Annual Report 2002

2002 in Brief

• A clinical development candidate was selected in July in the project with Merck & Co., Inc. for development of compounds targeting estrogen receptors and Karo Bio received a significant milestone payment • Promising compounds have been generated in the collaboration with Bristol-Myers Squibb for treatment of obesity. The first compound in clinical development was abandoned due to potential toxic effects. The collaboration was extended for an additional six months until March 31, 2003 • Project goals in the Aventis BioKey® collaboration were achieved. Milestone payments received • 41 new patents were granted during the year. Most significant were US patents for compounds targeting glucocorticoid and thyroid hormone receptors for treatment of metabolic disorders • Group net sales increased to MSEK 177.7 (136.9) • Cash flows from operating activities for the full year amounted to MSEK -70.9 (-11.9) • Operating loss excluding goodwill amortization amounted to MSEK 58.8 (92.5). The loss for the year, including goodwill amortization, decreased to MSEK 284.4 (320.9) • Cash and cash equivalents and short-term investments amounted to MSEK 201.2 (282.3) at the end of the year