Celera Genomics Group Reports Fourth Quarter and Fiscal Year 1999 Operating Results; Significant Progress Announced in Sequencing Operations and Information Management.

ROCKVILLE, Md.--(BW HealthWire)--Aug. 3, 1999--

Celera Genomics Group (NYSE:CRA), a PE Corporation business, today reported net revenues of $12.5 million and a loss before special items of $39.6 million, or $1.58 per share, for the year ended June 30, 1999. On the same basis for the fourth quarter, Celera reported revenues of $5.1 million and a loss of $16 million, or $.63 per share.

Approximately 20 percent of Celera's annual revenues in fiscal 1999 were received from early-access subscribers to the Group's database products and new genomic information. The initial revenues from this program were reflected in the fourth quarter. The Group's other revenues were generated by gene discovery and genotyping services provided to Celera's other customers. Celera's total operating expenses this year were driven principally by research and development expenditures associated with establishing the Group's sequencing facility and computing center.

"Excellent progress has been made, in Celera's first year, to establish a dramatic new concept in the creation of a genomic information business," noted Tony L. White, PE Corporation's president, chairman and chief executive officer. "Celera will continue investing aggressively in fiscal 2000 to establish a leadership position in providing broad access to genomic and related medical information that can be cost-effectively integrated into our customers' product development programs."

"In addition to building the world's largest sequencing and analysis facility and a great management team, we are excited that we have been able to attract a respected group of customers so early in our development of the business," added Dr. J. Craig Venter, president of Celera Genomics. "Based on our success to date in developing the business model, we believe that researchers in pharmaceutical and biotechnology companies, basic research labs, and others will increasingly want to use Celera's information base and knowledge tools, enabling them to develop a new understanding of biological activity."

Last week, Celera announced that it had completed one million sequences, the equivalent of over 500 million base pairs - letters of genetic code - of the fruit fly (Drosophila melanogaster) during a three-month period. The completion of the sequencing, expected next month, will demonstrate the effectiveness of Celera's sequencing strategy in deciphering complex genomes.

Other significant developments at Celera over the last year include:

-- Delivery of 230 ABI PRISM(R)3700 DNA Analyzers from PE

Biosystems, and completion of laboratories to house them.

-- A strategic alliance with Compaq Computer Corporation that

provides integrated hardware, networking and services solutions

for the Group's advanced computing center.

-- Early-access subscribers (Amgen, Inc; Pharmacia & Upjohn, Inc.;

and Novartis Pharm) who signed five-year agreements for access to

Celera's databases.

-- A three-year discovery agreement with Rhone-Poulenc Rorer to

identify therapeutic targets for a variety of human diseases.

-- A three-year agreement with RhoBio S.A. for expression studies to

discover genes related to traits of importance in maize.

As a result, Celera is now generating information and providing services for its first customers.

PE Corporation currently comprises two operating groups. Celera Genomics Group, a newly formed business unit, intends to become the definitive source of genomic and related medical information. Celera is headquartered in Maryland. PE Biosystems Group, located in California and with sales of $1.1 billion during fiscal 1999, develops and markets instrument-based systems, reagents, software and contract related services to the life science industry and research community.

Celera Genomics is an operating business of PE Corporation, with a common stock that tracks the performance of this group. For the year ended June 30, 1999, PE Corporation had consolidated revenues of $1.2 billion and income from continuing operations of $97 million including Tecan, in which the Company has divested its interests. On the same basis for the quarter ended June 30, PE Corporation recorded revenues and income of $348 million and $29 million, respectively. Information about the Company, including consolidated financial statements of PE Corporation, is available on the World Wide Web at http://www.pe-corp.com or by phoning [phone].

Certain statements in this press orward-looking words or phrases such as "believSecurities Litigation Reform Act of 1995 provides a "safe harbor" for such forward-looking statements. In order to comply with the terms of the safe harbor, PE Corporation notes that a variety of factors could cause actual results and experience to differ materially from the anticipated results or other expectations expressed in such forward-looking statements. The risks and uncertainties that may affect the operations, performance, development, and results of Celera Genomics' businesses include but are not limited tointy of sequencing strategy; (6) uncertainty of successful operation of new sequencers and sequencing operats and uncertainty of operating results; (10) hietitive business; (14) uncertainty of success of Year 2000 compliance; and (15) other factors that might be 1999 1998 Net revenues $ 5.1 $ 1.1 - Loss before income taxes (29.9) (5.7) Income tax benre

Basic and diluted $ a. On May 6, 1999 Celera Genomics' common stock (NYSE:CRA) began trading on the New York Stock Exchange. CeleON CELERA GENOMICS GROUP COMBINED STATEMENTS OF OPERATIONS (Dollar amounts in millions except per share amo 1999 tive 28.3 6.7 Special charges 1.2

- Loss bef per share

Basic and diluted $ (1.79) $ (.34)

Average common shares outstandinro forma. On May 6, 1999 Celera Genomics' common stock (NYSE:CRA) began trading on the New York Stock ExchanPORATION CELERA GENOMICS GROUP SUPPLEMENTAL CO June 30,

.2 3.5

Selling, general and administ 1.1 - Loss before income taxes (25.6) (5.7) Income tax benefit

9.6 2.0 Net loss forma. On May 6, 1999 Celera Genomics' common stock (NYSE:CRA) began trading on the New York Stock Exchange. Celera Genomics' shares were distributed to Perkin-Elmer (NYSE:PKN) shareholders of record as of March 15, 1999.

PE CORPORATION CELERA GENOMICS GROUP SUPPLEMENTAL COMBINED STATEMENTS OF OPERATIONS EXCLUDES SPECIAL ITEMS (Dollar amounts in millions except per share amounts)

Twelve months ended

June 30,

1999 1998 Net revenues $ 12.5 $

4.2 Costs and expenses

Research, development and engineering 48.4 10.3

Selling, general and administrative 27.2 6.7 Total costs and expenses 75.6 17.0 Operating loss

(63.1) (12.8) Interest income

1.2 - Loss before income taxes (61.9)

(12.8) Income tax benefit 22.3 4.5 Net loss $ (39.6) $ (8.3)

Net loss per share

Basic and diluted $ (1.58) $ (.34)

Average common shares outstanding

Basic and diluted 25,100,000 24,280,000

Earnings per share and shares outstanding for fiscal 1998 are pro forma. On May 6, 1999 Celera Genomics' common stock (NYSE:CRA) began trading on the New York Stock Exchange. Celera Genomics' shares were distributed to Perkin-Elmer (NYSE:PKN) shareholders of record as of March 15, 1999.