Reiterates Long-Range Guidance of Achieving $2 Billion in Revenues and
Five-Year Compounded Annual Growth Rate of Approximately 35 Percent by 2009
GAITHERSBURG, Md., May 20 /PRNewswire-FirstCall/ -- At its Annual Meeting
of Shareholders held today in Gaithersburg, Maryland, MedImmune, Inc.
(Nasdaq: MEDI) provided an update on its corporate progress to its investors,
and reiterated its 2004 and long-range guidance issued on April 27, 2004.
During today's meeting, shareholders approved all proposals outlined in
MedImmune's 2004 Proxy Statement, including the reelection of the Board of
Directors, the ratification of PricewaterhouseCoopers LLP as the company's
auditors, and approval for the 2004 Stock Incentive Plan.
Commenting on MedImmune's long-range goals, Mr. Mott told shareholders:
"MedImmune is committed to advancing science and medicine to help people live
better lives. By focusing on this mission over the next five years, we
anticipate having four Phase 3 programs underway in 2005; bringing nine new
targets out of research and into clinical development over the next three
years; introducing two new products to the market between 2007 and 2009;
achieving $2 billion in revenues by 2009; and delivering a five-year
compounded annual growth rate in earnings per share of approximately 35
percent by 2009."
MedImmune is a leading biotechnology company focused on researching,
developing and commercializing products to prevent or treat infectious
disease, autoimmune disease and cancer. MedImmune actively markets four
products, Synagis(R) (palivizumab), Ethyol(R) (amifostine), FluMist(TM)
(Influenza Virus Vaccine Live, Intranasal), and CytoGam(R) (cytomegalovirus
immune globulin intravenous (human)), and has additional products in clinical
testing. MedImmune employs approximately 1,800 people, is headquartered in
Gaithersburg, Maryland, and has additional operations in Frederick, Maryland,
as well as Pennsylvania, California, the United Kingdom and the Netherlands.
For more information on MedImmune and its products, visit the company's
website at www.medimmune.com.
DISCLOSURE NOTICE: The information contained in this document is as of
May 20, 2004 and will not be updated as a result of new information or future
events. This document contains forward-looking statements regarding
MedImmune's future financial performance and business prospects. Those
statements involve substantial risks and uncertainties. You can identify
those statements by the fact that they contain words such as "anticipate,"
"believe," "estimate," "expect," "intend," "project" or other terms of similar
meaning. Those statements reflect management's current beliefs and are based
on numerous assumptions, which MedImmune cannot control and which may not
develop as MedImmune expects. Consequently, actual results may differ
materially from those projected in the forward-looking statements. Among the
factors that could cause actual results to differ materially are: seasonal
demand for and continued supply of our principal product, Synagis; whether
FluMist receives clearance by the Food and Drug Administration and, if it
does, whether it will be successfully launched at a favorable price;
availability of competitive products in the market; availability of third-
party reimbursement for the cost of our products; effectiveness and safety of
our products; exposure to product liability, intellectual property or other
types of litigation; foreign currency exchange rate fluctuations; changes in
generally accepted accounting principles; growth in costs and expenses; the
impact of acquisitions, divestitures and other unusual items; and the risks,
uncertainties and other matters discussed in MedImmune's Annual Report on Form
10-K for the year ended December 31, 2002, its quarterly reports on Form 10-Q
and its current reports on Form 8-K filed with the U.S. Securities and
Exchange Commission. MedImmune cautions that RSV disease occurs primarily
during the winter months; MedImmune believes its operating results will
reflect that seasonality for the foreseeable future. MedImmune is also
developing several products (including FluMist) for potential future
marketing. There can be no assurance that such development efforts will
succeed, that such products will receive required regulatory clearance or
that, even if such regulatory clearance were received, such products would
ultimately achieve commercial success. This press release contains certain
financial measures that are adjusted to exclude amounts required by GAAP, and
includes the most directly comparable GAAP measure for each adjusted measure,
as well as a reconciliation between the GAAP results and the adjusted results.
This press release can be found on MedImmune's website at
http://www.medimmune.com in the box marked "News" or with the archived press
releases on the Investor Summary page.
SOURCE MedImmune, Inc.
/CONTACT: Media: Jamie Lacey, +1-301-398-4035, or Investors: Peter Vozzo,
+1-301-398-4358, or John Filler, +1-301-398-4086, all of MedImmune, Inc./
/Web site: http://www.medimmune.com /
CO: MedImmune, Inc.
IN: MTC BIO HEA
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6713 05/20/2004 12:08 EDT http://www.prnewswire.com