Strong revenue growth at Millipore

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Related tags: Cent, Revenue, Millipore

Filtration specialist Millipore has reported strong growth in sales
in the fourth quarter of 2003, suggesting that the fortunes of the
biopharmaceutical industry - Millipore's primary customer - may be
on the up.

Fourth-quarter sales rose 16 per cent to $216 million, helped by the weakness of the dollar and topping analysts' estimates of $201 million by some margin. In local currency terms the increase was 7 per cent. For the full-year, Millipore posted revenues of $800 million, up 14 per cent.

Millipore makes filtration products used in drug manufacturing and development and its financial performance often serves as a barometer of the fortunes of the biopharmaceutical industry.

The full-year results are a welcome indications that an improvement in the third quarter​ of 2003 has been maintained through to the end of the year.

The company's operating profits actually shrank slightly in the quarter, down 5 per cent to $27.5 million, owing to a one-off charge of $8 million relating to severance costs and asset write-offs, but net income rose 63 per cent to $32.6 million on the back of a $12 million tax benefit.

Fran Lunger, Millipore's CEO, said: "operating results for the fourth quarter were better than expected. Revenue growth in the US was particularly strong."

In terms of markets, Millipore's biotechnology business grew 7 per cent, life sciences was up 11 per cent and 'other bioscience' climbed 6 per cent, all in local currencies."

Geographically, Millipore's fourth-quarter revenue grew 12 per cent in the Americas to $89 million, while European turnover increased 19 per cent during the same quarter to $86 million, while Asia/ Pacific was up 18 per cent to $41 million.

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