Millipore 2Q sales up but biotech static

- Last updated on GMT

Related tags: Biotechnology, Millipore

Millipore has reported buoyant sales growth in the second quarter
of this year but was let down by a lacklustre showing from its
biotechnology division, held up as one of the key drivers of future
growth.

Millipore has reported buoyant sales growth in the second quarter of this year but was let down by a lacklustre showing from its biotechnology division, held up as one of the key drivers of future growth.

Overall sales rose 12 per cent to $196 million (€174m), although biotechnology sales, which account for more than a third of the group's total revenues, rose just 1 per cent. Gross profit rose 6 per cent to $107 million compared to the second quarter of 2002, while earnings per share were $0.46, level with the previous year.

Fran Lunger, Millipore's chief executive, said: "We achieved our earnings guidance for the second quarter while generating $35 million in cash from operations."​ The performance of the biotechnology division "was primarily a timing issue related to the scheduling of manufacturing campaigns and plant build-outs by our customers,"​ he added.

Lunger said he expected the biotechnology business to put in a strong showing in the second half of the year, helped by the current market outlook for biopharmaceutical product approvals and launches.

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