Biacore: Half-Year Report January -- June 2003


UPPSALA, Sweden, July 18, 2003 (PRIMEZONE) -- Biacore:

- Whilst sales to the academic sector increased, Biacore's total sales in the second quarter of 2003 fell by 8% to SEK 142.5 million (154.6). In the first half of 2003, sales amounted to SEK 249.0 million (295.9), a reduction of 16% compared with the previous year. Excluding the impact of exchange rates, sales fell by 8% in the first half of 2003.

- Biacore's earnings per share increased by 267% to SEK 2.75 (0.75) in the second quarter of 2003, primarily as a consequence of capitalization of product development expenses, tight cost control and lower tax. Earnings per share in the first half-year 2003 increased by 21% to SEK 3.52 (2.92).

- Biacore entered a market segment with substantial growth potential with the recent introduction of its new GxP package to be used in conjunction with Biacore(R)3000. The key application of this combination will be in the clinical trials of the new wave of biological therapeutics, where it will be used to measure data such as the product's immunogenicity. The Company continued to invest in the development of its new SPR array technology with the first system based on this technology due to be introduced in the second half of 2004.

- Given current market conditions and the fact that sales in the second quarter recovered more slowly than anticipated, Biacore now expects its revenues for the full-year 2003 to be approximately 5% below last year's level. As a result of this changed sales outlook, earnings per share, positively affected by the capitalization of product development expenses and lower tax, are forecast to increase by approximately 40% in 2003. The previous outlook for the full-year 2003 was for sales to be approximately the same as last year and for earnings per share to increase by approximately 60%.

OUTLOOK FOR THE FULL-YEAR 2003

Given current market conditions and the fact that sales in the second quarter recovered more slowly than anticipated, Biacore now expects its revenues for the full-year 2003 to be approximately 5% below last year's level. As a result of this changed sales outlook, earnings per share, positively affected by the capitalization of product development expenses and lower tax, are forecast to increase by approximately 40% in 2003. The previous outlook for the full-year 2003 was for sales to be approximately the same as last year and for earnings per share to increase by approximately 60%.

This interim report has not been subject to examination by the Company's auditor.

FINANCIAL INFORMATION

Biacore plans to release its interim report for January-September 2003 on Wednesday, October 22, 2003.

Biacore is a global market leader in Surface Plasmon Resonance (SPR) technology based systems with its own sales operations in the U.S., across Europe, Japan, Australia and New Zealand. A strong patent portfolio protects Biacore's SPR technology. Target groups for the Company's products consist primarily of medical and life science research laboratories and pharmaceutical and biotechnology companies around the world. Biacore is focusing on drug discovery and development as its prime areas for future growth. Based in Uppsala, Sweden, the Company is listed on the Stockholm Stock Exchange and Nasdaq in the U.S.

For further information, please contact: Dr Ulf Jonsson, President and CEO, Phone +41 (0)79 668 8336 Lars-Olov Forslund, CFO, Phone +41 (0)79 347 9900 Jan Isoz, Investor Relations, Phone +46 (0)708 10 31 17

More information on Biacore is available at the Company's website: www.biacore.com (SSE:BCOR) (Nasdaq:BCOR) (Reuters: BCOR.N)

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