Elan Corp. plc. shares jumped $2.88 to $46.38 Tuesday afterDonald Panoz, chairman and chief executive, said he iscomfortable with 1992 earning estimates between 92 cents and$1 per share.
Panoz, attending a Furman Selz generic drug and drug deliveryconference, said that earnings would be in the high end of therange. He told the conference that Elan has experienced higher-than-expected demand for its nicotine patch and predicted thatthe U.S. patch market could reach $700 million to $1 billion in1992.
Panoz also announced that Elan (AMEX:ELN) plans to submit tothe FDA in the fourth quarter an application for Panojet, awristwatch-like device that dispenses drugs.
Elsewhere, biotech shares continued to show mixed results,with the AMEX Biotechnology Index closing virtuallyunchanged Tuesday at 163.04. On Monday, the index fell 0.53to 163.05.
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