MedImmune Inc.
35 West Watkins Mill Road
Gaithersburg, Md. 20878
www.medimmune.com Year founded: 1988 Industry: Biotechnology Revenue: $1.05 Billion Net Income/Loss: $183.20 Million Earnings per share: $0.72 Dividend: n/a Stockholder equity: $1.70 Billion Auditor: PricewaterhouseCoopers LLP Stock: MEDI Assets: $2.79 Billion Market capitalization: $6.01 Billion 52-week high: 42.09 6/6/2003 52-week low: 20.766 1/27/2004 Chairman: Wayne T. Hockmeyer CEO: David M. Mott Employees: 1650 Local employees: 750 Description: MedImmune is the Washington area's most successful biotechnology company, with three products on the market and sales of more than $1 billion. Developments: A few years ago, with its place among the world's top biotechnology companies secure, MedImmune Inc. took a bet on a concept few investors had ever heard of—a nasal-spray flu vaccine. Confident consumers would line up for a flu vaccine squirted up the nose rather than shot in the arm, MedImmune shelled out $1.7 billion for the drug. It invested heavily, won approval from the Food and Drug Administration and with its partner Wyeth last year rolled out one of the largest marketing campaigns ever waged for a vaccine. Investors cheered, but FluMist flopped. After predicting 2003 sales of up to $120 million, MedImmune knocked estimates down to $85 million. But perhaps the more telling number is how many doses MedImmune sold in its debut year—fewer than 1 million, compared with a forecast of at least 4 million. This year is not looking much brighter for the vaccine. FluMist is approved only for people ages 5 to 49 and is not expected to generate significant revenue until 2007, when the company hopes it will be cleared for young children and older people, chief executive David M. Mott said. For a company with such a strong track record, FluMist's troubles represented a major blow. But the company remains a titan in the biotech business. Last year it earned $183.2 million, compared to a loss of $1.2 billion in 2002. Revenue jumped 24 percent to $1.1 billion. FluMist is just one of three drugs it has on the market. In 2003, sales of Synagis, which prevents respiratory infections in infants, jumped 26 percent to $849 million; sales of Ethyol, a cancer treatment, rose 23 percent to $100 million. With the rate of sales growth for both those drugs expected to fall this year, the hunt is on for the next big product. The company said it plans to have four drugs in advanced patient tests in 2005, and to file three new drug applications per year in 2004, 2005 and 2006. Executive Compensation
President, CEO and Vice Chairman: David M. Mott
Total Cash: $1,491,667.00
Total Compensation: $15,330,501.00 President and COO: Melvin D. Booth
Total Cash: $908,334.00
Total Compensation: $5,521,279.00 President/Research and Development: James F. Young, Ph.D.
Total Cash: $845,833.00
Total Compensation: $5,458,778.00 Senior Vice President: Armando Anido, R.Ph.
Total Cash: $471,667.00
Total Compensation: $3,423,952.00 Chairman: Wayne T. Hockmeyer, Ph.D.
Total Cash: $950,000.00
Total Compensation: $3,256,472.00
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