Abstract
Acambis is a profitable and cash-generative biotechnology company that is focused on building a substantial franchise in the vaccine space. Its results for the period have benefited significantly from its contract to supply 155 million doses of its ACAM2000 smallpox vaccine to the US Centers for Disease Control and Prevention (CDC). During the year ended 31st December, 2003, Acambis generated profit before taxation (before exceptional items) of £46.8m on sales of £169.1m compared with a profit of £9.6m on sales of £79.7m for the whole of 2002. The pre-tax profit for the year was £39.4m, after taking account of an exceptional cost of £7.4m following a settlement with BTG International Limited to discharge all rights and obligations under a technology licence agreement established in 1994. The profit was earned mainly in the third quarter, with £22.2m earned during the three months ended 30th September, 2003, the company having earned £20.6m for the six months ended 30th June, 2003. Research and development expenditure increased from £16.5m in 2002 to £19.1m in 2003, the result of the progression of the company's products to the later stages of development.
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