Interim report January - March 2009

Interim report January - March 2009 

• Net sales increased by 12 percent to 99.6 MSEK (88.9). At comparable exchange
rates sales decreased by 9 percent. 
• Estimated restructuring costs for the closing of the production plant in the
USA and consolidation of the operations in the UK have affected the result to
the amount of 21.2 MSEK.
• The operating profit amounted to -19.4 MSEK (1.2) respectively to 1.8 MSEK
before estimated restructuring costs. 
• The profit after tax amounted to -21.6 MSEK (0.4). 
• Earnings per share amounted to -0.24 SEK (0.15) before and after dilution.
• Net cash on March 31, 2009 amounted to 363.5 MSEK. 
• The cash flow from operating activities amounted to 20.9 MSEK (1.7).

Comments from CEO Torben Jörgensen
Following the divestment of the Biosystems business area in the fourth quarter
2008, Biotage is a focused company with only one business area, Discovery
Chemistry.
The opening of 2009 has to a high degree been affected by the current financial
climate and the restructuring of the major pharma companies. We have seen
continued slowing sales and increased price pressure on instruments in this
customer segment. It is satisfying to note, however, that the development in the
academic area continues to be good.
In order to improve profitability and reduce capital binding, we decided in
January to close the factory in Charlottesville, Virginia, USA and relocate the
production to a contract manufacturer and to Biotage's own plant in Cardiff,
Wales. We have also decided to consolidate our operations in the UK to one site.
The accounts for the quarter have therefore been charged with estimated
restructuring costs totaling 21.2 MSEK. When the structural changes have been
implemented the company will have a lower cost structure and less capital bound.
In the first quarter Biotage started a cooperation with the German company
MultiSynTech GmbH. The cooperation concerns the distribution of MultiSynTech's
existing system for peptide synthesis as well as a collaboration project
concerning microwave initiated peptide synthesis. The aim of the project is to
increase the yield and speed of peptide synthesis. 
Biotage has a continued strong financial position with net cash amounting to
363.5 MSEK, which enables us to expand our operations at a time when this can be
expected to be possible at reasonable economic terms. 


For further information, please contact:
Torben Jörgensen, president and CEO, phone: +46 707 49 05 84						
Mats-Olof Wallin, CFO, phone: +46 705 93 52 73

About Biotage
Biotage is a global company active in life science research with strong
technologies, a broad range of operations and a long-term view of the market.
The company offers solutions, knowledge and experience in the area of medicinal
chemistry. In 2005 business and products from the company Argonaut were
acquired, further strengthening the product range in medicinal chemistry. The
customers include the world's top 30 pharma companies, the world's top 20
biotech companies, and leading academic institutes. The company is headquartered
in Uppsala and has subsidiaries in the U.S., Japan, UK, Germany and several
other European countries. At the end of 2008 Biotage had 292 employees and in
2008 the company had sales of 385.3 MSEK. Biotage is listed on the Nordic
Stockholm stock exchange. Website: www.biotage.com