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[Falke28]

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Press Release Source: Flamel Technologies, S.A.


Flamel Technologies Announces First Quarter Revenues of $14.4 Million, Earnings of $0.20 Per Share
Thursday April 29, 4:10 pm ET


LYON, France--(BUSINESS WIRE)--April 29, 2004--Flamel Technologies (Nasdaq:FLML - News) today announced its financial results for the first quarter of 2004.
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For the first quarter, Flamel reported total revenues of $14.4 million, compared to $3.1 million in the first quarter of 2003. Expenses increased to $10.6 million, from $6.0 million in the first quarter of 2003, largely as a result of increased research and development and clinical studies as well as the 16% increase in the value of the Euro against the U.S. dollar versus the year-ago period.

Net income in the first quarter of 2004 was $4.3 million, compared to a net loss of $1.7 million in the first quarter of last year. Net income per share (basic) for the first quarter of 2004 was $0.20, compared to a net loss per share (basic) in the year-ago period of ($0.10). Net income per share (fully diluted) for the first quarter of 2004 was $0.18. Cash on hand at the end of the first quarter was $105.4 million, versus $14.3 million at the end of the first quarter a year ago.

Flamel`s 2004 first quarter revenues included license and research revenues of $13.3 million, which included revenues from research contracts as well as a $5 million milestone payment from Bristol-Myers Squibb. License and research revenues in the first quarter of 2003 totaled $2.0 million. Revenues from product sales and services during the quarter declined to $0.9 million, compared to $1.0 million in the first quarter of 2003, reflecting diminished services to Corning and the planned transition away from contract manufacturing activities. Other revenues declined from $0.2 million in the year-ago period to $0.1 million. Costs and expenses of Flamel`s research and development increased to $7.9 million, from $3.8 million in the year-ago quarter. This increase was largely as a result of increased clinical and preclinical study work, related to projects developed internally and also with our partners, as well as the increase of 16% in the value of the Euro against the U.S. dollar versus the year-ago period. Cost of goods and services sold decreased to $0.8 million, compared to $1.1 million a year ago, largely in conjunction with decreasing revenues in this category. SG&A increased to $1.3 million from $1.0 million, mainly due to increase of the Euro against the U.S. dollar.

"We are very pleased to receive this quarter the first milestone payment from BMS on the Basulin® project," said Dr. Gerard Soula, founder, president and chief executive officer of Flamel Technologies S.A. "More generally, we are very excited by the development of our entire pipeline with Medusa® and Micropump®."

Stephen Willard, chief financial officer of Flamel, commented: "Our research and development income increased substantially compared to a year ago as we perform work for a variety of partners under license. Expenses increased year-over-year as we have increased our budget for research and development and preclinical studies to reflect work on a number of new projects."

Mr. Willard also noted: "Our cash position remains high and allows us both development of additional internal projects and the flexibility to negotiate new partnership agreements for our technology platforms from a position of strength."

Flamel Technologies, S.A. is a biopharmaceutical company principally engaged in the development of two unique polymer-based delivery technologies for medical applications. Micropump® is a controlled release and taste-masking technology for the oral administration of small molecule drugs. Flamel`s Medusa® technology is designed to deliver controlled-release formulations of therapeutic proteins.

A conference call to discuss earnings is scheduled for 8:30 AM EDT April 30, 2004. The dial-in number (for investors in the U.S. and Canada) is 800-374-1498; the conference ID number is 1354187. International investors are invited to dial 1-706-634-7261.

This document contains a number of matters, particularly as related to financial projections and the status of various research projects and technology platforms, that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

The presentation reflects the current view of management with respect to future events and is subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements.

These risks include risks that products in the development stage may not achieve scientific objectives or milestones or meet stringent regulatory requirements, uncertainties regarding market acceptance of products in development, the impact of competitive products and pricing, and the risks associated with Flamel`s reliance on outside parties and key strategic alliances.

These and other risks are described more fully in Flamel`s Annual Report on the Securities and Exchange Commission Form 20-F for the year ended December 31, 2003.

Three months ended
March 31,
-------------------
2003 2004
--------- ---------
Revenue :
License and research revenue $1,962 $13,301
Product sales and services 1,037 949
Other revenues 158 103
--------- ---------
Total revenue 3,157 14,353
--------- ---------

Costs and expenses :
Cost of goods and services sold (1,094) (837)
Research and development (3,843) (7,872)
Selling, general and administrative (1,009) (1,287)
Stock compensation expense (4) (573)
--------- ---------
Total costs and expenses (5,950) (10,569)
--------- ---------

Loss from operations (2,793) 3,784

Interest income, net 80 492
Foreign exchange gain (loss) (83) (13)
Other income 1,123 57
--------- ---------

Income,(loss) before income taxes (1,673) 4,320
Income tax benefit (expenses) - (23)
--------- ---------
Net income,(loss) $(1,673) $4,297
========= =========


Earnings (loss) per share

--------- ---------
Basic earnings (loss) per ordinary share $(0.10) $0.20
Diluted earnings (loss) per share $(0.10) $0.18
========= =========


Weighted average number of shares outstanding (in
thousands):
Basic 16,198 21,404
Diluted 16,198 23,999
========= =========



--------------------------------------------------------------------------------
Contact:
Flamel Technologies, S.A.
Gerard Soula, (33) 4-72-78-34-34
Fax: [phone]
[e-mail]
or
Stephen H. Willard, 202-862-3993
Fax: [phone]
[e-mail]
or
Charles Marlio, 202-862-8535
Fax: [phone]
[e-mail]



--------------------------------------------------------------------------------
Source: Flamel Technologies, S.A.

Mein Tipp: Auf Sicht von 2-3 Jahren einsteigen!

Gruß
Falke28

[Falke28]

Auch diese guten Zahlen helfen nicht bei solch einer hohen Bewertung und dem schlechten Marktumfeld.

Allerdings halte ich an meinen Aktien fest. Hier handelt es sich um einen echten Zukunftwert für den man allerdings auch eine Menge Geduld braucht.

Gruß
Falke28

[Dr.Aljechin]

!

Dieser Beitrag wurde vom System automatisch gesperrt. Bei Fragen wenden Sie sich bitte an [e-mail]

[Falke28]

Flamel Shot Down
By Carl Wherrett and John Yelovich
September 20, 2004

When you own a company, you want to feel warm and fuzzy each time you look at the daily price. Up a few points and you smile at your foresight. Down a notch and you do not unduly worry -- after all, you`ve made the right decision, and others will see that soon.


So what do you do when you look at your screen and see the price down 25% before trading has even begun? The warm and fuzzy feeling has given way to a knot in the pit of your stomach, and if you have overexposed yourself to that one stock, then perhaps even a bead of sweat appears on the brow.


After getting over the initial shock, the next reaction is to take a deep breath, clear the wooziness, and engage the brain.


First let us see why the market has taken a sudden dislike to your latest baby. Last week, Bristol-Myers Squibb (NYSE: BMY) announced it was pulling out of its partnership with Flamel Technologies (Nasdaq: FLML), a Motley Fool Hidden Gems pick, to develop Basulin, one of Flamel`s leading products. On Friday, the stock tanked, falling more than 25% and recovering only slightly through the day to hold at down 23%.


One hundred million was wiped off Flamel`s market cap in a matter of a few hours. Was Basulin that important to Flamel? The Bristol-Myers Squibb deal did promise total royalty payments of more than $145 million over five years. However, it was the validation of Flamel`s nanoparticulate drug-delivery technology, Medusa, that promised much more in the long term.


So the fact that Bristol-Myers Squibb decided to discontinue the partnership to "focus on other developments in its pipeline" definitely is not the validation investors were looking for. It is even more alarming than in the case of Basulin. Bristol-Myers Squibb is the second company that looked at the product and dumped it. Initially, Novo Nordisk A/S (NYSE: NVO) was a partner until it also found it did not like it as much as it had hoped.


Right now, if Flamel were a one-trick pony that has already unseated two riders, I would not bet on the Basulin/Medusa combo winning the Kentucky Derby anytime soon.

Still, Flamel`s CEO has said he still has high hopes for this product and is looking for a new partner for Basulin/Medusa development.


However, Flamel is not a one-trick pony, and despite this stumble from one of its thoroughbreds, it does not necessarily make it a bad training stable overnight. Medusa is still being developed by other partners for other treatments, although Flamel has not disclosed the names because of confidentiality agreements.


At the same time as the company announced the setback, it sugarcoated the pill (coincidentally, of course) with news of one new deal on its other horse, the micropump formulation.


Leaving aside that Basulin is not yet consigned to the scrap heap, look again at Flamel`s offerings and decide what kind of value it is now, priced at about $14 a share. That`s the Foolish way to react to the market`s "wisdom."



Gruß
Falke28