AG`s (SCHG.DE: Quote, Profile, Research) Betaseron, and Teva Pharmaceuticals Industries Ltd.`s (TEVA.O: Quote, Profile, Research) (TEVA.TA: Quote, Profile, Research) Copaxone.

While Rebif has been gaining ground against Avonex in the United States, that advance could be held in check if Biogen Idec and Elan release positive data from a second trial in which Antegren has been tested in combination with Avonex. Patients taking the combination are compared to those taking Avonex alone.

The companies declined to say exactly when they would release data from the second trial, but it will likely be around the time the drug is approved. The full results of both trials will probably be included in the drug`s package label.

Andrew Galazka, head of scientific affairs at Serono, said in an interview he is still confident Rebif will be the biggest-selling multiple sclerosis drug by 2006.

The Antegren data, he said, is "incomplete and highly selective."

Analysts at ABN Amro said Serono`s share price probably now reflects a realistic level of risk from Antegren based on an assumption that the new drug achieves a 30 percent market share two years after its launch.

Serious infections occurred in 2 percent of patients compared to 1 percent in the placebo group. Serious hypersensitivity occurred in 1 percent of patients.

Elan rose $1.36, or 4.88 percent, to $29.24 on the NYSE. It advanced 1.73 euros, or 8 percent, to 23.08 euros in Dublin and 1.3 euros, or 6 percent to 22.96 on the London Stock Exchange to 22.96 euros. Serono fell 2.4 percent in Switzerland and Schering fell 3 percent in Frankfurt.

[puhvogel]

Bis zum 26.11 muß sich die FDA in irgendeiner Art und Weise zum Zulassungsentscheidung entschieden haben.

[Gbix]

Stocks to Watch:

Elan: Sell

14.12.2004 - Die Experten von Smith Barney Citigroup haben die Aktie des irischen Konzerns Elan zum Auftakt ihrer Begutachtung mit „sell“ eingestuft. Das Kursziel ist auf 25 Euro festgesetzt worden.

Was soll man dazu sagen?

[zeitreisen]

#154

... die waren noch zu optimistisch ...

[borazon]

@puhvogel
Gratuliere. Da war das Timing doch nicht schlecht.

Irgendwie immer dasselbe Spielchen. Wenn sich ein Wert verzwanzigfacht hat, ist es gefährlich, die letzten paar %% rausholen zu wollen.

Ich setz mich mal auf die Lauer für einen Wiedereinstieg.
Macht wer mit?

[trbdteam]

ich bin gestern bei $ 8,21 rein...
da gibt es 2 möglichkeiten:
ein schneller rebound auf ca. $ 16,00 oder
der weitere fall in die $ 4,00 zone..
auf lange sicht (2 Jahre) wird sich aber alles erholen oder eben wird ELAN aufgekauft... was der gleiche effekt ist.
auf jedem fall stellt ELAN in den nächsten 2 - 3 tage ein hohes risiko dar...!!

[thefarmer]

Cash bei gut 4 Dollar pro Aktie, Buchwert aber nur bei 0,5 Dollar.

1,6 Milliarden Cash aber auch 2,3 Mrd. Debt.

Umsatz in der Höhe der Verluste.

Das wird spannend, wie tief es geht.


mfg
thefarmer

[TKD]

hallo,

ich kann mir nach dem kursverlust eine technische gegenreaktion gut vorstellen, bin seit freitagabend mit kleiner posi dabei. mal sehen wie es weitergeht

[TKD]

das th liegt immo bei 6,57 in usa, bei uns in ffm immo bei 4,96 das th

immerhin ca. 16 % plus zur Zeit,

es könnte was werden

weiter den markt oder besser elan laufen lassen

[TKD]

hier der chart:



das ziel der w-formation lautet ca. 7 usd, ein test der nackenlinie hat bereits stattgefunden, nur das gap darunter stört etwas, aber ich bleibe dabei, so überkauft ist eine aktie selten daher eher hoch als runter schätze ich

[TKD]

tv wurde soeben vorgenommen, sollte jetzt nicht mehr ins minus gehen diese posi

evtl. geht es sogar noch richtung 8 usd wer weiss
th in us 7,30

ziel mehr als erfüllt

[TKD]

evtl. kommt noch ein retest des bereichs kurz unter 7 und dann weiter hoch richtung 7,50-8 ist auch noch gut möglich

sl wird nachgezogen oder ggf. direkter vk der restposi, je nach meinungslage

[Gndlf]

Elan hopes to recover with a clean drug bill

Heather Tomlinson
Monday March 14, 2005
The Guardian

Irish drugs firm Elan thought the days of angry investors firing off writs, large debt repayments looming and a plummeting share price were behind it, but that confidence turns out to have been misplaced.
It had a brush with bankruptcy in 2003 and an accounting scandal, but the promise of its MS drug Tysabri helped its share price recover, and the future looked bright.

Now the company is suffering deja vu. Two weeks ago it had to pull its MS drug from sale after just two months on the market. Two patients taking the drug had developed a rare brain disease, and all trials and sales stopped.

The firm`s share price has lost three-quarters of its value, and investors are furious. They have now filed a class action lawsuit in the US, alleging Elan did not inform investors of the risks of the drug.

With more than $1bn (£519m) of debt due in 2008, analysts question whether the company will be able to repay creditors if the drug does not go back on the market. Last year Elan posted a loss of $376m and needed the Tysabri revenues to become profitable.

The drug had shown considerable benefits for MS patients compared with other drugs on the market. Tysabri calms down the immune system in the brain in order to slow down the progression of MS. However, it also appears to leave the brain cells open to attack from a virus that is present in the body but normally kept in check, leading to the two cases of progressive multifocal leukoencephalopathy (PML) seen recently.

Elan`s hope is that the disease only occurs when Tysabri is taken along with Avonex, another MS drug that is made by US firm Biogen. The two companies are in partnership on Tysabri and share costs.

Scientists are scanning the brains of people who have been on the drug on its own or with Avonex, to find any signs of PML.

If Tysabri is shown to have caused PML on its own, Elan is the company most directly affected, but rivals could lose out, too. A number of drugs firms, including GlaxoSmithKline, have drugs in clinical trials that work in a similar way to Tysabri. Even if Elan`s drug is given the all-clear, Tysabri has a shorter lifespan if the rival treatments get to market in the next couple of years.

Even in the worst case scenario, and the drug is never sold again, the firm`s finance director, Shane Cooke, says the firm can still pay back its debt. Investment bank Merrill Lynch disagrees. But the bank is still optimistic the drug will be given to patients in the future, even if it is heavily restricted. Investors and creditors will be praying for such an outcome.



Gndlf

[Dennie]

Kann mir den jemand den Text grob übersetzen ? Danke

[Gndlf]

15.03.2005 00:20
Shareholder Class Action Filed Against Elan Corporation, plc by the Law Firm of Schiffrin & Barroway, LLP

RADNOR, Pa., March 14 /PRNewswire/ -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:

Notice is hereby given that a class action lawsuit was filed in the United States District Court for the District of Massachusetts on behalf of securities purchasers of Elan Corporation (Nachrichten) (`Elan` or the `Company`) February 18, 2004, and February 25, 2005 inclusive (the `Class Period`).

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Darren J. Check, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at [e-mail].

The complaint charges Elan, Kelly Martin, Lars Eckman, and Shane Cooke with violations of the Securities Exchange Act of 1934. More specifically, the complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that TYSABRI posed serious immune-system side effects; (2) that TYSABRI, like other MS drugs, made patients susceptible to progressive multifocal leukoencephalopathy (`PML`) by changing the way certain white blood cells function thereby allowing PML, a normally dormant virus, to run rampant within the human body; (3) that defendants knew and/or recklessly disregarded documented facts that MS drugs can cause greater incidents of PML to occur; and (4) that defendants concealed these facts in order to fast track TYSABRI for FDA approval so that they could reap the financial benefits from the sales of the drug.

On February 28, 2005, before the market opened, Elan announced a voluntary suspension in the marketing of TYSABRI(R) (natalizumab), a treatment for multiple sclerosis (MS), because of two serious adverse events that have occurred in patients treated with TYSABRI in combination with AVONEX(R) (Interferon beta-1a) in clinical trials. News of this shocked the market. Shares of Elan fell $18.90 per share, or 70.26 percent, to close at $8.00 on unusually high trading volume.

Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered in excess of a billion dollars on behalf of institutional and high net worth individual investors. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com/.

If you are a member of the class described above, you may, not later than May 3, 2005 move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member`s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as `lead plaintiff.` Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Schiffrin & Barroway, or other counsel of your choice, to serve as your counsel in this action.

CONTACT: Schiffrin & Barroway, LLP Marc A. Topaz, Esq. Darren J. Check, Esq. 280 King of Prussia Road Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706 Or by e-mail at [e-mail]

xxxxxxxxxxxxx
Gndlf

[Zimbolette25plus]

Nachbörslich -40%.
Bin ich doch froh, dass ich raus bin...

[thefarmer]

Es gab anscheinend einen dritten Fall einer Infektion!

mfg
thefarmer

p.s. Gut, dass ich nicht drinn bin!

[borazon]

Werde weiter mit einem Einstieg warten. Die fallen wohl noch unter 1$ diesmal.

[Gndlf]

war zum Glück auch nur ein paar Tage drin.
Bin rechtzeitig wieder in Morphosys rein.
Jetzt gibts wieder sehr viel Phantasie. Mal sehen, wie sich das entwickelt.
Gndlf

[Robin7]

Die Minus 55% heute sind schon etwas übertrieben finde ich.

[Zimbolette25plus]

Ruuuuuuuuuuuuuuums, das reißt!

Wo ist der Boden? Dann kann man mal ne Runde zocken mit dem Teil!

[PaulPanzer]

Kann mir mal jemand sagen warum die so abschmieren.

Hab die in meiner Watch und sehe den Absturtz. Finde aber keine News dazu.

[Marktinsider]

STRONG BUY. Jetzt lohnt es sich, in Elan einzusteigen. Die Verluste von heute werden in den nächsten Tagen sicher wettgemacht. Der Markt wird morgen erkennen, dass die Reaktionen völlig übertrieben waren. Viele SL-Kurse wurden halt ausgeführt.

[daxgott]

Biogen und Elan brechen ein
Zweiter Todesfall durch Tysabri

Die beiden Biotechnologieunternehmen Biogen Idec und Elan Pharmaceuticals haben im Zusammenhang mit dem vom Markt genommenen Multiple Sklerose-Präparat Tysabri einen zweiten Todesfall eingeräumt.

Der Patient sei bereits 2003 gestorben. Ursprünglich galt ein Gehirntumor als Todesursache. Derzeit werde geprüft, ob Tysabri eine seltene Gehirnstörung verursache.

Insgesamt zogen sich drei Patienten nach der Einnahme des Multiple-Sklerose-Medikaments Tysabri eine Infektion zu. Tysabri galt als wichtiger Hoffnungsträger für die Unternehmen. Die Entscheidung das Medikament zurückzuziehen, hat somit auch einen großen Einfluss auf den lukrativen Markt für Medikamente gegen die Nervenkrankheit Multiple Sklerose (MS).

Die Aktienkurse von Biogen und Elan gerieten nach der neuen Meldung im nachbörslichen Handel noch einmal stark unter Druck. Insgesamt vernichtete der Kurssturz durch den Tysabri-Flop bei Biogen und Elan bereits 17 Mrd. US-Dollar an Börsenwert.

Umgekehrt profitiert der deutsche Konkurrent Schering von dem Schock. Schering stellt mit "Betaseron" ebenfalls ein MS-Medikament her.

Biogen und Elan hatten den Markt und die Biotechnologie-Branche am 28. Februar mit der Nachricht geschockt, ihr erst jüngst zugelassenes Mittel Tysabri vom Markt zu nehmen. Die US-Gesundheitsbehörde FDA (Food and Drug Administration) hatte Tysabri im November 2004 für die Behandlung von Multiple Sklerose zugelassen. Biogen Idec und Elan schließen eine erneute Markteinführung nicht aus, wollen aber erst Untersuchungen abwarten.
quelle ntv

[Friseuse]

Argumentfreies Blech.

[daxgott]

kann sein also ich bin heute rein

ist sicher überverkauft mal ne woche liegen lassen viel kann da nicht passieren es sei den es geht gen norden

[daxgott]

2,70

[TKD]

bin auch seit gestern wie nebenan geschrieben wieder dabei, mal gucken ob es wieder so gut läuft

Gruß

TKD

[quickclick]

Hallo zusammen,

hat ein Unternehmen für solche Fälle eine Versicherung um die
Kosten möglicher Schadenersatzklagen zu decken?.
Gruß quickclick

[Marktinsider]

Ich werde wie folgt vorgehen:
Meinen aktuellen stop loss von 2.99 USD werde ich bei einem Kurs von 3.50 auf 3.30 USD setzen, und immer weiter hochziehen, je höher der Kurs steht. Es wird immer ein spread (Abstand) von 0.20 USD dazwischenliegen. Ich denke, das ist eine optimale Strategie. Man begrenzt so seine Verluste, falls der Kurs unerwarteterweise doch noch weiter fällt. Aber man sichert zugleich auch seine Gewinne (Gewinnmitnahmen). An einen Verkauf denke ich im Moment gar nicht. Ich bin zuversichtlich bezüglich dem zukünftigen Verlauf dieser Aktie.

[daxgott]

Ja ein Unternehmen kann sich gegen solche Schäden versichern Prämie kostet satt vor allem nach den ersten schadenfall und nach dem 2ten erst recht .... Wenn Sie überhaupt so ne police haben. Aber wenn nicht bricht das genick von elan erst recht. Wie hoch der ausfall des präperates ist ist das einzige was derzeit vielleicht eingepreisst ist.

sl würde ich sehr überlegt setzen haben wir nicht erts gerade 50% abschlag auf einmal gesehen ??? Bei den Schwankungen hilft nur entwede spielgeld einsetzen und wen es weg ist - shit happens coff it up- und wenns läufft satt die gewinne verfeiern.

Ich bleib dabei :-)

[daxgott]

Serono profitiert von Tysabri-Rücknahme
Serono (Nachrichten) wird von Lehman Brothers von “equaweight” auf “overweight” heraufgestuft. Die Broker sind der Ansicht, dass das Schweizer Biotechnologieunternehmen von der Entscheidung der Konkurrenten Elan Corp/Biogen Idec deren Multiple Sklerose-Medikament Tysabri vom Markt zu nehmen profitieren wird. So verfüge Serono mit Rebif über ein entsprechendes Konkurrenzprodukt. Lehman sieht eine 65%ige Chance, dass Tysabri nicht mehr in den Markt zurückkehre, was ein Aufwärtspotential von 17 Prozent für Serono nach sich ziehe.

[daxgott]

wichtigsten Umsatzträger Betaferon nach dem vorläufigen Aus des Konkurrenzproduktes Tysabri wieder eine bessere Zukunft.

"Wir sind nun ein bisschen optimistischer", sagte Finanzvorstand Jörg Spiekerkötter am Freitag in Berlin. Das Multiple-Sklerose-Medikament Betaferon werde im laufenden Jahr ein währungsbereinigtes Umsatzplus im mittleren einstelligen Bereich verzeichnen. 2004 brachte Betaferon Schering allein ein Fünftel der Konzernerlöse von 4,9 Milliarden Euro. Auf der Suche nach Übernahmen fasst Schering nun auch Japan ins Auge. Nach dem Rekordjahr 2004 sieht sich der Konzern auf gutem Weg, 2006 sein Ziel einer Umsatzrendite von 18 Prozent 2006 zu erreichen.

2004 hatte Spiekerkötter angesichts der neuen Konkurrenz für Betaferon gesagt, die Zeiten starker zweistelliger Zuwächse bei dem Medikament seien vorbei. Die Konkurrenten Biogen und Elan hatten Anfang der Woche ihr erst im November 2004 in USA eingeführtes MS-Medikament Tysabri nach einem Todesfall vom Markt genommen. In der Nacht zum Freitag bestätigten beide eine Erkrankung des zentralen Nervensystems bei einem weiteren mit Tysabri behandelten Patienten. Spiekerkötter verwies darauf, dass bei Tysabri jetzt auch die Testreihen mit vielen Patienten abgebrochen würden. Diese könnten jetzt wieder auf ein erprobtes Präparat wie Betaferon zurückgreifen.

Die Aktien anderer MS-Medikamenten-Hersteller wie Schering, Teva (Copaxon) und Serono (Rebif) stiegen seit dem Rückzug von Tysabri stark. Am Freitag legten Schering-Aktien 1,2 Prozent auf knapp 56 Euro zu. "Schering hat seine Erwartung zu Betaferon konkretisiert. Insgesamt ist die Entwicklung aber von der Währung abhängig", sagte Analyst Ulrich Huwald von M.M. Warburg.

Mit einem Betriebsergebnis von 761 (Vorjahr: 686) Millionen Euro 2004 hat Schering ein Rekordjahr hinter sich. Der Umsatz stieg um 1,6 Prozent auf 4,9 Milliarden Euro, der Nettogewinn kletterte um 13 Prozent auf 503 Millionen Euro. Eine konkrete Prognose für 2005 gab der Konzern nicht. "Wir sind unserem Ziel, im Jahr 2006 eine operative Marge von 18 Prozent zu erreichen, deutlich näher gekommen", sagte Finanzchef Spiekerkötter nur. Im vergangenen Jahr lag die Umsatzrendite bei 15,5 Prozent.

Nach einem Gewinneinbruch im Jahr 2003 verfolgt Schering mit dem Spar- und Effizienzprogramm "Focus" eine Konzentration auf seine profitabelsten Produkte wie Betaferon. "Focus" ist mit dem Abbau von rund 2000 Stellen und mit Werksschließungen verbunden. Investieren will Schering künftig wieder etwas mehr. 2005 sollen die Investitionen um 13 Prozent auf 240 Millionen Euro steigen und bis 2007 auf dem Niveau bleiben. Für Forschung und Entwicklung will Schering wie im Vorjahr 19 Prozent vom Umsatz ausgeben.

MIT VERHÜTUNGSMITTELN ZU MEHR RENDITE

Auf dem Weg zu höheren Renditen sollen Schering vor allem margenstarke Verhütungsmittel wie Yasmin helfen. Eine niedrig dosierte Version, Yaz genannt, solle Ende 2005 auf den Markt kommen, sagte Spiekerkötter. Die US-Gesundheitsbehörde FDA hatte zuletzt noch Klärungsbedarf angemeldet. Die Yasmin-Familie soll in den nächsten Jahren einen jährlichen Umsatz von über einer Milliarde Euro erwirtschaften.

Ein ähnliches Volumen wird auch für das Krebspräparat PTK/ZK erwartet. Schering-Vorstandschef Hubertus Erlen sagte, nach den Erfahrungswerten im Zulassungsverfahren werde es wohl 2007 auf den Markt kommen. Ein Schering-Sprecher sagte aber, dies könne auch noch 2006 geschehen. PTK/ZK wird zusammen mit dem Schweizer Novartis-Konzern entwickelt.

Auf seiner Suche nach Übernahmezielen sieht sich Schering nach den Worten von Spiekerkötter derzeit in Japan um, nachdem zuletzt vor allem die USA genannt wurden. In Japan wolle sich der Konzern jenseits der starken Sparte Diagnostik verstärken. "Wir sind aber derzeit nicht in Gesprächen", sagte der Finanzvorstand

[daxgott]

Analysten sprechen bei BIOMS MEDICAL vom am besten bewahrten Biotech-
Geheimnis Kanadas! Während praktisch die gesamte Investmentbranche
dem Forschungsduo ELAN/BIOGEN IDEC für die schnelle Zulassung von Tysabri
(Antegren) zur Behandlung von Multiple Sklerose applaudiert, hat das kanadische
Biotech-Unternehmen BIOMS MEDICAL einen MS-Wirkstoff in seiner Pipeline,
der seinerseits noch einmal deutliche Vorzüge gegenüber Tysabri vorweisen kann!
Dabei ist MBP8298 nicht einmal ein Forschungsprojekt in vorklinischen Studien,
sondern ein ernst zu nehmender Medikamentenkandidat in einem weit fortgeschrittenen
Stadium der klinischen Forschungsreihen. Sollte BIOMS MEDICAL diese
erfolgreich abschließen können und eine Zulassung erhalten, stünde dem Unternehmen
eine Umsatz- und Gewinnexplosion, der Aktie eine glatte Vervielfachung ins Haus! Der Reihe nach:
Die Entwicklung von Tysabri ist bislang eine einzige
Erfolgsgeschichte! Der neue Hoffnungsträger von Multiple
Sklerose-Patienten wurde nach gerade einmal einjährigen
Versuchsreihen von der FDA zugelassen, da Tysabri ein
Meilenstein für die Behandlung von MS bedeutet. Weitere
Versuchsreihen laufen derzeit noch. Branchenexperten halten
für den Wirkstoff jährliche Umsätze zwischen USD 2 Mrd.
und USD 4 Mrd. für möglich. Aber: Das Krankheitsbild von
Multipler Sklerose zeigt sich sehr differenziert: In 80 bis
85% der Fälle wird die Krankheit in der RRMS-Form augenscheinlich,
die durch Phasen gekennzeichnet wird, in denen
sich eine Verschlechterung und eine Verbesserung der
Symptome abwechseln. Bei 90% dieser Patienten entwickelt
sich das Krankheitsbild im Laufe von 25 Jahren zur SPMS-Form von MS. Bei den meisten Patienten erfolgt
dies sogar binnen 10 Jahren nach der ersten Diagnose. Bei SPMS tritt eine Verbesserung der Symptome praktisch
nicht mehr auf, der Zustand des Patienten verschlechtert sich stetig, denn: Praktisch sämtliche derzeit auf
dem Markt befindlichen MS-Medikamente sind lediglich im RRMS-Stadium überhaupt wirksam! So auch
Tysabri, das im vergangenen November zugelassen wurde. Das bedeutet: MBP8298 von BIOMS MEDICAL
ist der momentan einzige Wirkstoffkandidat zur Behandlung von fortgeschrittener MS in der SPMS-Form, der
sich bereits in einer späten Phase der klinischen Forschung befindet! Aktuell laufen die Vorbereitungen für eine
Phase II/III-Studie mit 550 Patienten in Kanada und Großbritannien, in denen den Patienten lediglich alle 6
Monate eine Dosis des Wirkstoffs verabreicht werden soll. Das primäre Endziel der Studie ist die Verhinderung
des Fortschreitens der Krankheit. Bereits 2009 könnte der Wirkstoff die Zulassung in Kanada und Europa erhalten,
2011 könnte der Vertriebsstart in den USA erfolgen. Und die Chancen auf eine Zulassung stehen richtig
gut: Die Wahrscheinlichkeit, dass ein experimenteller Wirkstoff der Phase III tatsächlich auf den Markt kommt,
liegt bei 67%! Gelingt dem Unternehmen der Coup, schießt der Kurs durch die Decke:
Das Investmenthaus Fraser hält eine Kursexplosion um sage und
schreibe 650% für möglich! Denn das Marktpotenzial für MBP8298
wird auf bis zu USD 3.5 Mrd. geschätzt! Die Analysten gehen in einer
brandaktuellen Kaufstudie von zwei Szenarien aus, denn für die abschließenden
Phase III-Testreihen wird das Unternehmen weiteres Kapital
benötigen: Sollte sich BIOMS MEDICAL mit einem großen
Partner der Pharma-Branche zusammenschließen und einen Teil der
künftigen Erlöse abtreten, läge der Net Present Value der Aktie bei bis
zu CAD 19.40! Sofern man frisches Kapital aber über den Aktienmarkt
durch die Ausgabe neuer Aktien aufnimmt und die kompletten
zukünftig erwarteten Erlöse für sich beanspruchen kann, läge der NPV
bei bis zu CAD 27.30! Zum Vergleich: Momentan ist die Aktie noch zu Kursen um CAD 3.70 zu haben! In
Toronto sorgte die Kaufstudie, die wir Ihnen übrigens auch in unserer Datenbank auf unserer Homepage
www.boerse-inside.de zur Verfügung gestellt haben, in den vergangenen Tagen natürlich für Aufsehen. Von
Kursen um CAD 3.10 ging es zuletzt bereits rund 20% nach oben. Ein Klacks aber im Verhältnis zu den Kurssteigerungen,
die die Aktie bei einem erfolgreichen Abschluss der Studien in den kommenden Jahren erst noch
vor sich hat! BIOMS MEDICAL ist für uns eine der spektakulärsten Biotech-Chancen 2005, eine spekulative
Position gehört fast zwingend in jedes Biotech-Portfolio! (WKN 694 271, Kurs aktuell EUR 2.30, Reuters MS)

[daxgott]

31.03.2005 INHALIERBAREM INTERFERON-BETA

SERONO UND SYNTONIX UNTERZEICHNEN WELTWEITE VEREINBARUNG ZUR ENTWICKLUNG UND KOMMERZIALISIERUNG VON INHALIERBAREM INTERFERON-BETA GEGEN MULTIPLE SKLEROSE
Genf, Schweiz und Waltham, Mass. - 31. März 2005 - Serono (virt-x: SEO und NYSE: SRA) und Syntonix Pharmaceuticals Inc. gaben heute den Abschluss einer Vereinbarung bekannt, derzufolge Serono die weltweiten Exklusivrechte an den Transceptor(tm)- und SynFusion(tm)- Technologien von Syntonix zur Entwicklung und Kommerzialisierung von Interferon-beta:Fc-Produkten übertragen werden.

Diese Technologien könnten die Entwicklung einer inhalierbaren Interferon- beta-Therapie für die Behandlung der Multiplen Sklerose (MS) ermöglichen. Wie gezeigt wurde, können gewisse Fc-Konstrukte den Transport von therapeutischen Proteinen durch das Lungenepithel durch die Aufnahme über neonatale Fc-Rezeptoren erleichtern. Von Syntonix und Serono durchgeführte in vivo Untersuchungen mit einem von Syntonix hergestellten patentgeschützten Interferon-beta:Fc-Molekül belegten pharmakokinetische und pharmakodynamische Eigenschaften, die eine weitergehende Entwicklung rechtfertigen.

Serono vermarktet derzeit Rebif(r), ein hoch dosiertes und häufig verabreichtes Interferon beta-1a-Therapeutikum gegen schubförmige MS, das dreimal wöchentlich subkutan injiziert wird. Rebif(r) ist die führende MS-Therapie ausserhalb der USA und das am schnellsten wachsende MS-Medikament in den USA.

Wie die kontinuierlichen Verbesserungen unserer Produkte und unsere Patienten-Aufklärungsprogramme belegen, betrachtet Serono das Engagement für Patienten mit Multipler Sklerose als langfristige Verpflichtung und untersucht fortlaufend neue Therapien oder Verbesserungsmöglichkeiten für bestehende Behandlungsmethoden, sagte Tim Wells, Leiter der Forschung bei Serono. Wir sind davon überzeugt, dass Interferon-beta:Fc ein viel versprechender Ansatz für die inhalative Anwendung von Interferon beta-1a ist und wir diese Therapie künftig auf einfachere Weise anwenden können.

Aufgrund des Engagements auf dem Gebiet der Multiplen Sklerose und der weltweit führenden Rolle Serono`s unter den Biotechnologieunternehmen ist Serono ein bedeutender Partner für Syntonix, erkldrte Garen Bohlin, Präsident und CEO von Syntonix. Wir freuen uns, Serono mit unseren Transceptor(tm)- und SynFusion(tm)-Technologien die Möglichkeit bieten zu können, ihre schon heute sehr erfolgreiche Produktpalette auf dem Gebiet der Multiplen Sklerose zu erweitern.

Im Rahmen der Vereinbarung wird Serono für die gesamte weitere Entwicklung und Vermarktung des Produktes verantwortlich sein. Syntonix wird eine Vorabzahlung und weitere Zahlungen erhalten, die an das Erreichen von Entwicklungszielen geknüpft sind. Im Fall einer Vermarktung erhält Syntonix weitere Lizenzabgaben. Nähere Einzelheiten zu den finanziellen Vereinbarungen wurden nicht bekannt gegeben.

Quelle: PRESSEMITTEILUNG: 31.03.2005 | 16:15 UHR | SERONO

[daxgott]

Die Kleinen wittern ihre Chance
Während MS-Patienten, Ärzte, Banker und die beteiligten Firmen noch über den tiefen Fall der Pharmaunternehmen Biogen Idec und der Elan Corporation wegen des Rückrufs von TYSABRI diskutieren, ist eine Reihe kleinerer Konkurrenten dabei, ihre Chance zu nutzen und die Aufmerksamkeit der Öffentlichkeit auf ihre Neu-Entwicklungen zu lenken. So wird von der kanadischen Biotec-Firma BioMS Medical Corp. aus Edmonton, Alberta kolportiert, dass die Entwicklung ihres MS-Medikamentes MBP8298 zur Behandlung der sekundär chronisch-progredienten Multiplen Sklerose (SPMS) bereits im Januar dieses Jahres von der britischen Zulassungsstelle genehmigt wurde. So darf mit den klinischen Untersuchungen in Phase II/III begonnen werden. Die Versuche sollen zeigen, ob eine Infusion des Medikamentes jeweils alle 6 Monate und über zwei Jahre erfolgreich ist. Entsprechend einem Sprecher des Unternehmens sieht man bei den Versuchen derzeit keine ernsthaften Nebenwirkungen. Das Medikament MBP8298 wurde 26 Jahre lang erforscht und über 12 Jahre lang von bestimmten MS-Patienten benutzt. Es handelt sich um eine synthetische Version von Myelin Basic Protein (MBP), einem Bestandteil von Myelin als fettiger Substanz, die die Nervenfaser umhüllt und bei MS-Patienten geschädigt ist. Die intravenöse Verabreichung des Medikaments soll die mit der Krankheit MS verbundene Produktion einer Gruppe von Anti-MBP-Antikörpern unterdrücken, die auf das zentrale Nervensystem (ZNS) eine schädigende Wirkung haben.

Die US-Firma Hemispherx Biopharma Inc. Philadelphia ist derzeit dabei, Anwendungen mit einer zugelassenen Medikamentenformel experimentell zu erproben. Ziel der Gesellschaft ist der Start von Untersuchungen in der abschliessenden Phase III im 2. oder 3.Quartal dieses Jahres. Nach Angaben eines Sprechers der Gesellschaft handelt es sich bei ALFERON N um eine injizierbare Flüssigkeit, die für Schubpatienten gedacht ist und derzeit in Phase II der klinischen Erprobung läuft. Das Medikament ist ein Gemisch von alpha-Interferon, einem im menschlichen Körper produziertem Protein, das den Angriff auf das Immunsystem beeinflusst. Dabei werden bestimmte Reaktionen von Wirkstoffen verlangsamt bzw. blockiert oder ihr Wachstum und ihre Wirkung verändert. Nach Angaben eines Sprechers vom Hemispherx wird Alferon N gut vertragen und hat nur milde bis mäßige Nebenwirkungen in Form grippeähnlicher, aber flüchtiger Erscheinungen.

Nachdem die US-Firma Ivax Corporation, Miami - Entwickler des bekannten Medikamentes Cladribine - mit dem Schweizer Pharmakonzern Serono eine Kooperation abgeschlossen hatte, wurden in der Entwicklung des Medikamentes MYLANIX erhebliche Fortschritte gemacht. In früheren Untersuchungen reduzierte Cladribine neue Läsionen im Gehirn. Sofern das Medikament zugelassen ist, wird Mylanix das erste MS-Medikament in Tablettenform sein. Nach Angaben von Serono beginnt im 1.Quartal 2005 eine 2-jährige Untersuchung in Phase III. Zum Ende der Versuchen werden 1200 Patienten beteiligt sein, wobei sowohl MS-Schübe als auch chronische Progressionen untersucht werden.

The Wall Street Journal, 28. Februar 2005

[daxgott]

na also geht doch 2,80

[daxgott]

also wenn wir bei +5 % heute bleiben hilft nur eines doch vielleich nen sl setzen

[puhvogel]

Hier ein nicht ganz uninteressanter Versuch einer Analyse:
Es ist eigentlich erschreckend, was aus der früher mal wirklich superfetten Pipeline geworden ist, die so manche träge Pharmafirma zum Erblassen gebracht hätte.
Aber Pech ist Pech und die Finanzmärkte forderten ihr Blutopfer.
______________________________________________________

Has Elan Been KO`d?

By Charly Travers (TMFBreakerCharly)
April 5, 2005

One day, I`ll look back on 2005 and remember this as the year I learned there`s no such thing as a sure thing. BiogenIDEC (Nasdaq: BIIB) and Elan (NYSE: ELN) appeared to be locks with the multiple sclerosis drug Tysabri, and then in an instant: "Poof," it was gone.

The clinical data is rock solid. There is no doubt the drug works and is likely more effective than anything else available for these patients. It was a win-win for everyone, and I thought it would be such a blockbuster that Elan would be a $20 billion company. Then, tragedy struck, and overnight this promising drug was yanked off the market.

In the wake of this disaster, Elan`s stock price has been pummeled over the past six weeks, down 86% as pessimism builds with the company releasing more awful news that a third patient using Tysabri has confirmed PML (the same rare, fatal neurological disease that led to Tysabri`s being taken off the market).

Elan`s market cap now stands at a relatively measly $1.4 billion. Two months ago, if I could have bought shares of Elan for less than $4, I would have picked them up with both fists. Now that the company`s future is considerably less bright, I`m not so sure that`s a good idea. In the midst of this carnage, I want to look into whether Elan is down for the count or whether this is an overreaction that represents a good buying opportunity. A look at the company`s financials and drug prospects outside of Tysabri is in order.

Is the glass half full?
Fortunately for Elan, the company is not just the Tysabri story. It actually has a diversified revenue stream with sales from several small drugs as well as contract manufacturing and royalty revenue. Last year, it turned in a quite respectable $482 million in revenues. That`s the good news.

Now for the bad news. Despite a pretty strong top line, Elan had an operating loss of $283 million and a GAAP loss of $376 million last year. I`m used to looking at companies that lose money; the vast majority of the biotech industry is in that boat. I`ve become quite tolerant of shaky financials, but the magnitude here is staggering even by my loose standards. This is where losing Tysabri hits the hardest because it will take a major revenue source and/or significant spending cuts to bring Elan into the black.

Drastic cuts in these losses are necessary in a very short period of time, since the balance sheet is highly leveraged. At the end of 2004, the company had $1.6 billion in cash and marketable securities. Normally, that would be fantastic. But up against $2.3 billion in debt, it is woefully inadequate. Especially since without Tysabri, the company is hemorrhaging cash by the quarter.

Getting the cash burn under control has to be a priority. Given the company`s history, I think Elan`s management will be on the ball in this area. But that`s not to say it is an easy task. This is a pressing issue since $1.1 billion of Elan`s debt is due in 2008. Looking at the company`s current cash balance and the very high burn rate, we can see there`s not much wiggle room. It is likely some financial maneuvering will be required. This is a company used to jumping through those hoops, though, so I`m not forecasting a catastrophe by any means.

The bottom line from the financial statements is that without a major revenue source like Tysabri, Elan is not looking pretty. Staggering losses and a crushing debt load is a combustible combination to be handled only with high risk. When the company releases its projected cash burn rate at the end of this month, there will be some clarity on these issues.

Coming up the pipeline
I`ve already mentioned that Elan currently markets a handful of drugs that are generating revenue. Recently joining this portfolio is Prialt, which was recently approved in both the U.S. and Europe for the treatment of severe, chronic pain. While Prialt will definitely help the company`s financial picture, even Elan`s management sees the drug as a relatively small seller. It`s certainly not big enough to fill the gaping hole left by Tysabri. Over the next few years, Prialt will help shrink Elan`s losses, but it doesn`t have enough juice to bring the company into the black.

The remainder of Elan`s pipeline has some interesting drug programs, especially in Alzheimer`s disease. The company does boast the most advanced program, on track to enter phase 2 trials this year. Unfortunately, everything else in the pipeline is preclinical. That means the timeline to reach the market is very long and the odds of success on average are quite low. I usually give preclinical drugs zero value for these reasons. Essentially, when looking at Elan`s pipeline we find that the cupboard is bare for the next few years.

The final verdict
Even at a market cap of just $1.4 billion, I would pass on Elan right now, based on its financials and its pipeline. I am also assuming Tysabri sales never resume, even in a limited capacity, because of the severity of PML and the frequency in which this otherwise rare viral infection has appeared in patients using Tysabri. The fact is, without Tysabri the company does not have enough revenue-generating potential to get into the black before having to deal with its debt issues in 2008. I do not find that to be an appealing prospect.

To be fair, Tysabri is derailed but not necessarily off-track forever. As I said, the drug clearly works in patients with multiple sclerosis. There is a real medical need here as many patients don`t do well with existing drugs. Despite the risk of PML, the FDA needs to consider whether the real benefits to these patients outweigh the risk. Personally, I hope Tysabri is given the green light for these patients with appropriate disclosures of its risks. But at the same time, that`s a highly uncertain outcome and a heck of decision on which to bet some investment dollars.

Quelle:http://www.fool.com/news/commentary/2005/commentary05040504.…

[TKD]

da in usa das opening gap im bereich 3,66 geschlossen wurde gehe ich von weiter steigenden kursen aus

[Zimbolette25plus]

Bin eben eingestiegen. Wir sehen heute 40 bis 50 % Kursplus, da bin ich mir (ziemlich) sicher.

[puhvogel]

Hat nichts mit Elan direkt zu tun, passt aber zum Thema. Etwas was ich schon lange beklage:

Medikamente sind niemals nur harmlose Zuckerpillen, sondern biochemisch äußerst aktive Substanzen, die immer Folgewirkungen haben, gute und auch nicht so gute. Nur auf die schlechten Aspekte zu starren ist kontraproduktiv, aber als Medikamente-Bewerter ist man damit auf der sicheren Seite.

FDA Drug Suspensions Frustrate Medical Community , Jeff Neal
Tuesday April 12, 1:30 pm ET



Despite praise from some advocacy groups that the Food and Drug Administration [FDA] is finally being more aggressive, many doctors and professionals in the medical community are becoming increasingly frustrated with all the recent drug suspensions. The latest drug to get suspended was Pfizer`s (PFE) Bextra, a painkiller used by millions of Americans. The reason for the suspension is the risk of a rare but serious skin disorder. Another painkiller, Vioxx, made by Merck (MRK), was suspended just 6 months earlier after a study showed increased heart risk for long-term users. In addition, Pfizer has been asked by the FDA to provide a warning on their Celebrex drug containers indicating possible cardiovascular and gastrointestinal risks.

All of this has many patients concerned not only about the safety of their medicines but also where to turn next to relieve their pain. The FDA seems to have to turn up the heat lately after Congressional hearings pointed to concerns that the agency is tied too closely to the drug industry, which is slow to move and does not do a very good job in monitoring drugs for problems once they are on the market. The bottom line is that Congress is demanding that the FDA be a more independent entity.

The frustration from the medical community emanates from two fronts. First, doctors have often pointed out that concerns about many of these drugs are nothing new. For example, in the case of Bextra, the cardiac issues and skin reactions were known for some time. A warning was actually added to the drug`s label about serious skin reac! tions more than four months ago-two years after the FDA was aware of t he problem. This has raised questions among many doctors on just how seriously the FDA is taking drug safety.

Other medical professionals believe the FDA is just acting as an alarmist in many cases where the doctor should make the particular decision. They claim that the FDA is creating uncertainty in patients about what is right for them. Many patients, particularly the elderly, agree, asserting that the quality of life is more important to them than living to be 100. Many patients who can no longer use these suspended drugs are now faced with strict limitations on what they can and cannot do in respect to daily activities.

Typically drug-safety concerns are bad news for Wall Street but, surprisingly, the most recent drug suspensions have done little or no damage. In fact after the announcements the Amex Pharmaceutical Index was up slightly and Pfizer, after declining almost 5 percent in early trading, actually finished up on that particular day. Health care ! analysts indicate that this most recent news was already factored into the stock price. In addition, they point out that the Celebrex product can remain on the market and will more than likely acquire many Bextra drug users. Also Pfizer can take some solace in the fact that rival pain relievers will also have to carry warnings now, which should level the playing level.

However, the large drug company Pfizer was still surprised by the recent developments, as indicated when they announced to analysts just prior to the FDA`s drug decisions that they expected Bextra and Celebrex sales to increase in 2006. The company also said they planned to reduce expenses by $4 billion and predicted a double-digit earnings growth in 2006. These numbers will now have to be re-visited and look for expenses to have to be reduced much further than anticipated if the company is to meet its 2006 earnings growth goal.

It is still very unclear how this more aggressive stance of the FDA will impact drug stocks in the short term. However, for t he average investor it certainly introduces even more risk with these types of equities when you consider the uncertainty going forward. It is best to manage one`s risk in this sector by hedging as the medical community, the FDA, Congress and the major drug companies sort it all out.

Happy Trading.

[daxgott]

4,25 in new york - schön :-)

[daxgott]

also mit 3,60 € gehts morgen weiter

[[KERN]Codex]

lustig,

im orderbuch ist platz bis 34$, danach gibt es noch 2 weitere orders

auf der käuferseite ist platz bis 1,25, danch noch 31 orders!

nächster wiederstand sind 3700 stk. bei 5$

[Marktinsider]

So, ich habe soeben meine 500 Stück Elan (ELN.NYS / 2307237 / US2841312083) verkauft und bin der Meinung, dass dies eine gute Entscheidung war. Immerhin bin ich seit 3.10 USD dabei, was einem Gewinn von 500 USD oder über 30% exkl. Kommissionsgebühren bedeutet. Damit bin ich zufrieden. Viele Leute vergessen, Gewinne zu realisieren. Werdet nicht zu gierig! In meiner Vergangenheit war meine Gier zu gross und ich vergass, meine Gewinne mitzunehmen. So wurden aus +60% schon wieder einmal +10%.

Also: Rechtzeitig verkaufen! Allen investierten Leuten trotzdme weiterhin schöne Gewinne. Doch der Kurs entwickelt sich sehr langsam jetzt. Das gefällt mir jetzt nicht.

[Wuscher]

Tip schaut euch
a0b9ts
mal an
da geht was
mfg

[welke91]

Elan heute im Nas Top!!! + 8 %,

hört nicht auf zu steigen.
was ist los weiss jemand was?

grüße

[GlobalFinanz]

Es gibt wohl Marktgerüchte, dass Elan übernommen werden soll.

[[KERN]Codex]

[Euwaxtrader]

Wenn wir erst in einem Jahr den
Reparatur-Dienst in Anspruch
nehmen müssen, sind die Gewinne
steuerfrei !!

[welke91]

Elan heute Top??

Nachbörslich im Nas 4,40 $$$

Hohes Volumen.

Heute 1ster Quartalbericht 2005.

Hört sich vielversprechend an.

Augen auf wird ein heisser Tag.

[jojobada]

Elan Zahlen sind da!

http://www.pinksheets.com/quote/news.jsp?symbol=ELN

[[KERN]Codex]

vorbörsliche taxe 4,67/4,88

price 4,74

[[KERN]Codex]

[[KERN]Codex]

Elan shares leap as investors take bet on MS drug

Fri Apr 29, 2005 11:55 AM ET

DUBLIN, April 29 (Reuters) - Shares in Elan Corp (ELN.I: Quote, Profile, Research) jumped 19 percent on Friday as traders said investors with high-risk appetites were betting that its suspended Tysabri multiple sclerosis drug could ultimately make a comeback. "There`s no specific news but it looks like people are betting on the possibility it will return to the market," said one Dublin-based trader. "You can very easily have a $8 share price if you put some Tysabri sales back into the models."

Shares in Ireland-based Elan (ELN.N: Quote, Profile, Research) were up 18 percent at 4.20 euros ($5.43) in Dublin by 1536 GMT, outperforming a 0.4 percent higher Irish market index but 80 percent below their 2005 high, having collapsed following Tysabri`s withdrawal.

Elan (ELN.N: Quote, Profile, Research) halted sales of Tysabri on February 28 after a patient died from a rare brain infection. The company is currently conducting safety studies to establish whether there is a connection.

Davy analyst Jack Gorman, whose company acts as a stockbroker for Elan, said in a research note that both Elan and its U.S. partner Biogen Idec (BIIB.O: Quote, Profile, Research) sounded confident this week that Tysabri could find its way back onto the market.

"Our view is still that the Elan share price is assuming little or no chance of a return for Tysabri, and that a trading opportunity is thus available despite the limited near-term visibility on the product`s fate."

Gorman said that while the risks were high, giving the drug a 10 to 50 percent chance of returning to the market with peak annual sales of $400 million to $1.6 billion would add as much as $5 to his $3.82 per share sum-of-the-parts valuation.

The stock was 14.9 percent higher at $5.39 in New York.

Posting first-quarter results on Thursday, Elan Chief Executive Kelly Martin told Reuters in an interview that he believed the treatment would ultimately return.

"I certainly believe that, given the unmet medical need and given the efficacy of Tysabri, that this will ultimately be back in the hands of patients and their doctors."

But analysts believe it could be months before Tysabri`s fate becomes clearer with safety studies due to conclude in late summer at which point Elan will begin discussions with the Food and Drug Administration in the U.S. to determine its future.

"You`ve got to have a high-risk appetite but obviously if Tysabri comes back to the market there`s still a lot of upside for the shares," said another Dublin-based analyst. "Both Elan and Biogen management have certainly sounded pretty upbeat."

[jojobada]

NEWS

US Financial Network: Elan surges on Tysabri hopes, Idenix announces data presentations at the 2005 Digestive Disease Week Meeting

Apr 29, 2005 (M2 PRESSWIRE via COMTEX) -- City of Industry, CA - Biotechnology industry news provided by Financial News USA (OTC: FNWU). Elan (NYSE:ELN) reported yesterday first-quarter results in which the loss was greater and the revenue was smaller than in the same period last year. The big change was caused primarily by the Feb. 28 suspension of sales of Tysabri for multiple sclerosis. Elan and its partner Biogen Idec (Nasdaq:BIIB) pulled Tysabri after reports of patients in clinical trials developing a rare, often fatal central nervous system disorder. The companies have confirmed three cases of this disease. Two patients have died. Idenix Pharmaceuticals, Inc. (Nasdaq: IDIX), a biopharmaceutical company engaged in the discovery, development and commercialization of drugs for the treatment of human viral and other infectious diseases, announced that six abstracts have been accepted for presentation at the Digestive Disease Week (DDW) meeting, to be held in Chicago, Illinois from May 14-19, 2005. The abstract contents are available on the DDW web site (http://www.ddw.org).
U.S. BioDefense confirmed that it had filed provisional patent application number 60/594081 with the United States Patent and Trademark Office. The patent pending technology is being implemented through U.S. BioDefense`s existing intellectual property search engine infrastructure which is currently modeling the successful business model functionality of search engines like Google (Nasdaq:GOOG ), Yahoo, and LookSmart. U.S. BioDefense staff currently utilizes the search engine to accelerate the identification of stem cell and biodefense intellectual property acquisition programs. The infrastructure includes a marketplace for parties interested in buying and selling technology, intellectual property and products related to the Homeland Security and biotechnology sectors similar to that of eBay. The auctioning allows for fair market evaluations of intellectual property and technology ready for commercialization and licensing.

About Financial News USA

Financial News USA is a Next Generation Financial Communications firm focused on the distribution of market moving news. Financial News USA has developed leading edge e-publishing tools including programming proprietary RSS feeds and enabling open source press release publishing across its network. Financial News USA has been aggressively expanding its news distribution network by targeting direct feeds to financial news and data providers such as FinancialContent, Yahoo (NASDAQ: YHOO), among others. Financial News USA offers a free news feed available online (www.financialnewsusa.com) to websites and financial services looking for content and for individual investors looking to stay informed on the financial markets. Financial News USA and its affiliates charge each client cash for news distribution and may take an equity position in the companies mentioned herein, please visit the disclaimer at www.financialnewsusa.com.

CONTACT: Financial News USA Tel: [phone] e-mail: [e-mail]

M2 Communications Ltd disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to [e-mail].




(C)1994-2005 M2 COMMUNICATIONS LTD

-0-

[[KERN]Codex]

Drug Withdrawal a Travesty for MS Sufferers

(Scripps Howard)
Updated: Apr 29th 2005

The yanking from the market of both Vioxx and Bextra, members of a new generation of pain relievers called COX-2 inhibitors, has critics ripping raw flesh off the Food and Drug Administration. Inevitably, the agency and pharmaceutical companies are under intense pressure to over-scrutinize new drugs. But over-caution can also cause tremendous anguish, as multiple sclerosis sufferers using a recently pulled drug called Tysabri can attest.

Tysabri belongs to an incredibly promising new class of biotech drugs called monoclonal antibodies. Monoclonals have repeatedly shown an ability to slow or reverse diseases for which previously there had been nothing available but pain relievers and to be effective against multiple diseases.

Such appears to be the case with Tysabri, produced in partnership by Biogen Idec and Elan Pharmaceuticals and approved for MS in late November. About 400,000 people in this country have MS, in which the immune system attacks both the brain and spinal cord and causes a host of symptoms, including blindness, paralysis, and sometimes death.

There are other MS drugs, but none seems nearly as effective as Tysabri or as well-tolerated. In fact, results released this month of two years of clinical trials showed a stunning 42 percent reduction in the risk of disability progression and an even more amazing 67 percent drop in clinical relapses.

In late clinical trials, Tysabri has also apparently been extremely effective against Crohn`s disease, a severe bowel disorder. Additionally, it was also in human testing for rheumatoid arthritis. So it came as a stunning blow to the approximately 8,000 patients using the drug, as well as a long list of persons waiting to get prescriptions, when the ax fell.

The force behind that ax was a tiny virus that`s extremely common but that the immune system keeps locked up. If unleashed, though, it causes an often-fatal disease of the central nervous system called progressive multifocal leukoencephalopathy. Unfortunately, two MS patients on Tysabri contracted the disease and one died. When the drug makers scoured their databases they found another PML death in a Crohn`s patient. He also died.

It`s possible that in suppressing the immune system`s attack, Tysabri may have let loose the virus. But tremendously complicating matters is that all three patients were also on other immunosuppressive drugs at the time, leaving the real possibility that Tysabri alone is harmless. There are NO known cases of PML in patients using only Tysabri, according to the FDA.

What`s bizarre to Dr. Jeffrey Horstmyer, director of the MS Center at Mercy Hospital in Miami, is that less-effective MS drugs known to kill people have been used for years. "We allow Novantrone," he says, "and yet take Tysabri off the market." Novantrone`s side effects can include heart failure and leukemia.

Likewise, all the drugs that slow the progression of rheumatoid arthritis carry FDA warning labels, and two have been implicated in several deaths. Yet sufferers practically worship the companies that make them.

"Tysabri is a great drug," says Horstmyer. "My patients ... were delighted with the lack of side effects and its effectiveness." He adds they`re "really ticked" that it`s been pulled. In fact, New York Newsday headlined a recent story, "MS Patients Plead for a Recalled Medication," and the drug makers are being deluged with requests from desperate MS sufferers.

Horstmyer thinks the threat of lawsuits was primarily responsible for the drug being withdrawn, while the Competitive Enterprise Institute`s Sam Kazman blames government.

"What we`ve apparently got is FDA reverting to its traditional operating mode of deadly over-caution," he says. "That plays well in both Congress and the press but it`s murder on patients." Yet both agree that but for the COX-2 calamity there would have been no withdrawal and it`s wrong for Vioxx`s tentacles to be reaching out and grabbing other drugs.

"The Biogen and Elan people were trying to demonstrate the highest level of scrutiny" in pulling Tysabri until all patients could be evaluated," says Horstmyer. But, "All the MS drugs have serious side effects," he adds. Moreover, patients with MS "are among the most well-informed," he says, and best able to balance the risks of their disease vs. the rewards and risks of various drugs.

Says Horstmyer, "I really hope they can bring Tysabri back."

(Michael Fumento is author of "BioEvolution: How Biotechnology is Changing Our World" and a senior fellow at the Hudson Institute. E-mail fumento(at)pobox.com.)

© 2004 Scripps Howard News Service.





AH island.com 5,72$

[[KERN]Codex]

6,66$

[[KERN]Codex]

6,85$

Party ist noch nicht vorbei

[welke91]

ELAN konnte sich nach dem drastischen Abverkauf seit Februar im Tief bei 3,00 $ fangen und in den Vorwochen erholen. Mit dem Überwinden eines kurzfristigen Widerstands bei 4,38 $ kommt jetzt verstärktes Upmomentum auf. Das Gap Down aus dem März ist fast geschlossen, an der Gap-Oberkante bei 6,96 $ kann mit einem Rücksetzer gerechnet werden. Weiterhin kann bei ELAN noch nicht von einem langfristigen Boden ausgegangen werden. Kann der Kurs sich aber über 6,96 $ auf Wochenschlussbasis etablieren, ist eine Fortsetzung der Gegenbewegung in Richtung 9,75 $ möglich.

[mmeureka2164]

ich moechte elan bei 5.5$ kaufen

[mmeureka2164]

ist schon zu spaet elan zu kaufen?

[[KERN]Codex]

Es ist nie zu spät eine gute Aktie zu kaufen

[mmeureka2164]

ich bin schon bei 8.3$ eingestiegen
ich warte ganze zeit mit geduld

[Nostarowie]

Salve mmeureka

Da mußte ja schon vor nem Jahr reingekrabbelt sein?-
oder hast Du die Papiere im freien Fall geangelt?

Bei ersteren mein Beileid, letzteres Respekt (kann ich mir nur nich vorstellen!)

Tut mir leid meine Haupthirnader pulsiert mir laufend-

"kann man dieses Posting ernstnehmen?"

Egal.
Jeder muß selbst wissen was er tut.

[Nostarowie]

Nims nicht so ernst!

Natürlich konnte man nach dem ersten Desaster rein, hab eben Euro mit Dollar verwechselt.Mein Fehler.

(Meine Hupthirnader funktioniert nich mehr richtig)

Kauf das Teil un lass es liegen!

Gruß Nosta

[welke91]

momentan + 10%

Shares in embattled Elan Pharmaceuticals (nyse: ELN - news - people ) jumped 10% as new data was unveiled on the company`s failed Alzheimer`s vaccine. The data, published in the Journal Neurology, showed that the vaccine, which was torpedoed by potentially fatal bleeding in the brain, did work to clear plaques out of the brains of Alzheimer`s patients. Researchers hope that bodes well for a follow-on medicine, a human antibody that would work in much the same way as the vaccine did. "Safety is paramount, given the experience with the last trial, and the new study is designed to be extraordinarily cautious and conservative," said the University of Michigan`s Nancy Barbas in a prepared statement. "But if we can show an effect, it will mean we`re that much closer to giving patients and their families better options for treatment." Barbas is currently starting up a trial to test the follow-on treatment. Elan has also been plagued by a safety issue with Tysabri, which it sells with Biogen Ide

[mmeureka2164]

[posting]16.558.060 von Nostarowie am 08.05.05 20:29:06[/posting]hab ich heute fuer 7.05$ zugekauft.
elan schaft 10$ in kurze zeit

[Nostarowie]

Hallo meister Yoda

Haste gemacht gut, ich hoffe 10 euro kommen bald aber ich nich wissen, deshalb ohne gewähr.

Möge die Macht mit uns sein

is nich bös gemeint!



(muß man heut bei den überdemokratischen schreihälsen beifügen)

[jimmy007]

Habe gaaanz unten gekauft und nettes Geld mitgenommen. Jetzt vor einige Tagen wieder rein und letzten Freitag nachgekauft. Ist jeden Tag wieder schön, nicht enttäuscht zu werden.
Wie geht es weiter? Irgendwelche News? (Aktuelle) Informationsbeschaffung bei Elan ist schwer, weiss einer mehr, gibt es ein gutes Board in USA?

[[KERN]Codex]

Guck mal in den Thread, da sind immer die aktuellsten News drin:

http://www.wallstreet-online.de/ws/community/board/threadpag…

Thread: ELAN - die 300% Chance

[HAL11000]

@jimmy007 und wen es sonst noch interessiert: www.yahoo.com unter Finance, Kürzel ELN mit oft aus erster Hand Info direkt aus dem schönen und boomenden Irland. ELAN GO!

[Bernd13090]

BIN EIN WENIG IRITIERT ((

wo ist der Unterschied zur WKN 903801.

[[KERN]Codex]

Der Unterschied zwischen beiden WKNs:


WKN 871331 -> habe ich gekauft



NYSE 7,36 18.05.05 22:00 42,62 Mio. 4.729
Frankfurt 5,80 19.05.05 12:12 17.629,03 5
Stuttgart 5,79 19.05.05 12:08 579,00 1


WKN 903801



London Dom Quotes 5,74 19.05.05 13:20 -- 18
London Inland 5,77 19.05.05 13:17 -- 18
Frankfurt 5,85 19.05.05 12:27 136.079,70 12

[jojobada]

.

[HAL11000]

CA. 4,5 % plus nach Unterstützung bei $ 6,80; am Mi. Biotech Conference in New York, möglicherweise gibt es News von Elan über Tysabri. Auf der HV von Schering ging man übrigens davon aus, dass Tysabri zurückkommt auf den Markt. Kursziel $ 20 plus. Wer hier nicht kauft ist selber schuld. Ich meine damit: WKN 871331!

[leiro1]

Hab auch ein gutes Gefühl, daß wenn wie Chancen auf eine Rückkehr von Tysabri steigen dann Kurse von über 10 EUR möglich sind.
Echt spannend - ich bleib jedenfalls dabei.

Vielleicht gibt es ja auch news bezüglich dem Alzheimermedikament.


Leiro

[lippi5]

Warum betonst Du gerade die WKN 871331?
Hat das was zu sagen?
WKN 903801 gäbe es ja auch noch - nur mal so gefragt....

Gruß

[moneyshow]

guten abend!

tysabri kommt bestimmt wieder auf dem markt.bei ersten genauen analysen hat sich herausgestellt, dass zusätzlich
gegebene medikamente die negativen wirkungen verursacht
haben sollen. dies wird auf einigen us med boards
berichtet.
also in wenigen wochen wissen wir mehr.
kurs dann $ 10 aufwärts.

[mmeureka2164]

ich warte-10$.bin ganze zeit dabei.

[moneyshow]

heute schon mehr blocktrades
4x60000
1x130000

[HAL11000]

Eine Antwort gibt es bei 903801. Bezieht sich wohl mehr auf den LSE Kurs aus London. Die Musik spielt aber woanders. Und die US Börsen geben die Kurse vor, was gut für einen - erneuten -Einstieg sein kann.

[CBBBeobachter]

Was ist denn mit Elan los ?

Gruß

[[KERN]Codex]

Strong Buy

[bernie55]

...so früh wach am morgen oder immer noch auf ????

...ich würde sagen, nicht mondsüchtig, sondern ELAN - süchtig...

...uns allen eine " süchtige " Woche ....

Grüße bernie55

[welke91]

Moinsen,

danke all denen die dazu beitragen diesen guten Chat am Leben zu halten.
Aufgrund einiger Bewertungen bin ich bei Elan geblieben.
Habe nicht die Zeit mich ausführlich mit Aktienzeug zu beschäftigen.
Darum schaute ich blöd rein, als der Globe diese Wahnwitzige Meldung brachte.
Hoffe der muss anständig Blut lassen dafür.

Nochmals danke allen.....

[[KERN]Codex]

Der Typ von Globe darf schon wieder schreiben

[moneyshow]

hier ist`s aber ruhig !!