How does Elan pour money into drug research while still reporting fat profits? Deft accounting helps. Elan corp.of dublin,ireland started out as a company specializing in ways to deliver other pharmaceutical companies' drugs in novel ways—for example, nicotine patches. Now it's transformed itself into something potentially far more valuable: a full-scale pharmaceutical house with its own collection of drugs. To that end it has, partly through acquisitions, amassed a portfolio of more than 40 drugs, either approved or under development, aimed at such ills as Alzheimer's and Crohn's disease.
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