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. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/10/15/20031015BIT00110/wkr0001.doc The full report http://www.waymaker.net/bitonline/2003/10/15/20031015BIT00110/wkr0002.pdf The full report

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Karo Pharma is a specialty pharma company that develops and markets products to pharmacies and directly to healthcare providers. The share is listed on Nasdaq Stockholm in the Mid Cap segment.

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