Quarterly report July – September 2003

QUARTERLY REPORT july – september 2003

* Merck & Co., Inc. has decided to discontinue the development of
one compound in the collaboration. A second candidate compound continues
in preclinical development.

* Karo Bio and Bristol-Myers Squibb have published data in
support for the obesity project in the scientific journal P.N.A.S.
(Proceedings of the National Academy of Sciences of the United States of
America).

* A new project aiming at development of selective thyroid
hormone agonists for treatment of dyslipidemia (STADs) has been
launched.

* Net sales amounted to MSEK 10.5 (76.8).

* Cash flows from operating activities amounted to MSEK -38.2
(8.3).

* The loss for the period, including goodwill amortization,
decreased to MSEK 34.3 (37.4). Operating result excluding goodwill
amortization amounted to MSEK -35.2 (21.2).

* Cash and cash equivalents and short-term investments amounted
to MSEK 234.6 (235.2) at the end of the period.

* Loss per share for the period amounted to SEK 2.03 (2.92).

For further information, please contact
Björn Nilsson, President & CEO tel. +46 8 608 60 20,
Per Otteskog, Senior Vice President, tel. +46 8 608 60 18, or
Bertil Jungmar, Chief Financial Officer, tel. +46 8 608 60 52.

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https://www.waymaker.net/bitonline/2003/10/15/20031015BIT00110/wkr0001.doc The full report
https://www.waymaker.net/bitonline/2003/10/15/20031015BIT00110/wkr0002.pdf The full report