to license their technology and benefit from future development
efforts through Sangamo's leadership position in zinc finger protein
technology. The acquisitions of Epichem and Molecular Medicine
BioServices during the first half of 2007 also supported our goal of
growth from acquisitions by adding $52 million in annualized revenues
in other desirable technology platforms and businesses. Other
evaluations and discussions underway are expected to add to these
revenues in the months and years to come."
Nagarkatti concluded, saying, "With more than $1.5 billion in sales year to date, we are within reach of crossing the $2 billion mark in annual sales for the first time in our Company's history in 2007. And we expect to reach that new level with profits and cash flows that provide superior returns to our shareholders while enabling us to fund the investments required to maintain future growth."
SALES RESULTS (all percentage comparisons are to comparable periods in 2006):
A reconciliation of reported and adjusted sales growth and quarterly sales by business unit can be found in tabular form in the Supplemental Financial Information section on page 10.
Reported sales increased 14.0% and 13.0% for the third quarter and first nine months of 2007, respectively. Third quarter and year-to-date organic sales growth, excluding currency benefits and a contribution from the February 2007 acquisition of Epichem, were 7.0% and 6.9%, respectively. Highlights for our four business units included:
Research Essentials (Reported growth: Q3: 8.6%, YTD: 8.3%; Organic
growth: Q3: 4.4%, YTD: 4.4%): Overall organic sales growth in Q3 2007
remained in line with first half 2007 results, with all key product groups
benefiting from increased demand. Sales to pharmaceutical accounts in the
U.S. remained strong and sales to U.S.
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