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DeCode 2000 Revenues Jump 30 Percent to $21.5M

NEW YORK, March 15 – DeCode Genetics said Thursday its full-year 2000 revenue rose 30 percent to $21.5 million, compared with $16.6 million in 1999, due primarily to higher milestone payments stemming from the company’s research collaboration with Roche.

Of the $21.5 million, $10.1 million in revenues was recorded in the fourth quarter. However, DeCode did not report other figures on a quarterly basis.

For the year, DeCode recorded a 47 percent increase in total operating expenses to $61.1 million, as research and development and general and administrative costs rose.

The Reykjavik, Iceland-based company, which is now able to generate 12 million genotypes per month, posted operating losses of $39.6 million in 2000, compared with operating losses of $24.8 million in 1999.

The company’s net loss available to common stockholders narrowed to $38.7 million, or $1.63 a share, in 2000 compared with a net loss of $62.2 million, or $9.65 a share, the previous year. (About 23.7 million shares were used to compute the 2000 figure, compared with about 6.4 million for 1999. The company went public last July.)

DeCode said it would look for some of its future revenues to come from its collaboration with Roche, subscriptions to an integrated database, and licenses from its bioinformatics tools.

"With the ramping up of our genotyping capacity and the launch of our pharmacogenomics subsidiary Encode, we are now in a position to implement our long-term strategy of expanding our disease-gene research while realizing maximum value from our discoveries by taking them further down the drug development process,” Kari Stefansson, CEO of DeCode, said in a statement.

“We also expect that our newly announced diagnostics alliance with Roche, as well as subscriptions to our integrated database and the licensing of our proprietary bioinformatics, will become important drivers for future revenue growth," he said.

DeCode said it had already agreed to provide one of its collaborators, Partners Healthcare System of Massachusetts, with its healthcare informatics technology.

During the year, DeCode launched two new subsidiaries, Encode, a contract research organization for conducting clinical trials and pharmacogenomic studies, and DeCode Cancer, a cancer research company.

Encode has so far forged partnerships with AstraZeneca, Novartis, Merck, and Schering-Plough.

At the end of December DeCode had $194.1 million in cash and equivalents.


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