Leiden, April 14, 2003 – Dutch biotechnology company Crucell N.V. (Euronext, NASDAQ: CRXL) today announces its financial results for the first quarter of 2003. Crucell's revenues for the first quarter were € 2.1 million (US $ 2.3 million) compared to € 2.2 million (US $ 2.3 million) for the same quarter in 2002.
The net loss for the first quarter 2003 decreased to € 3.6 million (US $ 3.9 million) compared to a net loss of € 5.3 million (US $ 5.7 million) in the same quarter last year. The reduction in net loss is due to lower research and development expenses and to changes to our overall compensation programs which included the exchange of certain stock options in January.
Crucell reports under accounting principles generally accepted in the United States (US GAAP).
Key Figures First Quarter 2003 (€ million, except net loss per share data)
Q1 2003 % change Q1 2002
Revenues 2.1 (2%) 2.2
Net loss (3.6) 31% (5.3)
Net loss per share (basic and diluted) (0.10) 33% (0.15)
Cash and cash equivalents on March 31, 2003 and December 31, 2002 104.6 110.6
Revenues
Crucell revenues for the first quarter 2003 were € 2.1 million (US$ 2.3 million), compared to € 2.2 million (US$ 2.3 million) in the same quarter last year. License revenues in the first quarter 2003 ammounted € 1.7 million (US$ 1.9 million), compared to € 1.9 million (US$ 2.1 million) in the first quarter 2002. Revenues in the first quarter consisted of upfront payments from new contracts as well as annual and other payments on existing contracts. Revenues from the agreements with Aventis Pasteur, the National Institutes of Health (NIH) and Centocor were deferred to future periods, due to our ongoing performance obligations.
Government grants and other revenues amounted to € 0.4 million (US$ 0.4 million) in the first quarter, compared to € 0.3 million (US$ 0.3 million) in the same quarter in 2002.
While Crucell seeks to increase revenues from year to year, the Company has in the past experienced significant fluctuations in quarterly revenues and expects to continue to experience such fluctuations in the future.
Results
The net loss for the first quarter 2003 was € 3.6 million (US$ 3.9 million), or € 0.10 net loss per share (US$ 0.11), compared to a net loss of € 5.3 million (US$ 5.7 million), or € 0.15 net loss per share (US$ 0.16) for the first quarter 2002.
Total research and development expenses in the first quarter 2003 were € 4.0 million (US$ 4.4 million), compared to € 5.3 million (US$ 5.7 million) in the first quarter of 2002. Selling, general and administrative expenses for the first quarter 2003 were € 1.6 million (US$ 1.7 million), compared to € 2.1 million (US$ 2.3 million) for the same quarter in 2002.
Cash Flow and Cash Position
In total, cash decreased in the first quarter of 2003 by € 6.0 million (US$ 6.5 million), compared to € 3.2 million (US$ 3.4 million) in the same quarter in 2002. The difference of € 2.8 million (US$ 3.0 million) is primarily due to the fact that fewer shares were issued as a result of options exercised, and because no cash was received from sale-lease -back transactions in the first quarter in 2003.
Cash invested in operating activities in the first three months of 2003 was € 5.7 million (US$ 6.2 million), compared to € 5.1 million (US$ 5.5 million) in the same quarter in 2002. This increase is mainly due to changes in working capital.
Investments in plant and equipment amounted to € 0.3 million (US$ 0.3 million) in the first three months of 2003, compared to € 0.8 million (US$ 0.9 million) in the fir st three months of 2002. The Company's cash and cash equivalents amount to € 104.6 million (US$ 113.0 million) on March 31, 2003.