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ELAN REPORTS EXCELLENT PERFORMANCE FOR THIRD QUARTER

 ATHLONE, Ireland, Feb. 9 /PRNewswire/-- Elan Corporation plc (AMEX: ELN) today announced net income for the third quarter ended Dec. 31, 1992, of 4,964,000 Irish pounds (IRP) (US$8,055,000) and earnings per share of IRP0.15 (US$0.25) up from IRP0.10 (US$0.17) in the corresponding quarter for the previous year. Net income for the nine months ended Dec. 31 increased 55 percent to IRP13,244,000 (US$21,491,000) and earnings per share increased to IRP0.41 (US$0.67) from IRP0.28.
 Revenue for the quarter was IRP23,379,000 (US$37,937,000) compared to IRP14,885,000 for the third quarter in the previous year and is analyzed as follows:
 ELAN CORPORATION PLC
 Quarter ended Dec. 31: 1991 1992 1991
 (IRP000s) (US$000s)
 Contract development 2,104 4,978 $8,078
 License and option fees 1,564 1,981 3,215
 Royalties 1,600 3,044 4,939
 Manufacturing and distribution 9,617 13,376 21,705
 Total 14,885 23,379 37,937
 Revenues for the nine months ended Dec. 31 increased 59 percent to IRP64,966,000 (US$105,420,000) compared with the corresponding period for the previous year.
 In expressing satisfaction with the results Donald E. Panoz, Elan's chairman and chief executive officer, stated:
 "The growth in the period can be attributed to the success of Cardizem CD in the U.S. market, which is performing exceptionally well for our licensee, Marion Merrell Dow. In addition, Lederle Laboratories continues to increase market share for Verelan. Sales by Lederle of Prostep in the quarter in the U.S. declined significantly, but this decline was partly offset by increased sales of the nicotine patch in international markets.
 "Our expenditure on research and development of IRP8,517,000 (US$13,821,000), an increase of 58 percent over the first nine months of fiscal 1992, demonstrates our commitment to bringing therapeutically superior products to market in the shortest possible time and thereby to realize the true value of our technologies."
 Elan Corporation plc is a world leader in the specialized health care field of advanced reformulations and drug delivery, concentrating on improved drug absorption and utilization. Elan operates research and manufacturing facilities in Athlone; Gainesville, Ga.; Brea, Calif., and Cambridge, Mass., in the United States; Enschede, Netherlands; Manila, Philippines, and Mezzovico, Switzerland. Currently 20 Elan products have received regulatory approval for marketing in one or more of 38 countries worldwide.
 ELAN CORPORATION PLC
 Consolidated Balance Sheet
 March 31 Dec. 31 Dec. 31
 (IRP000) (US$000)
 (Unaudited)
 Assets
 Current Assets:
 Cash and cash equivalents 27,720 98,693 $160,149
 Short-term investments 12,851 36,092 58,566
 Accounts receivable 14,878 16,179 26,254
 Inventories 8,786 10,962 17,788
 Pre-payments & other assets 3,192 4,031 6,541
 Total current assets 67,427 165,957 269,298
 Fixed Assets:
 Property plant & equipment (net) 28,685 33,666 54,630
 Other assets:
 Investments 1,059 957 1,553
 Intangible assets (net) 23,946 30,274 49,126
 Sub total 25,005 31,231 50,679
 Total 121,117 230,854 374,607
 Liabilities and Shareholders' Equity
 Current liabilities:
 Accounts payable 5,420 13,115 21,282
 Accrued expenses and
 other liabilities 5,864 6,697 10,867
 Long-term debt --
 current portion 19 18 29
 Total 11,303 19,830 32,178
 Government grants 3,137 2,893 4,694
 Long-term debt 69 85,578 138,868
 Minority interests 158 12 20
 Total 3,364 88,483 143,582
 Shareholders' Equity:
 Share capital 1,139 1,164 1,889
 Additional paid-in capital 88,253 92,236 149,671
 Translation adjustment (5,071) (6,233) (10,114)
 Retained earnings 22,129 35,374 57,401
 Sub total 106,450 122,541 198,847
 Total 121,117 230,854 374,607
 NOTE: Translated for convenience at the noon buying rate in New York on Dec. 31, 1992, of US$1.6227 equals IRP1.00.
 Consolidated Statement of Income
 (Unaudited)
 Periods ended Three months Nine months
 Dec. 31 1991 1992 1991 1992
 (IRP000) (IRP000) (US$000) (IRP000) (IRP000) (US$000)
 Revenues 14,885 23,379 $37,937 40,769 64,966 $105,420
 Costs & expenses:
 Cost of goods
 sold 6,300 9,283 15,064 16,374 26,524 43,040
 SG&A 4,379 6,158 9,993 11,602 17,465 28,340
 R&D 1,942 3,015 4,892 5,394 8,517 13,821
 Total operating
 expenses 12,621 18,456 29,949 33,370 52,506 85,201
 Operating
 income 2,264 4,923 7,988 7,399 12,460 20,219
 Interest income 800 1,168 1,895 1,632 2,655 4,308
 Interest expense -- (1,067) (1,731) (449) (1,114) (1,808)
 Minority interest -- 145 235 -- 146 237
 Income before
 tax 3,064 5,169 8,387 8,582 14,147 22,956
 Taxation (29) (205) (332) (48) (903) (1,465)
 Net income 3,035 4,964 8,055 8,534 13,244 21,491
 Earnings per
 ordinary share 0.10 0.15 0.25 0.28 0.41 0.67
 Weighted average
 number of
 ordinary shares
 outstanding
 (in thousands) 31,683 32,618 32,618 29,982 32,178 32,178
 NOTE: Translated for convenience at the closing rate on Dec. 31, 1992, of US$1.6227 equals IRP1.00.
 -0- 2/9/93
 /CONTACT: Donald Panoz, chairman and CEO of Elan Corporation plc, 011-353-902-94666, or Brian Crotty, vice president-communications, Pen Pendleton or Joe Mileti of Dewe Rogerson, Inc., 212-688-6840, for Elan Corporation plc/
 (ELN)


CO: Elan Corporation plc ST: IN: MTC SU: ERN

CK-TS -- NY048 -- 4701 02/09/93 13:17 EST
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