Angiotech addresses growth prospects for 2004, 2005 and 2006 VANCOUVER, June 24 /PRNewswire-FirstCall/ -- Angiotech Pharmaceuticals, Inc. (NASDAQ: ANPI; TSX: ANP) today hosted a meeting with analysts and investors in New York and addressed the Company's revenue and earnings prospects for the years ending December 31 2004, 2005 and 2006. Amounts, unless specified otherwise, are expressed in US dollars. Total revenue goals for 2004 range between $119 million and $121 million. These goals include estimated royalty revenues, which are derived from estimated 2004 worldwide TAXUS(TM) Express(2TM) paclitaxel-eluting coronary stent system sales of approximately $2.1 billion to $2.2 billion. Net income for 2004 is expected to range between $0.68 and $0.70 adjusted earnings per share (diluted), excluding any special items, as compared to a net loss for 2003 of ($0.49) adjusted earnings per share. Total revenue goals for 2005 range between $200 million and $215 million. These goals include estimated royalty revenues, which are derived from estimated 2005 worldwide TAXUS system sales of approximately $2.9 billion to $3.2 billion. Net income for 2005 is expected to range between $1.00 and $1.10 adjusted earnings per share (diluted), excluding any special items. Total revenue goals for 2006 range between $255 million and $290 million. These goals include estimated royalty revenues, which are derived from estimated 2006 worldwide TAXUS system sales of approximately $3.2 billion to $3.7 billion. Net income for 2006 is expected to range between $1.22 and $1.42 adjusted earnings per share (diluted), excluding any special items. "We expect 2004 will be an extraordinary year for Angiotech, as we reach profitability and begin to generate substantial operating cash flow," said David Hall, Chief Financial Officer of Angiotech. "We continue to be optimistic about the prospects for the TAXUS system to remain the world's market-leading product in drug eluting coronary stents through 2006 and beyond. We are also excited by our additional products and pipeline, including our paclitaxel vascular wrap, as well as VITAGEL(TM) and our numerous new orthopedic product opportunities, which we expect will contribute meaningfully to our financial results in 2006 and beyond. In addition, we plan to continue to allocate considerable resources to research and new product development in order to expand our rapidly growing pipeline of drug-device opportunities." The financial estimates used in this press release use non-GAAP or adjusted measures that exclude certain items. Non-GAAP or adjusted financial information may exclude such items as charges related to purchased in-process research and development, acquisition-related amortization charges, stock- based compensation expenses and certain foreign exchange fluctuations related to the Company's domiciling of cash balances. Management uses this financial information to establish operational goals, and believes that non-GAAP or adjusted financial information may assist investors in analyzing the underlying trends in the Company's business over time. Investors should consider these non-GAAP or adjusted measures in addition to, not as a substitute for, or as superior to, financial information prepared in accordance with GAAP. Further disclosure regarding this non-GAAP disclosure will be provided in a subsequent news release. Vancouver-based Angiotech Pharmaceuticals, Inc., a specialty pharmaceutical company focusing on drug-coated medical devices and biomaterials, is dedicated to enhancing the performance of medical devices and biomaterials through the innovative uses of pharmacotherapeutics. To find out more about Angiotech Pharmaceuticals, Inc. (NASDAQ: ANPI; TSX: ANP), please visit our website at http://www.angiotech.com/. Statements contained herein that are not based on historical or current fact, including without limitation statements containing the words "anticipates," "believes," "may," "continue," "estimate," "expects" and "will" and words of similar import, constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economic and business conditions, both nationally and in the regions in which the Company operates; technology changes; competition; changes in business strategy or development plans; the ability to attract and retain qualified personnel; existing governmental regulations and changes in, or the failure to comply with, governmental regulations; liability and other claims asserted against the Company; and other factors referenced in the Company's filings with the United States Securities and Exchange Commission or the Canadian securities regulators. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The Company does not assume the obligation to update any forward-looking statements. FOR ADDITIONAL INFORMATION: --------------------------- Analysts: Rui Avelar, Angiotech Pharmaceuticals, Inc. (604) 221-7676 ext 6996 Investors: Ian Harper, Angiotech Pharmaceuticals, Inc. (604) 221-7676 ext 6933 Media: Eric Starkman, Starkman & Associates (212) 252-8545 ext 12 DATASOURCE: Angiotech Pharmaceuticals, Inc. CONTACT: Analysts: Rui Avelar, Angiotech Pharmaceuticals, Inc., (604) 221-7676 ext 6996; Investors: Ian Harper, Angiotech Pharmaceuticals, Inc., (604) 221-7676 ext 6933; Media: Eric Starkman, Starkman & Associates, (212) 252-8545 ext 12

Copyright