LONDON, Oct. 29, 2003 (PRIMEZONE) -- Amersham (LSE:AHM) (NYSE:AHM) (OSE: AHM) today reported sales of 393 million in the three months ended 30 September 2003 (2002: 378 million), up five per cent at constant exchange rates and excluding discontinued product sales. Sales for the nine months ended 30 September 2003 were 1,201 million (2002: 1,190 million), up by six per cent.
Sales in Amersham Health in the third quarter were 235 million, up six per cent. Medical diagnostic products, excluding Japan, posted strong growth with sales rising 11 per cent driven by the patented product portfolio, up 19 per cent. Visipaque(TM), Amersham's premium non-ionic X-ray contrast media, continued excellent growth reflecting positive market response to the NEPHRIC study published in February. Japan was affected by low bulk sales.
In Amersham Biosciences, growth in Protein Separations improved in the third quarter, as expected, lifting performance seven per cent to 67 million, with North America contributing strongly. Sales growth in laboratory separations was accelerated by AKTApilot(TM), a bench-top protein purification system, launched earlier this year.
Sales in Discovery Systems were flat at 91 million (excluding discontinued product sales of 5 million), as growth in proteomics and bioassays was offset by continued weakness in the sequencing market. CodeLink(TM) achieved further success in its marketplace with steadily increasing sales. The restructuring programme continues to run ahead of schedule and is on track to deliver profitability as planned during 2004.
Commenting on the third quarter financial performance, Sir William Castell, Chief Executive, Amersham, said, "Our priority is to maintain our focus on our business goals and on supporting our customers. Our business continues to deliver with good growth in patented products in Amersham Health and a strengthening performance in our Protein Separations business. We are on track to meet our full year targets."
On October 10, 2003, General Electric (GE) and Amersham announced a recommended share exchange acquisition by GE of Amersham. This is subject to a number of conditions including regulatory clearances.
All sales numbers are at actual rates and growth rates are stated at constant exchange, excluding discontinued product sales.
Amersham (LSE, NYSE, OSE: AHM) is a world leader in medical diagnostics and in life sciences. Headquartered in the UK, the company had sales of 1.62 billion in 2002 and has over 10,000 employees worldwide. Its strategy is to build its position as a leading provider of products and technologies enabling disease to be better understood, diagnosed earlier and treated more effectively.
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Cautionary statement for purposes of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 The Private Securities Litigation Reform Act of 1995 provides for a "safe harbor" for forward-looking statements. This press release contains certain forward-looking statements, which reflect the Company's views about future events and financial performance. The following important factors could cause actual results to differ materially from those projected or implied in any forward-looking statements:
i. Changes in demand for the products of Amersham plc worldwide or the markets for those products, as well as changes in management's expectation of the development of new markets and the timing of completion of various trials leading to the introduction of new products. ii. Changes in the cost or supply of raw materials, changes in interest rates and the impact of competition; and iii. Price controls and price reductions, fluctuations in exchange rates for foreign currencies, changes in governmental regulation, and the risk of loss of patents or trademarks.
Readers should also review the statements included in "Item 3. Key Information. D. Risk Factors" of the Company's Annual Report on Form 20-F for the year ended December 31, 2002, filed with the United States Securities and Exchange Commission (File No. 1-14710) for a discussion of additional factors or events which could cause actual results to differ materially from those projected or implied in any forward-looking statements.
The foregoing factors should not be construed as exhaustive. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on these forward-looking statements. In any event, these statements speak only as of the date on which they are made, and the Company does not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise.