euro adhoc: MediGene AG
MediGene Has Reduced Operating Loss in
2003, Gives Positive Forecast for 2004 (E)
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
· 2003: Operating loss of 29 million EUR, net loss of 31 million EUR in line with company's forecast
· Forecast for 2004: Revenues to quadruple, loss to be cut by half
Martinsried - San Diego, February 4, 2004: According to preliminary figures the German-American biotech company MediGene AG (Frankfurt, Prime Standard: MDG) has reduced the loss for the fiscal year 2003 to 31 million EUR (2002: 39 million EUR). EBIT (earnings before interest and taxes) is 29 million EUR (32 million EUR), with revenues of almost 2 million EUR (3 million EUR). As of December 31, 2003 cash amounted to over 21 million EUR. Thus the result for the year is within the range of MediGene's forecast given at the beginning of the year 2003.
For 2004, the company expects to quadruple revenues to 8 million EUR, and to reduce the loss by 50%, down to 15 million EUR. Cash at the end of 2004 is estimated to be around 10 million EUR. This significantly improved result in 2004 will be achieved by the commercialization of MediGene's first drug Eligard®, and as a consequence of the reorganization measures implemented in 2003. Also, in the years ahead, Eligard® is expected to continuously contribute to MediGene's financial performance.
Contact: MediGene AG, e-mail: investor@medigene.com, Fax: ++49-89-8565-2920 Julia Hofmann, Public Relations, Phone: ++49-89-8565-3324 Dr. Michael Nettersheim, Investor Relations, Phone: ++49-89-8565-2946
end of announcement euro adhoc 04.02.2004
Further inquiry note:
Jessica Kern
Tel.: +49 (0)89 8565 2986
E-mail: j.kern@medigene.com
Branche: Biotechnology
ISIN: DE0005020903
WKN: 502090
Index: CDAX, Prime All Share, Prime Standard, Technologie All Share
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