Medeva PLC Reports Preliminary Results for the Year Ended December 31, 1998; Hepagene Vaccine Submission in USA Today.

LONDON--(BUSINESS WIRE)--Feb. 10, 1999--Medeva PLC (NYSE: MDV), the international pharmaceutical company, today announced its preliminary results for the year ended December 31, 1998.

HIGHLIGHTS

- Income from continuing non-CNS (Central Nervous System) products

and royalties grew 11% to (pound)230 million ($382 million(a))

with a profit contribution of (pound)61.6 million ($102 million),

up 24%.

- CNS sales, impacted as anticipated by methylphenidate

competition, declined 39% to (pound)76 million ($126 million).

Profit contribution was (pound)52 million ($86 million), down 44%.

- Operating profit(pound)78.7 million ($131 million)

(1997:(pound)114.2 million), profit before tax(pound)59.3 million

($98 million) (1997: (pound)110.9 million).

- EPS before exceptional items 15.4 p ((cent)25.6)(1997: 21.4p),

11.1p ((cent)18.4) after exceptional items (1997: 21.4p).

- Proposed final dividend of 3.75p; total for the year of 5.75p

(1997: 5.50p), up 5%.

- Hepagene: pan-European license application for vaccine submitted;

: US license application for vaccine to be submitted to the Food

and Drug Administration ("FDA") today.

- New products Valstar and Asmabec Clickhaler launched; first

revenues received in 1999.

- Two new projects added to pipeline: tgAAV-CF, gene therapy for

cystic fibrosis, and ConXn(R), recombinant human relaxin, for

scleroderma.

- Commenced major infrastructure investment to expand vaccine

facility at Speke.

(a) US Dollar equivalents are provided for reader convenience at an

assumed exchange rate of (pound)1 = $1.66

Commenting on the results, Chairman John Baker said:

"With the exception of the CNS category, the rest of Medeva's business performed well in 1998 and we took advantage of our good cashflow to invest substantially in new products and facilities. In particular, we have considerably strengthened the potential of our new product development pipeline.

The anticipated decline of methylphenidate as our main revenue earner is taking place. The primary focus in 1999 is on the products in our pipeline which we believe have the potential to return Medeva to profits and earnings growth in subsequent years. Provided we continue to meet our milestones successfully, the pipeline has clear potential to generate significant long term value for shareholders."

EXTRACTS FROM THE ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED DECEMBER 31, 1998

OVERVIEW

Operating profit for 1998 has declined by (pound)35 million to (pound)79 million due to the anticipated competition to methylphenidate in the USA. The decline in methylphenidate sales was partially offset by a strong performance from a number of other products, notably Tussionex, Zaroxolyn and Fluvirin. Factors leading to the change in operating profit were as follows:

- a (pound)10.5 million increase in profit contribution from

non-CNS products excluding royalties to (pound)53.2 million,

resulting from a 11% increase in sales to (pound)221 million and

a contribution margin improvement to 24% (1997: 21%); the

majority of our profits now come from non-CNS products;

- a 24% increase in royalty income to (pound)8.4 million;

- a (pound)41 million decline in profit contribution from CNS

products to (pound)52 million as a consequence of a 39% fall in

sales to (pound)76 million and a decrease in contribution margin

to 68% (1997: 75%); and

- a (pound)5 million increase in central and development costs to

(pound)35 million mainly due to increased expenditure on the

Phase III development of Hepagene.

Profit before tax for the year of (pound)59 million is after exceptional charges totalling (pound)17 million arising principally from the recycling of goodwill on the disposal of our International Medications Systems Limited ("IMS") business in the USA. For analysis of profit contribution see note 1.

EXTRACTS FROM CHAIRMAN'S, CHIEF EXECUTIVE'S AND NEW PRODUCT DEVELOPMENT REPORTS

We continued to invest in and refine our infrastructure. We are supporting our vaccine business and our commitment to quality with a major investment program to expand our vaccine development and production facility at Speke in the UK and an initial (pound)21 million has already been committed to the project. This will add significantly to Medeva's capabilities. We sold the US hospital products business, IMS, and, in April 1999, we will divest some of the assets of our Swiss manufacturing operation in order to keep our resources tightly focussed on our core businesses. We continue to market the IMS products in Europe where they complement our European hospital range.

Of increasing significance to the Group's future prosperity is the progress and strengthening of our new product development pipeline. We have met some significant milestones during 1998 and early 1999 and we are investing further in our development infrastructure. In summary, we:

- filed a pan-European license application for Hepagene Vaccine;

- prepared a Biologics License Application for Hepagene Vaccine

which is being submitted in the USA today;

- reported encouraging results in our second Exploratory

Development study with Hepagene Immunotherapy;

- received a license for Valstar in the USA as an Orphan Drug for

the treatment of bladder cancer;

- received a Marketing Authorization in the UK for Asmabec

Clickhaler for the treatment of asthma;

- added a partnership with Targeted Genetics Corporation ("Targeted

Genetics") to develop the gene therapy tgAAV-CF for cystic

fibrosis;

- added a partnership with Connetics Corporation ("Connetics") to

develop ConXn(R) (recombinant human relaxin), as a treatment for

scleroderma;

- commenced Commercial Development of a

codeine/chlorpheniramine-based cough treatment;

- moved our hep B cores Platform Technology successfully into

Exploratory Development; and

- moved our enteric-coated, delayed-release nicotine tartrate

treatment for ulcerative colitis into Commercial Development.

STRATEGIC DEVELOPMENT Medeva's opportunity in a changing pharmaceutical industry

There is a growing trend for larger pharmaceutical companies to license products for development from smaller biotechnology companies and other research organizations. These research-based enterprises need partners to provide the later stage development, manufacturing scale-up and marketing capabilities which they lack. At the same time, the outsourcing of specialist services, such as clinical research and specialist manufacture, is also increasing. Overall these trends are contributing to a degree of fragmentation in the traditional vertically integrated process of discovering new, innovative medicines and bringing them to the market.

Medeva believes this diversification in the industry will continue, and that these changes validate its strategy and highlight the opportunity for it to create value from its particular combination of skills and capabilities.

Bringing new products to the market - Four stages of value creation

The changes taking place in the industry mean that, increasingly, two or more parties may be involved in four stages of value creation in bringing a pharmaceutical product through development and to the market. These are:

- primary research or `discovery';

- development, including clinical development, handling of

regulatory submission work and manufacturing scale-up;

- commercial manufacturing;

- sales and marketing.

Since its foundation, Medeva has built the infrastructure, skills and expertise needed to exploit the last three of these four stages, on an international scale.

Medeva's attraction as a partner for research-based organizations

With sales and marketing infrastructure in place, the potential for Medeva to create the greatest value for its shareholders lies in its ability to acquire new products and deliver them through its development pipeline to the market. This is now the primary focus of our strategy.

In sourcing innovative new development projects, Medeva looks particularly to research-based organizations whose skills and capabilities complement Medeva's, creating fertile ground for partnerships.

Two such partnerships were established in November 1998 and in January 1999: with Targeted Genetics, in the development of a gene therapy, tgAAV-CF, for the treatment of cystic fibrosis, and with Connetics, in the development of ConXn(R), (recombinant human relaxin), as a treatment for scleroderma.

Releasing unexploited value locked within large pharmaceutical companies

Medeva can also add value by acquiring existing products which are not being fully exploited by their current owners and regenerating their growth through its own sales and marketing infrastructure. Medeva enables large pharmaceutical companies to divest products which are no longer core to their activities in a way which generates value from otherwise wasting assets.

While the flow of such products has been slower to emerge than had been anticipated, and competition is now such that prices can reach levels which are not, in our view, justified by the underlying value, our belief remains that we can continue to make a steady flow of these acquisitions over time.

The criteria defining Medeva's targeted product opportunities

Through these symbiotic relationships in the industry, Medeva can secure the product opportunities it needs. Before financial criteria are applied, the three principal non-financial criteria used to define the products which Medeva targets and which it is particularly well qualified to exploit are:

- Technological Expertise: Medeva has built considerable expertise in the development and manufacture of biological products and is one of few medium-sized development and marketing companies with the capabilities to handle such projects. Medeva looks for products in the particular areas where it has technological experience and where it can therefore add value.

- Time-to-Market: Medeva looks for projects which are, ideally, up to five years from the market. In conventional terminology, this can mean projects in Phase III, II or even I where circumstances, such as Orphan Drug status, mean that the normal time-to-market is shortened.

- Target Markets: Medeva seeks products in markets where we have sales forces or which can be accessed by small specialist teams. In these areas, Medeva is able to compete effectively with larger companies.

Medeva entering a new phase of its development

Medeva is entering the next stage in its development. It is now bringing products through its own pipeline which, if successful, have the potential to fuel a renewed period of strong growth. With a profitable, international infrastructure already in place and the high overheads inherent in a research-based pipeline avoided, the potential exists for each additional product launched to generate high returns for shareholders.

REGIONAL REVIEW

USA

In September 1998, the FDA granted a license for the bladder cancer treatment, Valstar, and the product was launched by the US sales force, nationally, in January 1999. Valstar is one of Medeva's lead development projects, which was pursued in partnership with Anthra Pharmaceuticals Inc., this launch represents an important milestone for the Company.

The year end saw the commencement of the final phase of the Rochester investment program, on time and to budget. Some initial manufacturing has already commenced in the new facility and full commissioning is scheduled to be completed in 1999. The new facility provides us with high quality solid and liquid dose manufacturing capacity for the foreseeable future.

As part of our restructuring, we had planned to close IMS, our hospital products business in California. We were pleased, therefore, that our efforts to sell this business during the year were successful, thereby enabling jobs to be preserved.

EUROPE

The steroid version of our dry powder inhaler product, Asmabec Clickhaler, was granted a license in the UK and the product was launched in November 1998. Asmabec contains beclomethasone dipropionate and is used for the prophylactic treatment of asthma. Early indications are that the product is being well received in the market and is also having a beneficial impact on sales of the salbutamol (albuterol) version of the product, Asmasal Clickhaler. This version, used for the relief of acute asthma attacks, was launched at the end of 1997.

A significant development in the European arena was the beginning of construction work on a new facility at Speke. When complete, this 125,000 sq. ft. building will provide additional capacity for our existing vaccine business which we expect to continue to grow, supported in part by sustained demand from third parties for our specialist expertise in vaccine manufacture.

Work on the first phase of the project, comprising a syringe filling and packaging line, warehousing facilities and new administrative offices, is progressing on schedule and to budget with completion due in mid-1999.

In addition, we are currently at an advanced stage of discussions to acquire a further site, immediately adjacent to the existing facility. This site would house dedicated biotechnology facilities, including analytical laboratories and manufacturing pilot plants. If this plan proceeds, the addition of the two new facilities would result in a near trebling in the size of our current facility and give us substantial additional physical infrastructure to support our vaccine business and, significantly, our growing biotechnology interests.

At the beginning of February 1999 we announced that our Swiss manufacturing facility and certain related assets are to be sold to a company owned by members of the present local management team. Under the agreement, Medeva retains the rights to the royalty revenues from Asacol in the USA and Canada and to the intellectual property associated with the development of nicotine as a potential treatment for ulcerative colitis.

EXTRACTS FROM THE OPERATING AND FINANCIAL REVIEW

COMPARABILITY WITH 1997

This review compares the1998 Group financial performance with 1997 using like-for-like exchange rates. Since the majority of the Group's profits arise in the USA, the results as reported in sterling can be materially influenced by changes in the US dollar exchange rate. The average US dollar/sterling exchange rate for 1998 was $1.658, compared with $1.638 for 1997. Applying the 1997 historic exchange rates would increase 1998 reported sterling profit before tax by approximately (pound)1.5 million.

SALES

Overall CNS sales declined by (pound)48 million ($79 million) (39%) and non-CNS sales increased by (pound)22 million ($37 million) (11%).

Sales by Category (rounded)

                     1998             1997(a)          Inc.(dec.)(b)
                    (pound)m         (pound)m

Methylphenidate        68               112               (39%)
Ionamin                8                12                (31%)
                       --------------   --------------

CNS                    76               124               (39%)
                       --------------   --------------

Respiratory            72               67                7%
Vaccines               56               54                3%
Hospital
 Products              38               32                18%
General                56               46                20%
                       --------------   --------------

Total non-CNS          221              199               11%
                       --------------   --------------

Royalties              8                7                 24%

Disposals and
 other(c)              16               22
                       --------------   --------------

Group turnover         321              352               (9%)
                       --------------   --------------

(a)  at 1998 average exchange rates.

(b)  % calculated to (pound)0.1 million and numbers rounded to nearest
     million.

(c)  IMS US products disposed of on October 8, 1998 and Swiss products
     to be disposed of in April 1999.

Central Nervous System ("CNS")

The CNS category comprises two products, methylphenidate and Ionamin. Sales of methylphenidate, which is a generic drug prescribed primarily for the treatment of attention deficit hyperactivity disorder ("ADHD"), fell by 39% to (pound)68 million and accounted for 21% (1997: 32%) of total Group sales. As anticipated, the decline resulted from the entry into the market of further generic competition leading to loss of market share, price erosion and a reduction in pipeline inventories.

Medeva's share of total prescriptions written (both generic and branded) fell to 55% (1997: 72%), in a period in which there was no market growth. The fall in market share and a reduction in pipeline inventory resulted in a 30% fall in sales volume. This together with an average price decline of 13% led to the overall 39% decline in revenues. At least one more generic competitor is expected to enter the market in early 1999 and another is awaiting approval, both are likely to erode further Medeva's market share and increase the pressure on price. Accordingly, sales are expected to continue to decline.

Sales of Ionamin, our anti-obesity product, have shown some further decline in the second half of 1998, with market share of prescriptions falling to 6% for the year (H1 1998: 7%). There continues to be no significant recovery in anti-obesity prescriptions following the concerns raised in mid-1997 about the health risks associated with the so-called "fen-phen diet".

Respiratory

Sales of products in the respiratory category grew by 7% to (pound)72 million. Our main brand, Tussionex, the unique 12-hour anti-tussive, achieved sales of (pound)29 million a 48% increase on 1997 levels. The increase was due to a 24% increase in prescriptions written, price increases and the reversal of low pipeline inventories at the end of December 1997. Delsym, the OTC extended-release paediatric cough product and our second largest respiratory product, achieved sales of (pound)7 million which was in line with 1997, in what was a weak "cough and cold" season. Semprex-D sales of (pound)6 million benefited from an almost empty product pipeline in December 1997 and price increases, which compensated for a decline in prescriptions written (12% down on 1997 levels) in the face of direct-to-consumer advertising from the main competitors in this market.

The performance of these three brands more than offset the continued generic erosion seen by our branded guaifenesin products, where sales of (pound)6 million showed a 48% decline over 1997.

Sales of generic albuterol MDI, marketed by Apothecon, at (pound)6 million (1997: (pound)4 million), benefited from a full year in the growing US generic market albeit at depressed prices. This compensated for the decline in our lower margin US respiratory contract manufacturing business, where sales declined by (pound)2 million to (pound)6 million, mainly as one of our key customers moved production in-house during 1998.

The launch of the Asmabec Clickhaler in November 1998 enhanced our dry powder inhaler range; a full marketing campaign will support these products in 1999.

Vaccines

Fluvirin sales increased again this year by 7% to (pound)29 million as increased production was sold into the US market. We estimate that we have grown our share in the US market to 20% this year. Sales of our US diphtheria and tetanus products and trivax were disappointing with sales declining (pound)4 million to (pound)7 million. US diphtheria and tetanus sales suffered from restricted availability from our US suppliers, ahead of the transfer of production to Speke which we expect to complete in mid-2000. Other vaccines sales increased 27% to (pound)20 million with a continued strong performance from our highly specialised contract manufacturing business based at Speke. Overall vaccine sales increased by 3%.

Hospital Products

Sales of hospital products grew by 18% to (pound)38 million with Zaroxolyn accounting for just under 50% of sales in this category. Zaroxolyn is a well established diuretic which is responding to active promotion in the USA for resistant oedema, a significant problem in congestive heart failure and severe renal disease. Prescription growth in 1998 was 12% (1997: 9%) and this, together with price increases and the reversal of 1997 low pipeline inventories, increased sales by (pound)6 million to (pound)18 million.

Sales of other hospital products have grown by 2% with increased sales of diamorphine compensating for the reduced sales from IMS products in Europe due to a reduction in the number of products in this range. Prices in the US human market for isoflurane remain disappointing, although expansion in the export market continues.

General Products

General product sales rose 20% to (pound)56 million and continue to represent a significant proportion of total sales (17% in 1998). This category contains many of our niche products and in 1998 includes both the gastrointestinal and dermatology ranges, which grew by 12% and 11% respectively. Our principal products in this category, Pediapred in the USA and Coracten in the UK, both achieved double-digit growth in sales, with 1998 sales of (pound)6 million being achieved by both products. In 1999 we will launch Coracten XL (extended-release) which will grow sales. This product category will also benefit from sales of Valstar in the USA in 1999.

Royalties

The Group's royalty income grew by 24% to (pound)8.4 million (1997: (pound)6.8 million). Royalties arise principally on Asacol, which is licensed to Proctor & Gamble in the USA and Canada, and Pertactin (69kDa) which is licensed to SmithKline Beecham for inclusion in their acellular pertussis vaccine, Infanrix (trademark of SmithKline Beecham).

GROSS PROFIT

Sales in 1998 generated a gross profit of (pound)197 million and a gross margin of 61% (1997: 65%). The decline is due to the lower margins and sales of methylphenidate in 1998. Gross margin is likely to continue to decline as methylphenidate sales decline, our target is to achieve gross margins of around 60% in the future, although the achievement of this depends on the extent of price erosion in the methylphenidate market and the speed at which new products from our pipeline achieve significant sales.

OPERATING EXPENSES

Selling, marketing and distribution expenses declined by 7% to (pound)53 million and absorbed 17% of sales revenues. The level of expenses benefited from lower US marketing costs following the major marketing campaigns in 1997 for newly acquired brands. These expenses are likely to increase in 1999 due to the launch of our new products, in particular Valstar in the USA and the Clickhaler range in Europe.

Administration costs at (pound)33 million show a decline from 1997 levels as the benefits of the US restructuring are continuing to show through. Administration costs now represent 10% of sales.

Development costs at (pound)32 million have risen by 18%, principally due to the Hepagene development program and represent 10% of sales. We expect these costs to increase in the future due to our expanding development pipeline and co-development agreements such as those with Targeted Genetics and Connetics. Under the Targeted Genetics agreement to develop tgAAV-CF we have agreed to pay 50% of their development costs up to a maximum of $15 million over the estimated three years of the project. In addition, we will allocate members of Medeva's development team to the project. The Connetics partnership is similar in that, in addition to providing Medeva expertise, we have also agreed to share Connetics' development costs up to a maximum of $10 million over the estimated three years of that project.

OPERATING PROFIT

In 1998, sales of (pound)321 million ($533 million), gross profit of (pound)197 million ($327 million) and total expenses of (pound)118 million ($196 million) produced an operating profit of (pound)79 million ($131 million) and an operating margin of 24% (1997: 32%) in 1998. The contribution analysis is shown in note 1.

EXCEPTIONAL ITEMS

Exceptional charges for the year of (pound)17.3 million relate to a (pound)15.1 million loss on the disposal of IMS before the related tax credit of (pound)1.7 million and after charging (pound)16.3 million of goodwill write back. Together with a (pound)2.2 million loss on the disposal of fixed assets before the related tax credit of (pound)0.7 million (see note 2).

TAXATION

The underlying tax charge of (pound)23 million, before exceptional items equates to a fall in the tax rate for the year from 32% to 30% principally as a result of tax allowances on prior year acquisitions and the changing balance of our business. Based on current expectations and existing tax legislation in the Group's principal operating territories, this rate is not expected to rise.

EARNINGS

Profit after tax before exceptional items was (pound)54 million ($90 million) compared with (pound)76 million in 1997, resulting in earnings per share of 15.4p ((cent)25.6), a decrease of 28% over 1997. Earnings per share after exceptional items was 11.1p ((cent)18.4), a 48% reduction on the 21.4p in 1997.

The weighted average number of shares in issue of 347 million decreased due to the buy back of 17.4 million shares which equated to 5% of the issued share capital.

The final dividend proposed by the directors is 3.75p per share, which results in a total for the year of 5.75p per share, an increase of 5% over 1997. The dividend is covered 2.7 times by earnings before exceptional items. The final dividend is not a Foreign Income Dividend and a share dividend alternative will be available.

CASHFLOW AND INVESTING ACTIVITIES

The Group generated funds from operations in 1998 of (pound)98 million which is (pound)19 million in excess of operating profit. Resources absorbed by working capital were (pound)4 million so that operating activities generated (pound)94 million before the restructuring cash spend of (pound)22 million.

Capital expenditure during the second half of the year was (pound)11 million bringing the expenditure in the full year to (pound)28 million (1997: (pound)42 million). Capital expenditure relates mainly to the Rochester facility. The new plant is now undergoing an extensive validation program before it is brought fully on-stream during 1999. Capital expenditure is expected to remain at similar levels in 1999 as we continue the extensive development of our Speke facility where we plan an expansion of our vaccine production capabilities.

Restructuring spend in the period was on target at (pound)22 million. The large cash spend in the second half of 1998 related to validation work at the new Rochester facility and the restructuring costs at the IMS US facility. The final (pound)5 million of restructuring expenditure will be incurred in the first half of 1999. Investments in intangible assets were (pound)11 million in the year and consist principally of the milestone payment of (pound)5 million following the receipt of the first licence for the cancer product Valstar; an initial payment of (pound)4 million to Targeted Genetics for the rights to tgAAV-CF; and a (pound)1 million payment to ML Laboratories following the approval of the Asmabec Clickhaler for the UK market.

At the Annual General Meeting in April 1998, shareholders approved a resolution authorising the Directors to repurchase up to 10% of Medeva's issued share capital. To date, 17.4 million shares representing 5% of Medeva's issued share capital have been repurchased at a cost of (pound)27 million. The authority remains valid until the AGM in April 1999 when renewal of the authority will be sought.

BORROWINGS

In December 1998 we completed a Private Placement of $50 million Senior Loan Notes. The Notes, which were placed with a group of US qualified institutional investors via the agency of Greenwich NatWest Limited, carry a fixed coupon of 6.51%. The Notes are unsecured and are repayable in full in December 2003. This diversifies our funding through a new source of long term capital and complements our 5-year unsecured (pound)125 million syndicated multi-currency medium term facility which is due to expire in February 2001. The syndicated loan is drawn down in US$ and the interest rate is 0.35% above US$ LIBOR. The increase in borrowings during the year amounted to (pound)27 million resulting in net debt at December 31, 1998 of (pound)78 million which includes (pound)3 million of finance leases. Interest paid was covered 19 times by operating profit of (pound)78.7 million (1997: 29 times). The weighted average cost of capital for 1998 was 9% (1997: 11%).

FORWARD-LOOKING STATEMENT

This release contains certain forward looking statements made pursuant to he US Private Securities Litigation Reform Act of 1995. In particular certain statements with regard to (a) management's aims and objectives, (b) product development (including particularly to the conduct of clinical trials, studies and investigations regarding various products, the filing of product license applications in various countries, and the anticipated launch of specified products in various markets) and product acquisition, (c) anticipated levels of demand for existing products and products in development, (d) the effect of competition, (e) anticipated efficiencies, (f) planned expansion and investment in facilities, (g) trends in results of operations, margins, the overall pharmaceutical market and foreign exchange and tax rates, and (h) the availability of exclusive marketing rights based on patents or governmental regulations are all forward looking in nature. By their nature forward looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward looking statements. The following factors, although not exhaustive, could cause actual results to differ materially from those the Company expects: (1) pricing and product initiatives of the Company's competitors, including the introduction of branded competition or generic substitution for the Company's products, (2) legislative and regulatory changes relating to pharmaceutical products including the pricing of such products, (3) unanticipated difficulties in the design or implementation of clinical trials, studies and investigations, failure to obtain required approval from governmental authorities, including the U.S. Food & Drug Administration, and results from such trials, studies and investigations that are inconsistent with previous results and the Company's expectations, (4) the failure of demand to develop as anticipated, (5) unavailability of raw materials or other interruptions in production, (6) unexpected difficulties in the design and construction of production facilities and the scale-up of production to viable commercial levels, (7) loss of or inability to obtain patent or trademark protection for certain products, (8) inability of the Company to market existing and new products effectively, (9) the failure of the Company's development, manufacturing and marketing partners to perform their contractual obligations and (10) the unavailability of products for acquisition at reasonable prices. The forward looking statements included in this document represent the Company's best judgment as of the date hereof based in part on preliminary information and certain assumptions which management believes to be reasonable. The Company disclaims any obligation to update these forward looking statements.

Medeva PLC is an international company developing, manufacturing, and marketing prescription pharmaceutical products in the following main therapeutic areas: respiratory care, vaccines, CNS therapies (attention deficit disorder and anti-obesity), gastroenterology, hospital products (pain management and anaesthetics) and dermatology. In the UK, Medeva is the sole producer of human vaccines, including flu, childhood and traveler's vaccines. In the US, Medeva is the leading manufacturer and distributor of methylphenidate. 6 Medeva also has operations in France, Spain, Belgium, the Republic of Ireland.

Medeva's ordinary shares trade on the London Stock Exchange and its ADRs, each equal to four ordinary shares, trade on the New York Stock Exchange under the symbol MDV. Additional information on Medeva can be accessed on the company's home page: http://www.medeva.com.

For tabular results, please contact Taylor Rafferty Associates at 212-889-4350