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ELAN CORPORATION ANNOUNCES RECORD PROFITS AS REVENUE PASSES THE $100 MILLION MILESTONE

 ELAN CORPORATION ANNOUNCES RECORD PROFITS
 AS REVENUE PASSES THE $100 MILLION MILESTONE
 ATHLONE, Ireland, May 5 /PRNewswire/ -- Elan Corporation plc. (AMEX: ELN) today announced earnings for the year ended March 31 of 13,150,000 Irish pounds (IRP) (US$21,250,000) representing a record of four successive years of 100 percent growth in profits.
 In addition, revenue for year at IRP62,324,000 ($US100,716,000) passed the $100 million milestone for the first time in the company's history.
 The company's fiscal 1992 earnings performance marks the first time in a decade that a pharmaceutical company covered in the Standard & Poors Stock Guide achieved four consecutive years of 100 percent or greater profit growth.
 Revenue for the year increased 48 percent from IRP41,991,000 to IRP62,324,000 (US$100,716,000) with earnings increasing by 100 percent to IRP13,150,000 (US$21,250,000), or IRP0.65 (US$1.05) per share.
 Revenues for the four quarter were IRP21,555,000 (US$34,833,000), and increase of 83 percent over the same period last year. Earnings for the quarter increased 102 percent from IRP2,280,000 (US$3,588,000) to IRP4,616,000 (US$7,459,000), or IRP0.22 (US$0.36) per share.
 Elan Chairman and Chief Executive Officer, Donald E. Panoz, said, "Highlights of the year's performance included significant growth of two of Elan's cardiovascular products -- Cardizem SR and Verelan, and a high level of demand for ProStep nicotine patch in the fourth quarter to meet U.S. launch requirements of American Cyanamid's Lederle Laboratories division following its U.S. approval on Jan. 28. None of this could have been achieved without the enthusiastic commitment of the 640 employed in all of our units.
 Panoz stated "since the start of fiscal 1992, four Elan products have been launched in 11 countries, including the nicotine patch and Cardizem once-daily in the U.S. and Nifensar in the U.K. More than 20 other products are in various stages of approval in 30 countriesease confirms the company's commitment to sustained investment in our future which provides a strong foundation for a continuing stream of new products and technologies. This expanding product pipeline is the engine that will continue to drive Elan's growth for the future, Our commitment to our "Mind to Market' strategy has contributed and will continue to contribute to the exceptional growth being experienced by the company. Our integrated capabilities enable us to provide our business partners with sophisticated products in a timely and efficient manner."
 Elan is a world leader in the specialized health care field of advanced reformulation and drug delivery, concentrating on improved drug absorption and utilization. Elan operates research and manufacturing facilities in Athlone, Republic of Ireland; Gainesville, Ga.; Brea, Calif.; Cambridge, Mass.; Enschede, the Netherlands; and Manila, Philippines.
 Note: Fiscal year 1992 results translated for convenience at the closing rate on March 31, 1992 of US$1.616 equals IRP1.00.
 Operating statement and balance sheets available upon request by calling 203-222-7399 or 212-926-1733.
 -0- 5/5/92
 /CONTACT: Brian Crotty of Elan, 800-252-3526, or Thomas Redington of Redington Inc., 203-222-7399, or 212-926-1733, for Elan/
 /FIRST AND FINAL ADD -- TABULAR MATERIAL -- TO FOLLOW/
 (ELN) CO: Elan Corporation plc ST: IN: MTC SU: ERN


TS-AH -- NY020 -- 6443 05/05/92 10:15 EDT
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Publication:PR Newswire
Date:May 5, 1992
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