Third Quarter Results

1
Third Quarter Results

• 0.50 earnings per share on 14 percent revenue
  growth (9 percent local currency)

2
Forward-looking statements/risk factors

• In order to take advantage of the safe harbor
  provisions of the private securities litigation
  reform act of 1995, you should understand that we
  will be making forward-looking statements in this
  conference. These statements involve a number of
  risks and uncertainties, all of which are set
  forth in detail in our annual report on form
  10-K, subsequent quarterly reports on form 10-Q,
  and our other SEC filings. We assume no
  obligation to update any forward-looking
  statement based on new information, future events
  or any other reason.

3
Q3 overview

• 14 revenue growth over Q3 2002
• 9 revenue growth in local currency
• Earnings 0.50 per share - including 0.01 from
  sale of real estate
• Biotechnology - chromatographic media for new
  processes, hardware for drugs in late-stage
  clinicals, consumables for commercialized drugs
• Life sciences - strength in drug discovery labs
• Other bioscience - strength in general lab, US
  pharmaceutical

4
Q3 revenue percentage by geography, product type
and market (in local currencies)
Equipment 18
Asia/Pacific 17
Biotechnology 35
Other Bioscience Applications 51
Americas 44
Consumables and Services 82
Europe 39
Life Science 14
Q3 2003
Q3 2003
Q3 2003
5
Q3 revenue growth - by geographic region
Growth Local in millions
Q3 2003 Q3 2002 Growth Currency
Americas 85 80 7 7 Europe 82 65 25 12 A
sia/Pacific 33 31 9 6 Total U.S.
dollar 200 176 14 9
6
Q3 Revenue growth by market
in millions Q3 2003 Q3 2002
Growth
Biotechnology 69 59 16 Life
Science 26 25 5 Other Bioscience 98 94 5 Total
local currency 193 178 9 Foreign
Exchange 7 (2) Total U.S. dollar 200 176 14
7
Biotechnology quarterly revenue growth and
trends (in local currencies)
Revenues by Quarter Q1 2000 Q3 2003
Quarterly Growth Q1 2000 Q3 2003
millions
00 01 02
03
00 01 02
03
8
Biotechnology consumable and hardware growth and
trends (in local currencies)
Revenues by Quarter, Biotech Consumables and
Hardware Q1 2001 Q3 2003
Quarterly Growth, Biotech Consumables and
Hardware Q1 2002 Q3 2003
01
02
03
02
03
9
Pipeline of biologicals - and subset of
antibodies - remains very promising
Over 400 therapeutic antibodies in pipeline or
launched
Over 2000 biologicals in pipeline or launched
1158
381
310
342
224
86
77
48
22
20
Pharmaprojects V5, from PJP Publications, NYC
London, September, 2003
10
Life science quarterly revenue growth and trends
(in local currencies)
Revenues by Quarter Q1 2000 Q3 2003
Quarterly Growth Q1 2000 Q3 2003
millions
00 01 02
03
00 01 02
03
11
Other bioscience - profitable, cash-generating
(in local currencies)
Revenues by Quarter Q1 2000 Q3 2003
Quarterly Growth Q1 2000 Q3 2003
millions
00 01 02
03
00 01 02
03
12
Q3 income statement
Quarter ended September 30,
Actual Dollars (In millions, except EPS)
2003 2002 Growth Sales 200.1
175.6 14 Gross Profit 108.5 98.8 10 of
Sales 54.2 56.3 SGA 60.0 54.2 11 of Sales
30.0 30.9 RD 14.0 12.9 8 of Sales
7.0 7.4 Restructuring and other (0.8)
0.5 N/A of Sales (0.4)
0.3 Operating income
35.2 31.1 13 of
Sales 17.6 17.7 Net income from continuing
operations 24.6 18.9 - EPS - continuing
operations 0.50 0.39 -
13
Currency added 5 points to growth rate
Yen/Dollar, 7/1/03 - 9/30/03
Euro/Dollar, 7/1/03 - 9/30/03
14
Revised guidance for 2003

• Revenue guidance
• 12 to 13 projected growth
• 4 to 5 in local currency
• Revenue growth by market - local currency
• Biotechnology 4 to 5
• Life Sciences 4 to 5
• Other Bioscience 4 to 5
• Gross Margins - averaging 55
• SGA averaging 31
• RD between 7 and 8
• Contribution approximately 17
• EPS 1.87 to 1.89 per share

15
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