ncb equity research stockbrokers ltd member of the irish stock exchange london regulated by central bank ireland sfa for conduct business in uk 3 georges dock ifsc dublin 1 telephone 611 5611 dealing 670 2233 private clients david marshall ph d ie 353 5925 elan 51 00 positive transition pharmaceutical sector investment highlights is currently undergoing a metamorphosis from drug delivery and technology licensing company to global integrated specialist operation change higher margin proprietary products should drive expansion product gross margins 62 1999 71 2003 driving forecast eps growth 23 compounded over next four years three significant us launches neurobloc ziconotide frovatriptan anticipated quarters will allow reduction risk profile multiple our opinion market has either failed recognize move up value chain or remains unconvinced management s ability deliver we believe that not only can on its strategy but also there scope
