 |
     |
|
|
|
|
|
|
|
PRESS RELEASES |
|
Current | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 Celera Genomics Reports Third Quarter Fiscal 2003 Results ROCKVILLE, MD - April 23, 2003 Celera Genomics Group (NYSE: CRA), an Applera Corporation business, today reported results for the third quarter of fiscal year 2003 ended March 31, 2003. All per share amounts refer to per share of Applera Corporation-Celera Genomics Group Common Stock. For the recently completed quarter, Celera Genomics reported a net loss of $26.7 million, or $0.37 per share, compared to a net loss of $49.5 million, or $0.72 per share, in the same period last year. Other income (expense) for the current year quarter includes a $15.1 million non-cash charge associated with Celera?s equity method investment in Discovery Partners International, Inc. (NASDAQ:DPII) This charge, which represents Celera?s share of a charge for the impairment of goodwill and other long-term assets recorded by DPII, increased net loss per share by $0.13. Results for last year?s quarter included $25.9 million in charges primarily related to the impairment of goodwill and other intangibles for the Paracel business. R&D expenses decreased to $27.0 million from $37.6 million in the same quarter last year, due primarily to the wind down of the research phase of the Applera Genomics Initiative and programs elim inated in the June 2002 restructuring. At the end of the quarter, the Group's cash and short-term investments were approximately $824 million. Celera Genomics Group (NYSE: CRA), an Applera Corporation business, today reported results for the third quarter of fiscal year 2003 ended March 31, 2003. All per share amounts refer to per share of Applera Corporation-Celera Genomics Group Common Stock. For the recently completed quarter, Celera Genomics reported a net loss of $26.7 million, or $0.37 per share, compared to a net loss of $49.5 million, or $0.72 per share, in the same period last year. Other income (expense) for the current year quarter includes a $15.1 million non-cash charge associated with Celera?s equity method investment in Discovery Partners International, Inc. (NASDAQ:DPII) This charge, which represents Celera?s share of a charge for the impairment of goodwill and other long-term assets recorded by DPII, increased net loss per share by $0.13. Results for last year?s quarter included $25.9 million in charges primarily related to the impairment of goodwill and other intangibles for the Paracel business. R&D expenses decreased to $27.0 million from $37.6 million in the same quarter last year, due primarily to the wind down of the research phase of the Applera Genomics Initiative and programs elim inated in the June 2002 restructuring. At the end of the quarter, the Group's cash and short-term investments were approximately $824 million. Revenues for the quarter decreased to $20.3 million from $30.5 million for the same quarter in fiscal 2002, primarily due to Celera's decision not to pursue additional sequencing service business. Online/Information Business revenue was $16.4 million for the quarter, compared to $18.5 million in the same period last year. Operating income for the Online/Information Business was $5.2 million compared to $4.6 million in the same period last year due to reduced operating expenses. Expenses related to the Applera Genomics Initiative are not allocated to the Online/Information Business. For the nine months ended March 31, 2003, Celera reported a net loss of $62.5 million, or $0.88 per share, compared to a net loss of $183.0 million, or $2.82 per share, for the same period last year. Included in the fiscal 2003 results is the DPII charge described above. Last year's results included a $99.0 million non-cash charge for acquired in-process R&D related to the acquisition of Axys Pharmaceuticals, Inc., in addition to the Paracel-related charge mentioned above. Revenues for this period in fiscal 2003 were $66.8 million, compared to $92.8 million for same period in fiscal 2002. For the first nine months of fiscal 2003, Online/Information Business revenue was $57.3 million and operating income was $23.6 million, compared to $52.8 million and $8.2 million, respectively, for the first nine months of fiscal 2002. "We made additional progress in both the implementation of our Targeted Medicine strategy and in our target discovery programs," said Kathy Ordoņez, President, Celera Genomics. "We recently presented results from our pancreatic cancer study that confirms our ability to use proteomics to identify candidate targets for therapeutic antibodies. We continue to believe partnered antibody development will be the best route to value creation from our proteomic programs." The proteomics team at Celera Genomics recently began evaluating colon tissue samples, and is now processing both lung and colon cancer samples. Celera has also selected 38 differentially expressed cell surface proteins identified in its pancreatic cancer study for further validation. While various preclinical small molecule programs have continued to move forward, toxicology and safety evaluations of the lead tryptase inhibitor for asthma originally planned for the recent quarter were not undertaken. Celera is no longer pursuing this lead compound due to its metabolic profile, but is continuing to evaluate alternatives. "Celera is committed to advancing only those compounds which show real promise of clinical and commercial success," said Robert Booth, Ph.D., Chief Scientific Officer, Celera Genomics. "We have identified alternative compounds worthy of further consideration, so we are continuing to dedicate resources toward advancing this program." Last week, Celera Genomics announced the appointment of Stephen M. Ruben, Ph.D., to the newly created position of Vice President, Protein Therapeutics. As part of the planned expansion of its preclinical and clinical development organization, Celera has recently hired additional experienced, senior level managers and other staff with expertise in disciplines such as toxicology and pharmaceutical sciences. Celera Genomics Outlook The financial outlook for Celera Genomics for fiscal 2003 is as follows:
The comments in the Outlook sections of this press release, including the Celera Diagnostics Joint Venture outlook below, reflect management's current outlook. The Company does not have any current intention to update this Outlook and plans to revisit the outlook for its businesses only once each quarter when financial results are announced. Celera Diagnostics Joint Venture Net cash use was $15.8 million in the third quarter of fiscal 2003 compared to $14.8 million in the third quarter of fiscal 2002. The pre-tax loss for the quarter was $12.6 million, compared to $12.3 million in the same period last year. Pre-tax losses for the nine-month period ended March 31, 2003 increased to $35.8 million from $30.2 million in the year-ago period, as higher R&D expenses associated with discovery programs and product development were partially offset by higher revenue. Other developments at Celera Diagnostics over the last three months include the following:
Celera Diagnostics Joint Venture Outlook During calendar 2003, Celera Diagnostics continues to anticipate that it will launch several new products, including new ASRs for at least two diseases, contingent upon success in its disease association studies. Conference Call & Webcast
During each segment, the management team will make prepared remarks and answer questions from securities analysts and investment professionals. Investors, securities analysts, representatives of the media and other interested parties who would like to participate should dial (+1) 706.634.4992 (code "applera") at any time from 9:45 a.m. until the end of the call. This conference call will also be webcast. Interested parties who wish to listen to the webcast should visit either www.applera.com and go to the Investor Relations section of the web site, or www.celera.com and go to the Investor section. A digital recording will be available approximately two hours after the completion of the conference call on April 23 until May 4, 2003. Interested parties should call 706.645.9291 and enter conference ID 9693372. About Applera Corporation and Celera Genomics Certain statements in this press release, including the Outlook sections, are forward-looking. These may be identified by the use of forward-looking words or phrases such as "believe," "expect," "intend," "anticipate," "should," "planned," and "potential," among others. These forward-looking statements are based on Applera Corporation's current expectations. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for such forward-looking statements. In order to comply with the terms of the safe harbor, Applera Corporation notes that a variety of factors could cause actual results and experience to differ materially from the anticipated results or other expectations expressed in such forward-looking statements. The risks and uncertainties that may affect the operations, performance, development, and results of Celera Genomics' businesses include but are not limited to: (1) Celera Genomics expects operating losses for the foreseeable future; (2) Celera Genomics' reliance on Applied Biosystems' emerging Knowledge Business for incremental revenues to Celera Genomics from the Celera Discovery System and Celera Genomics' related information assets; (3) Celera Genomics' and Celera Diagnostics' unproven ability to discover, develop, or commercialize proprietary therapeutic or diagnostic products, (4) the risk that clinical trials of products that Celera Genomics or Celera Diagnostics do discover and develop will not proceed as anticipated or may not be successful, or that such products will not receive required regulatory clearances or approvals; (5) the uncertainty that Celera Genomics' or Celera Diagnostics' products will be accepted and adopted by the market, including the risk that that these products will not be competitive with products offered by other companies, or that users will not be entitled to receive adequate reimbursement for these products from third party payors such as private insurance companies and government insurance plans; (6) reliance on existing and future collaborations, including, in the case of Celera Diagnostics, its strategic alliance with Abbott Laboratories, which may not be successful; (7) Celera Genomics' and Celera Diagnostics' reliance on access to biological materials and related clinical and other information, which may be in limited supply or access to which may be limited; (8) intense competition in the industries in which Celera Genomics and Celera Diagnostics operate; (9) potential product liability or other claims against Celera Genomics or Celera Diagnostics as a result of the testing or use of their products; (10) Celera Genomics' reliance on scientific and management personnel having the training and technical backgrounds necessary for Celera Genomics' business; (11) potential liabilities of Celera Genomics related to use of hazardous materials; (12) uncertainty of the availability to Celera Genomics and Celera Diagnostics of intellectual property protection, limitations on their ability to protect trade secrets, and the risk to them of infringement claims; (13) Celera Genomics' dependence on the operation of computer hardware, software, and Internet applications and related technology; (14) legal, ethical, and social issues which could affect demand for Celera Genomics' or Celera Diagnostics' products; (15) risks associated with future acquisitions by Celera Genomics, including that they may be unsuccessful; (16) uncertainty of the outcome of existing stockholder litigation; (17) Celera Diagnostics' limited commercial manufacturing experience and capabilities and its reliance on a single principal manufacturing facility; (18) Celera Diagnostics' reliance on a single supplier or a limited number of suppliers for key components of certain of its products; (19) the risk of earthquakes, which could interrupt Celera Diagnostics' and/or Celera Genomics' operations; and (20) other factors that might be described from time to time in Applera Corporation's filings with the Securities and Exchange Commission. All information in this press release is as of the date of the release, and Applera does not undertake any duty to update this information, including any forward-looking statements, unless required by law.
Notice To Readers: Celera's press releases, presentations and printed remarks are included on this website for historical purposes only. The information contained in these documents should be considered accurate only as of the date of the relevant document. This information may change over time, and therefore visitors to this website should not assume that the information contained in these documents remains accurate at a later time. We do not have any current intention to update any of the information in these documents.
|
View entire press release including financial statements