Biacore Interim Report January -- September 2003

UPPSALA, Sweden, Oct. 22, 2003 (PRIMEZONE) -- Biacore (Nasdaq:BCOR) (Other OTC:BCORF):

- Although sales increased to academic and late-stage industrial drug discovery customers, Biacore's total sales in the third quarter fell by 26% to SEK 105.7 million (142.4). This was due to continued weak demand from early-stage drug discovery customers and adverse currency developments. Sales in the first nine months of 2003 fell by 19% to SEK 354.7 million (438.3). Excluding currency effects, the sales decline was 12%.

- Biacore has decided to focus its entire resources on its own SPR technology and exit the cell-based assay market by discontinuing the Procel(TM) program. This decision has led to a nonrecurring charge of SEK 65 million in the third quarter. As a result of this, the Company incurred a net loss of SEK 45.5 million (+11.3) in the third quarter. The loss per share amounted to SEK 4.67 (+1.16) in the third quarter and SEK 1.14 (+4.06) in the first nine months of 2003.

- Biacore has decided to increase its investment, particularly in sales and marketing, to capture the significant additional business opportunities that exist for its core SPR technology. This investment is designed to further penetrate the late-stage drug discovery market and to underpin the successful launch of the Company's ground-breaking SPR array system in 2004 and other new products.

- Biacore now expects full-year sales to fall by approximately 15% in 2003 due to the continued weak demand from early-stage drug discovery customers and adverse currency trends. Earnings per share for the full- year 2003, affected by the nonrecurring charge of SEK 65 million, are expected to decrease by approximately 50%. The previous outlook for 2003 was for sales to decline by approximately 5% and for earnings per share to increase by approximately 40%.


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

Biacore Interim Report January -- September 2003

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