Biacore: Interim Report January -- March 2003

UPPSALA, Sweden, May 8, 2003 (PRIMEZONE) -- Biacore's (SSE:BCOR) (Nasdaq:BCOR) sales fell by 25% in the first quarter of 2003 to SEK 106.5 million (141.3). Excluding the impact of exchange rates, sales fell by 20%. The sales decline is considered to have been caused by the global political and economic uncertainties caused by the war in Iraq, as well as delays in funding to major research organizations, particularly in the United States.

Biacore's earnings per share fell by 65% to SEK 0.77 (2.17) in the first quarter of 2003 due mainly to lower sales. The Company considered it essential to maintain investments in the new SPR array technology with the first systems based on this technology due to be introduced in 2004.

In view of the continued strong cash flow, the Board recommends to today's Annual General Meeting that the Company begins to pay dividends to its shareholders. For the financial year 2002, the Board recommends a dividend payment of SEK 3.00 per share.

Taking into consideration the general market conditions and particularly currency developments, Biacore's sales for the full-year 2003 are now expected to be approximately the same as last year. Earnings per share are forecast to increase by approximately 60% in 2003. Earnings per share will be positively affected by a considerable reduction of the tax rate compared with full-year 2002 and the capitalization of R&D expenses of approximately SEK 40 million in accordance with Swedish accounting rules. As always, sales and earnings are expected to vary substantially between the quarters. Biacore's previous outlook for the full-year 2003 was for sales to increase by approximately 10% and for earnings per share to increase by approximately 70%.


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)

Biacore: Interim Report January -- March 2003

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