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Aandeel Pharming Group AEX:PHARM.NL, NL0010391025

Laatste koers (eur) 0,899 3 mei 2024 17:35

Verschil +0,000 (+0,06%) Dagrange 0,898 - 0,914

Volume 4.659.264 Gem. (3M) 6,6M

Ferdy_S 3 maart 2003 18:20

PHARMING ANNOUNCES 2002 FINANCIAL RESULTS Reports significant improvement in Company’s Performance and Balance Sheet Leiden, March 03, 2003. Pharming Group N.V. (Euronext: PHARM; “Pharming” or “the Company”) announced today its annual financial results for the period ending December 31, 2002. The Company reported a significant reduction in costs and liabilities and a 98% reduction in net loss for the year 2002. For the period ending December 31, 2002, the Company’s total revenues are EUR 2.9 million compared to EUR 9.5 million in 2001. The revenues of Pharming in 2002 were recognized from the licensing of its intellectual property, from government grants and subsidies with remaining revenues from on-going partnerships. The change in total revenues in 2002 reflects the termination of research and development partnerships in 2001. Patent-revenues, a key revenue category in the Company’s current strategy, increased by 17% to EUR 1.6 million and payments from government grant and subsidies increased by 74% to EUR 0.7 million in comparison to 2001. Research and development revenues from ongoing partnerships are EUR 0.5 million in 2002. The total costs and expenses decreased by over 93% to EUR 4.1 million from EUR 54.9 million in 2001. The decrease in costs and expenses of the Company stems from reductions in all major cost categories and refocusing of the Company’s product development activities. In addition, the restructuring of the Company contributed significantly to the decrease in costs. Pharming reported a reduction of over 70% in the costs and expenses of research and development, operations, and SG&A. The Company benefited by EUR 4.0 million from restructuring activities, forgiveness of loans and settlement with creditors in 2002. As a consequence, the net result of Pharming has improved dramatically with a loss of EUR 0.9 million (EUR 0.05 per share) for 2002 compared to a loss of EUR 54.8 million (EUR 3.90 per share) in 2001. "Pharming has achieved a remarkable turnaround in 2002 with a significant reduction in net loss and a major improvement of the balance sheet while continuing to make progress in its product development,” said Dr. Francis Pinto, CEO of Pharming. "In 2003, we intend to further improve our financial position, establish one or more partnerships for our therapeutic products and advance our lead product (human C1-inhibitor) into phase II/III of clinical testing." The Company’s financial position has improved significantly through the recently completed financing round, forgiveness of loans and settlement with creditors. As of December 31, 2002, the total assets of the Company are EUR 16.5 million. The total equity of the Company has increased to EUR 11.2 million from EUR (0.8) million at the end of 2001. The Company’s current liabilities have been reduced from EUR 18.1 million at December 31, 2001 to EUR 5.0 million. The reduction of liabilities was mainly realized through settlements with creditors during the period of legal moratorium and the conversion of certain loans to equity. The non-current liabilities of the Company have been reduced to EUR 0.3 million from EUR 6.8 million at December 31, 2001, reflecting forgiveness of loans under existing agreements with Genzyme Corporation and the State of Wisconsin. Pharming Group N.V. intends to present and discuss the accounts of 2002 at its general meeting of shareholders, which is scheduled to take place on May 21, 2003 at 14:00 hrs at the offices of the Company in Leiden. An agenda of the meeting and the underlying documents, including the full annual report will be available upon request at the company before May 6, 2003. Highlights of 2002 · Appointment of a new management team and board of supervisory directors · Finalized a major restructuring of the Company · Completed a round of financing through participation of new and existing investors · Reached settlement with creditors to exit from legal moratorium · Cross licensing agreement with GTC Biotherapeutics covering protein production technology · Presented positive Phase I clinical trial results for recombinant human C1 inhibitor at international meeting to key opinion leaders in Palermo, Italy Pharming Group N.V. is developing innovative protein therapeutics for unmet medical needs. The Company’s products include potential treatments for genetic disorders and specialty products for surgical indications. Pharming’s advanced technologies include novel platforms for the production of protein therapeutics, as well as technology and processes for the purification and formulation of these products. Additional information is available on the Pharming website, www.pharming.com This press release contains forward looking statements that involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from the results, performance or achievements expressed or implied by these forward looking statements. Contact: Europe: USA: Rein Strijker Samir Singh Pharming Group N.V. Pharming Group N.V. T: + 31-(0)71-524-7406 T: + 1-908-720-6224 CONSOLIDATED STATEMENT OF PERFORMANCE Financial Year 2002 €ur x 1,000 December 31, December 31, 2002 20011 REVENUES Research and development revenues 526 7,678 Grants and subsidies 749 430 Patent revenues 1,623 1,385 Total revenues 2,898 9,493 COSTS AND EXPENSES Research and development 3,131 10,505 Operations 1,662 11,778 Sales, general and administrative 2,130 8,276 Depreciation and amortization 1,163 4,026 Foreign currency gains/losses (240) 951 1 Write-off of assets 427 2,788 Reorganization costs (141) 1,685 Net result on disposal of discontinued operations (4,033) 14,861 Total costs and expenses 4,099 54,870 Profit/(loss) from operating activities (1,201) (45,377) Finance costs (162) (1,331) Share of profit/(loss) of unconsolidated associates 436 (8,071) Net profit/(loss) (927) (54,779) Basic and dilutive net loss per share (0.05) (3.90) Weighted average ordinary shares outstanding 19,262,625 13,860,936 Total number of shares outstanding per 31 Dec. 31,886,259 13,860,936 1 Restated Reserve for Exchange difference by EUR 0.7 million. CONSOLIDATED BALANCE SHEET At December 31, 2002 €ur x 1,000 December 31, December 31, 2002 20011 ASSETS Non-current assets Intangible fixed assets 1,890 5,906 Tangible fixed assets 5,811 7,649 Financial fixed assets 577 252 Total non-current assets 8,278 13,807 Current assets Stock and livestock 2,889 10 Receivables and accrued income 4,814 9,001 Cash and cash equivalents 542 1,234 Total current assets 8,245 10,245 TOTAL ASSETS 16,523 24,052 EQUITY AND LIABILITIES Total Group equity 11,193 (814) Non-current liabilities Convertible loans 0 5,912 Other long term interest-bearing loans 312 861 Total non-current liabi

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Aandeel Pharming Group AEX:PHARM.NL, NL0010391025

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Persbericht

Ferdy_S

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