Elan Corporation has broken with its usual policy of not commenting on movements on its share price. Chairman, Mr Donal Geaney has painted a rosy picture of Elan's future, saying the group planned to present one new product for each of the next five quarters.
While Elan shares have not suffered from the excesses endured by the likes of CBT, Iona and Icon, they have fallen heavily recently from a high of $87.87 (€82.54) to $57-$60, mainly due to a negative response to delays in filing for US Food and Drug Administration (FDA) approval for its ziconotide pain-killing drug. Sentiment towards Elan has also been hit by a poor response from analysts to a recent conference call after the first-quarter results.
"While it is not our normal policy to comment on fluctuations in our share price, I think it is important that the company makes its position clear," Mr Geaney said.
"It is our objective to reach revenues of $2 billion in 2003 with product sales accounting for $1.7 billion. The first quarter results released last week confirm that the transition from a licensing and contract development company to a fully integrated speciality pharmaceutical company is on track.
"Our short-term product pipeline is also progressing satisfactorily with the launch this quarter of the OTC nicotine transdermal system, manufactured at our Sano facility in Florida, with an approvable letter in hand for Zonegran, product licence applications on file for neurobloco and frovatriptan, and the anticipated filing of a new drug application [NDA]by American Home Products Corporation for a product incorporating Elan's Nano-Systems technology," he added.
Later this year, a ziconotide NDA submission for chronic intractable malignant and neuropathic pain will be made to the drug administration, he said.
Mr Geaney added: "I am also confident that we have the human resources and the financial resources to implement our strategy and we look forward to meeting our development and financial targets through the rest of this year and for the period of the corporate plan through 2003."
