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TAJ GROUP
                              PHARMACEUTICAL
                              B U S I N E S S

      TA J P H A R M A C E U T I C A L S L I M I T E D




FINANCIAL          REPORT 2004
DISLAIMER



         THIS PRESENTATION IS NOT AN ADVERTISEMENT OF SECURITIES IN ANY
         JURISDICTION.

         NOT FOR RELEASE, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES
         OF AMERICA, AUSTRALIA, CANADA OR JAPAN.


         This document includes statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be
         identified by the fact that they do not only relate to historical or current events. Forward-looking statements often use words such as” anticipate”,
         “target”, “expect”, “estimate”, “intend”, “expected”, “plan”, “goal” believe”, or other words of similar meaning. By their nature, forward-looking
         statements involve risk and uncertainty because they relate to future events and circumstances, a number of which are beyond Company's control.
         As a result, actual future results may differ materially from the plans, goals and expectations set out in these forward-looking statements. Any
         forward-looking statements made by or on behalf of the Company speak only as at the date of this announcement. Save as required by any
         applicable laws or regulations, the Company undertakes no obligation publicly to release the results of any revisions to any forward-looking
         statements in this document that may occur due to any change in its expectations or to reflect events or circumstances after the date of this
         document. The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended (the
         "Securities Act"), and may not be offered or sold in the United States or to US persons unless the securities are registered under the Securities Act, or
         an exemption from the registration requirements of the Securities Act is available. No public offering of the securities will be made in the United
         States. This communication is being distributed only to and is directed only at (a) persons outside the United Kingdom, (b) persons who have
         professional experience in matters relating to investments, i.e., investment professionals within the meaning of Article 19(5) of the Financial Services
         and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), and (c) high net worth companies, unincorporated associations and other
         bodies to whom it may otherwise lawfully be communicated in accordance with Article 49 of the Order (all such persons together being referred to as
         "relevant persons"). The securities are available only to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such
         securities will be available only to or will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on
         this communication or any of its contents.




                  Note: This site contains medical information that is intended for doctors or medical practitioner only and is not meant to substitute for the advice provided by a medical professional. Always
                  consult a physician if you have health concerns. Use and access of this site is subject to the terms and conditions as set out in our Privacy Policy and Terms of Use.
   TAJ GROUP
PHARMACEUTICAL
                  © Copyright 2011 Taj Pharma Group (India),. All rights reserved.
B U S I N E S S



                                                                                                                                                                                                          2
Taj has been consistently launching new products, which includes not
only first time launches but also line extensions of existing brands.
more...




          Welcome to the Taj Pharmaceuticals Limited
         India. We would like to give you an overview of
            Taj Pharmaceuticals Limited in India: our
           background, organization, products, core
                     belief and prospects.




                  Note: This site contains medical information that is intended for doctors or medical practitioner only and is not meant to substitute for the advice provided by a medical professional. Always consult a
                  physician if you have health concerns. Use and access of this site is subject to the terms and conditions as set out in our Privacy Policy and Terms of Use.
   TAJ GROUP      © Copyright 2011 Taj Pharma Group (India),. All rights reserved.
PHARMACEUTICAL
B U S I N E S S




                                                                                                                                                                                                                 3
Environmental Stewardship

               A matter of course for Taj Pharmaceuticals

               Taj Pharmaceuticals has long been aware that only a financially successful company can be active in

               environmental and social areas and that financial success only results if it acts in an environmentally

               and socially responsible manner. In this context, we consider sustainable development to mean a

               long-term process designed to meet the needs of current and future generations.

               Safety and environmental protection are two important invariables amid changing values. Thus, the

               assurance of safety and environmental protection is not only required by law but constitutes an

               obligation and at the same time a key success factor in all our business dealings.




                    Note: This site contains medical information that is intended for doctors or medical practitioner only and is not meant to substitute for the advice provided by a medical professional. Always
                    consult a physician if you have health concerns. Use and access of this site is subject to the terms and conditions as set out in our Privacy Policy and Terms of Use.
   TAJ GROUP
PHARMACEUTICAL
                    © Copyright 2011 Taj Pharma Group (India),. All rights reserved.
B U S I N E S S



                                                                                                                                                                                                            4
COMBINED AND CONSOLIDATED INCOME STATEMENT
                  FOR THE YEAR ENDED MARCH 31, 2004
                  (in Rupees and in Lacs)

                                                                                                                                                                                    2004

                  NET SALES                                                                                                                                                               57 859

                  COST OF SALES                                                                                                                                                          (27 353)

                  GROSS PROFIT                                                                                                                                                            32 225

                  SELLING, GENERAL AND ADMINISTRATIVE EXPENSES                                                                                                                           (19 529)
                  OTHER OPERATING INCOME, NET                                                                                                                                                657
                  NON-RECURRING OPERATING EXPENSES                                                                                                                                           (35)

                  OPERATING INCOME                                                                                                                                                        13 318

                  NON-OPERATING EXPENSES:

                  Interest expense                                                                                                                                                         (1 880)
                  Foreign currency exchange loss                                                                                                                                              (38)

                  INCOME BEFORE INCOME TAX EXPENSE                                                                                                                                        11 400

                  Income tax expense                                                                                                                                                       (1 289)

                  NET INCOME                                                                                                                                                              10 111




  Taj Pharmaceuticals Limited (the "Company") believes that the information included in the Investor Relations section of this website was correct at the time it was added to the website. However, the Company
  expressly disclaims any duty to update the information on the website and makes no representation or warranty as to accuracy and completeness of the contents of this Investors Relations section of the website
  or any other section of the website. Access to and use of the information on this website is at the user's own risk. The Company assumes no responsibility for any errors or omissions in the content of this website
  and disclaims any liability for damages of any kind (whether direct, consequential or punitive) arising out of the use of this website or the information contained on the website or on links to or from this website.

  The Investor Relations section of this website contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical
  facts, included on this website regarding the Company's strategy, expected future financial position, results of operations, cash flows, financing plans, discovery and development of products, strategic alliances,
  competitive position, plans and objectives of management are forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "will" and other similar expressions help
  identify forward-looking statements, although not all forward-looking statements contain these identifying words. In particular, any statements regarding the Company's financial results and outlook, the continued
  implementation of the Company's strategic plan, the development of the Company's pipeline, the commencement of Phase 3 clinical trials for Puricase (pegloticase) are forward-looking statements. These
  forward-looking statements involve substantial risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company's business and the biopharmaceutical
  and specialty pharmaceutical industries in which the Company operates. Such risks and uncertainties include, but are not limited to, the delay or failure in developing Puricase (pegloticase) and other product
  candidates; difficulties of expanding the Company's product portfolio through in-licensing or acquisition; not being able to manufacture commercial quantities of our products; not gaining market acceptance
  sufficient to justify development and commercialization costs if our products are approved for marketing; introduction of generic competition for API; fluctuations in buying patterns of wholesalers; potential future
  returns of API or other products; the Company continuing to incur substantial net losses for the foreseeable future; difficulties in obtaining financing; potential development of alternative technologies or more
  effective products by competitors; reliance on third-parties to manufacture, market and distribute many of the Company's products; risks of maintaining protection for the Company's intellectual property; risks of
  an adverse determination in any future intellectual property litigation; and risks associated with stringent government regulation of the biopharmaceutical and specialty pharmaceutical industries and other factors
  set forth more fully in certain reports filed with the Securities and Exchange Commission, to which investors are referred for further information. The Company may not actually achieve the plans, intentions or
  expectations disclosed in its forward-looking statements, and you should not place undue reliance on the Company's forward-looking statements. Actual results or events could differ materially from the plans,
  intentions and expectations disclosed in the forward-looking statements that the Company makes. The Company's forward-looking statements do not reflect the potential impact of any future acquisitions,
  mergers, dispositions, joint ventures or investments that the Company may make. The Company does not have a policy of updating or revising forward-looking statements and assumes no obligation to update
  any forward-looking statements.


                     Note: This site contains medical information that is intended for doctors or medical practitioner only and is not meant to substitute for the advice provided by a medical professional. Always
                     consult a physician if you have health concerns. Use and access of this site is subject to the terms and conditions as set out in our Privacy Policy and Terms of Use.
                     © Copyright 2011 Taj Pharma Group (India),. All rights reserved.                                                                                                                            5
   TAJ GROUP
PHARMACEUTICAL
B U S I N E S S
COMBINED AND CONSOLIDATED BALANCE SHEET
                      AT MARCH 31, 2004
                      (in Rupees and in Lacs)

                      ASSETS                                                                                                                                                      2004                                      2003

                      NON-CURRENT ASSETS:
                        Property, plant & equipment, net                                                                                                                                  25 138                                     23 025
                        Intangible assets, net                                                                                                                                            11 537                                     11 226
                            Total non-current assets                                                                                                                                      36 675                                     34 251
                      CURRENT ASSETS:
                        Inventories                                                                                                                                                        9 946                                      9 170
                        Аccounts receivable                                                                                                                                               20 385                                     15 562
                        Receivables from related parties                                                                                                                                   9 675                                      2 168
                        Other receivables and prepaid expenses                                                                                                                             5 478                                      4 533
                        Cash                                                                                                                                                                  41                                        130
                            Total current assets                                                                                                                                          45 525                                     31 563

                      TOTAL ASSETS                                                                                                                                                        82 200                                     65 814

                      LIABILITIES AND SHAREHOLDERS' EQUITY

                      SHAREHOLDERS' EQUITY:
                        Share capital                                                                                                                                                          1                                          1
                        Retained earnings                                                                                                                                                 48 114                                     35 444
                           Total shareholders' equity                                                                                                                                     48 115                                     35 445

                      MINORITY INTERESTS IN EQUITY OF SUBSIDIARIES                                                                                                                                   -                                     207

                      LONG-TERM LIABILITIES:
                        Long-term borrowings                                                                                                                                                7 208                                      1 470
                        Deferred taxation                                                                                                                                                   2 684                                      2 080
                        Long-term portion of finance leases payable                                                                                                                            52                                         49
                           Total long-term liabilities                                                                                                                                      9 944                                      3 599

                      CURRENT LIABILITIES:
                        Short-term borrowings and current portion of long-term borrowings                                                                                                 11 238                                     14 706
                        Accounts payable                                                                                                                                                   4 752                                      2 221
                        Payables to related parties                                                                                                                                        3 678                                      7 310
                        Other payables and accrued expenses                                                                                                                                4 206                                      2 188
                        Current portion of finance leases payable                                                                                                                            267                                        138
                           Total current liabilities                                                                                                                                      24 141                                     26 563

                      TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                                                                                                                          82 200                                     65 814


  Taj Pharmaceuticals Limited (the "Company") believes that the information included in the Investor Relations section of this website was correct at the time it was added to the website. However, the Company expressly disclaims any duty to update the
  information on the website and makes no representation or warranty as to accuracy and completeness of the contents of this Investors Relations section of the website or any other section of the website. Access to and use of the information on this
  website is at the user's own risk. The Company assumes no responsibility for any errors or omissions in the content of this website and disclaims any liability for damages of any kind (whether direct, consequential or punitive) arising out of the use of this
  website or the information contained on the website or on links to or from this website.

  The Investor Relations section of this website contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts, included on this website regarding the
  Company's strategy, expected future financial position, results of operations, cash flows, financing plans, discovery and development of products, strategic alliances, competitive position, plans and objectives of management are forward-looking
  statements. Words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "will" and other similar expressions help identify forward-looking statements, although not all forward-looking statements contain these identifying words. In particular,
  any statements regarding the Company's financial results and outlook, the continued implementation of the Company's strategic plan, the development of the Company's pipeline, the commencement of Phase 3 clinical trials for Puricase (pegloticase) are
  forward-looking statements. These forward-looking statements involve substantial risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company's business and the biopharmaceutical and
  specialty pharmaceutical industries in which the Company operates. Such risks and uncertainties include, but are not limited to, the delay or failure in developing Puricase (pegloticase) and other product candidates; difficulties of expanding the Company's
  product portfolio through in-licensing or acquisition; not being able to manufacture commercial quantities of our products; not gaining market acceptance sufficient to justify development and commercialization costs if our products are approved for
  marketing; introduction of generic competition for API; fluctuations in buying patterns of wholesalers; potential future returns of API or other products; the Company continuing to incur substantial net losses for the foreseeable future; difficulties in obtaining
  financing; potential development of alternative technologies or more effective products by competitors; reliance on third-parties to manufacture, market and distribute many of the Company's products; risks of maintaining protection for the Company's
  intellectual property; risks of an adverse determination in any future intellectual property litigation; and risks associated with stringent government regulation of the biopharmaceutical and specialty pharmaceutical industries and other factors set forth more
  fully in certain reports filed with the Securities and Exchange Commission, to which investors are referred for further information. The Company may not actually achieve the plans, intentions or expectations disclosed in its forward-looking statements, and
  you should not place undue reliance on the Company's forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that the Company makes. The
  Company's forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments that the Company may make. The Company does not have a policy of updating or revising forward-
  looking statements and assumes no obligation to update any forward-looking statements.


                         Note: This site contains medical information that is intended for doctors or medical practitioner only and is not meant to substitute for the advice provided by a medical professional. Always
                         consult a physician if you have health concerns. Use and access of this site is subject to the terms and conditions as set out in our Privacy Policy and Terms of Use.
                         © Copyright 2011 Taj Pharma Group (India),. All rights reserved.
   TAJ GROUP                                                                                                                                                                                                                                                     6
PHARMACEUTICAL
B U S I N E S S
COMBINED AND CONSOLIDATED STATEMENT OF CASH FLOWS
                  FOR THE YEAR ENDED MARCH 31, 2004
                  (in Rupees and in Lacs)

                                                                                                                                                                                  2004
                  OPERATING ACTIVITIES:
                    Income before income tax expense                                                                                                                                    11 400

                    Adjustments to reconcile net income to net cash
                    used in operating activities:
                        Depreciation and amortization                                                                                                                                    3 063
                        Loss on disposal of property, plant and equipment                                                                                                                   57
                        Provision for doubtful receivables                                                                                                                                 571
                        Foreign currency exchange loss on financing and investing activities                                                                                                38
                        Interest expense                                                                                                                                                 1 880
                  Operating cash flow before working capital changes                                                                                                                    17 009

                     Increase in inventories                                                                                                                                              (776)
                     Increase in accounts receivable                                                                                                                                    (5 394)
                     Increase in receivables from related parties                                                                                                                         (539)
                     Increase in other receivables and prepaids                                                                                                                           (945)
                     Increase in accounts payable                                                                                                                                        2 703
                     Decrease in payables to related parties                                                                                                                              (178)
                     Increase in other payables and accruals                                                                                                                             2 736
                  Cash flows from operations                                                                                                                                            14 616

                  Income taxes paid                                                                                                                                                       (950)
                  Interest paid                                                                                                                                                         (2 521)
                             Net cash inflow from operating activities                                                                                                                  11 145

                  INVESTING ACTIVITIES:

                  Purchase of property, plant and equipment                                                                                                                              (3 444)
                  Purchase of intangible assets                                                                                                                                            (456)
                  Purchase of equity interest in subsidiaries                                                                                                                              (222)

                               Net cash outflow from investing activities                                                                                                                (4 122)

                  FINANCING ACTIVITIES:

                  Proceeds from borrowings, net                                                                                                                                          1 275
                  Repayment of borrowings to related parties, net                                                                                                                      (10 426)

                               Net cash outflow from financing activities                                                                                                                (9 151)

                  Effect of currency translation on cash flows                                                                                                                            2 039

                  NET DECREASE IN CASH                                                                                                                                                        (89)

                  CASH, beginning of period                                                                                                                                                  130

                  CASH, end of period                                                                                                                                                          41




                    Note: This site contains medical information that is intended for doctors or medical practitioner only and is not meant to substitute for the advice provided by a medical professional. Always
                    consult a physician if you have health concerns. Use and access of this site is subject to the terms and conditions as set out in our Privacy Policy and Terms of Use.
   TAJ GROUP
PHARMACEUTICAL
                    © Copyright 2011 Taj Pharma Group (India),. All rights reserved.                                                                                                                             7
B U S I N E S S
COMBINED AND CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
                  FOR THE YEAR ENDED MARCH 31, 2004
                  (in Rupees and in Lacs)

                                                                                                                                                                                  Total
                                                                                                                                                 Retained                     Shareholders’
                                                                                                            Share capital                        Earnings                        Equity

                  Balance at January 1, 2004                                                                                      1                       35 444                           35 445

                  Net income                                                                                                       -                      10 111                           10 111
                  Currency translation                                                                                             -                       2 559                            2 559

                  Balance at December 31, 2004                                                                                    1                       48 114                           48 115




  Taj Pharmaceuticals Limited (the "Company") believes that the information included in the Investor Relations section of this website was correct at the time it was added to the website. However, the Company
  expressly disclaims any duty to update the information on the website and makes no representation or warranty as to accuracy and completeness of the contents of this Investors Relations section of the website
  or any other section of the website. Access to and use of the information on this website is at the user's own risk. The Company assumes no responsibility for any errors or omissions in the content of this website
  and disclaims any liability for damages of any kind (whether direct, consequential or punitive) arising out of the use of this website or the information contained on the website or on links to or from this website.

  The Investor Relations section of this website contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical
  facts, included on this website regarding the Company's strategy, expected future financial position, results of operations, cash flows, financing plans, discovery and development of products, strategic alliances,
  competitive position, plans and objectives of management are forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "will" and other similar expressions help
  identify forward-looking statements, although not all forward-looking statements contain these identifying words. In particular, any statements regarding the Company's financial results and outlook, the continued
  implementation of the Company's strategic plan, the development of the Company's pipeline, the commencement of Phase 3 clinical trials for Puricase (pegloticase) are forward-looking statements. These
  forward-looking statements involve substantial risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company's business and the biopharmaceutical
  and specialty pharmaceutical industries in which the Company operates. Such risks and uncertainties include, but are not limited to, the delay or failure in developing Puricase (pegloticase) and other product
  candidates; difficulties of expanding the Company's product portfolio through in-licensing or acquisition; not being able to manufacture commercial quantities of our products; not gaining market acceptance
  sufficient to justify development and commercialization costs if our products are approved for marketing; introduction of generic competition for API; fluctuations in buying patterns of wholesalers; potential future
  returns of API or other products; the Company continuing to incur substantial net losses for the foreseeable future; difficulties in obtaining financing; potential development of alternative technologies or more
  effective products by competitors; reliance on third-parties to manufacture, market and distribute many of the Company's products; risks of maintaining protection for the Company's intellectual property; risks of
  an adverse determination in any future intellectual property litigation; and risks associated with stringent government regulation of the biopharmaceutical and specialty pharmaceutical industries and other factors
  set forth more fully in certain reports filed with the Securities and Exchange Commission, to which investors are referred for further information. The Company may not actually achieve the plans, intentions or
  expectations disclosed in its forward-looking statements, and you should not place undue reliance on the Company's forward-looking statements. Actual results or events could differ materially from the plans,
  intentions and expectations disclosed in the forward-looking statements that the Company makes. The Company's forward-looking statements do not reflect the potential impact of any future acquisitions,
  mergers, dispositions, joint ventures or investments that the Company may make. The Company does not have a policy of updating or revising forward-looking statements and assumes no obligation to update
  any forward-looking statements.


                     Note: This site contains medical information that is intended for doctors or medical practitioner only and is not meant to substitute for the advice provided by a medical professional. Always
                     consult a physician if you have health concerns. Use and access of this site is subject to the terms and conditions as set out in our Privacy Policy and Terms of Use.
                     © Copyright 2011 Taj Pharma Group (India),. All rights reserved.
   TAJ GROUP                                                                                                                                                                                                        8
PHARMACEUTICAL
B U S I N E S S
TAJ GROUP
                                                                PHARMACEUTICAL
                                                                B U S I N E S S



                                        TAJ PHARMA GROUP

                             Taj Pharmaceuticals Limited



                                                      “Working for healthier India”
                   Regd. Off.: 434, Laxmi Plaza, Laxmi Ind. Estate, New Link Road, Andheri (W), Mumbai - 400 053.
                           Tel.: 91-22-2637 4592/93, 30601000 Mob.: 09930407744 Fax : 91-22-26341274




                                                       E-mail : tajgroup@tajpharma.com/ tajpharma@rediffmail.com




The contents and design of this website, including Authority logos, are the property of the Taj Pharmaceuticals Limited India, and are protected under
copyright law and international treaty.

All rights reserved. Except under the conditions described in the Copyright Act 1968 and subsequent amendments, no part of this website may be reproduced
or communicated by any process without prior permission in writing from


                  Copyright © 2004-2011 Taj Pharmaceuticals Limited. All rights reserved. Legal Notice
                  The products discussed herein may have different product labeling in different countries. The product information
   TAJ GROUP
                  provided in this site is intended only for the residents of India.
PHARMACEUTICAL
B U S I N E S S


                                                                                                                                                         9
About Taj Pharmaceutical Limited
       Taj Pharmaceuticals Limited is a pharmaceutical company founded and based in India. The company manufacturers
       pharmaceutical formulations and API for India and other countries of world. The company was established in 1995 as an
       enterprise and in 2004 became a public limited company. As per Mumbai pharmaxil and Chemixil association the company
       manufacturers and exports to countries like Albania, Argentina, Austria, Chile and Iraq. In 1995 pharmaceuticals wing only has a
       schedule M certification for pharmaceuticals products manufacturing in India. Taj Pharmaceuticals established its manufacturing
       unit in Gujarat because of government policies in 1999 with WHO / GMP licence. The company in 2003 revived all the old
       manufacturing units and approached the FDA Gujarat for 4000 new pharmaceuticals drug permissions for the first time in
       India.

       According to the Indian Trade Mark the company owns about 450 brands and 4600 generic manufacturing permissions in
       India. According to the export data analysis the company was the largest exporter of generic medicines to the Europe and Middle
       East countries.
       www.tajpharma.com

       The company medicines are present in France, Georgia, Egypt and CIF countries.

                                                                                                                                                                                    Taj Pharmaceuticals Limited
                                                                                                                                                                                    Working For Healthier World   INDIA




Note: This site contains medical information that is intended for doctors or medical practitioner only and is not meant to substitute for the advice provided by a medical professional. Always consult a physician if you
have health concerns. Use and access of this site is subject to the terms and conditions as set out in our Privacy Policy and Terms of Use.
© Copyright 2011 Taj Pharma Group (India),. All rights reserved.




                           Note: This site contains medical information that is intended for doctors or medical practitioner only and is not meant to substitute for the advice provided by a medical professional. Always
                           consult a physician if you have health concerns. Use and access of this site is subject to the terms and conditions as set out in our Privacy Policy and Terms of Use.
                           © Copyright 2011 Taj Pharma Group (India),. All rights reserved.


      TAJ GROUP
PHARMACEUTICAL
B U S I N E S S



  Taj Pharmaceuticals Limited (the "Company") believes that the information included in the Investor Relations section of this website was correct at the time it was
  added to the website. However, the Company expressly disclaims any duty to update the information on the website and makes no representation or warranty as to
  accuracy and completeness of the contents of this Investors Relations section of the website or any other section of the website. Access to and use of the information
  on this website is at the user's own risk. The Company assumes no responsibility for any errors or omissions in the content of this website and disclaims any liability
  for damages of any kind (whether direct, consequential or punitive) arising out of the use of this website or the information contained on the website or on links to or
  from this website.

  The Investor Relations section of this website contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. All
  statements other than statements of historical facts, included on this website regarding the Company's strategy, expected future financial position, results of
  operations, cash flows, financing plans, discovery and development of products, strategic alliances, competitive position, plans and objectives of management are
  forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "will" and other similar expressions help identify forward-
  looking statements, although not all forward-looking statements contain these identifying words. In particular, any statements regarding the Company's financial
  results and outlook, the continued implementation of the Company's strategic plan, the development of the Company's pipeline, the commencement of Phase 3
  clinical trials for Puricase (pegloticase) are forward-looking statements. These forward-looking statements involve substantial risks and uncertainties and are based
  on current expectations, assumptions, estimates and projections about the Company's business and the biopharmaceutical and specialty pharmaceutical
  industries in which the Company operates. Such risks and uncertainties include, but are not limited to, the delay or failure in developing Puricase (pegloticase) and
  other product candidates; difficulties of expanding the Company's product portfolio through in-licensing or acquisition; not being able to manufacture commercial
  quantities of our products; not gaining market acceptance sufficient to justify development and commercialization costs if our products are approved for marketing;
  introduction of generic competition for API; fluctuations in buying patterns of wholesalers; potential future returns of API or other products; the Company continuing
  to incur substantial net losses for the foreseeable future; difficulties in obtaining financing; potential development of alternative technologies or more effective
  products by competitors; reliance on third-parties to manufacture, market and distribute many of the Company's products; risks of maintaining protection for the
  Company's intellectual property; risks of an adverse determination in any future intellectual property litigation; and risks associated with stringent government
  regulation of the biopharmaceutical and specialty pharmaceutical industries and other factors set forth more fully in certain reports filed with the Securities and
  Exchange Commission, to which investors are referred for further information. The Company may not actually achieve the plans, intentions or expectations
  disclosed in its forward-looking statements, and you should not place undue reliance on the Company's forward-looking statements. Actual results or events could
  differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that the Company makes. The Company's forward-looking
  statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments that the Company may make. The
  Company does not have a policy of updating or revising forward-looking statements and assumes no obligation to update any forward-looking statements.




                                                                                                                                                                                                                          10

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Financial report 2004 taj pharmaceuticals group

  • 1. TAJ GROUP PHARMACEUTICAL B U S I N E S S TA J P H A R M A C E U T I C A L S L I M I T E D FINANCIAL REPORT 2004
  • 2. DISLAIMER THIS PRESENTATION IS NOT AN ADVERTISEMENT OF SECURITIES IN ANY JURISDICTION. NOT FOR RELEASE, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA OR JAPAN. This document includes statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the fact that they do not only relate to historical or current events. Forward-looking statements often use words such as” anticipate”, “target”, “expect”, “estimate”, “intend”, “expected”, “plan”, “goal” believe”, or other words of similar meaning. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances, a number of which are beyond Company's control. As a result, actual future results may differ materially from the plans, goals and expectations set out in these forward-looking statements. Any forward-looking statements made by or on behalf of the Company speak only as at the date of this announcement. Save as required by any applicable laws or regulations, the Company undertakes no obligation publicly to release the results of any revisions to any forward-looking statements in this document that may occur due to any change in its expectations or to reflect events or circumstances after the date of this document. The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States or to US persons unless the securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available. No public offering of the securities will be made in the United States. This communication is being distributed only to and is directed only at (a) persons outside the United Kingdom, (b) persons who have professional experience in matters relating to investments, i.e., investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), and (c) high net worth companies, unincorporated associations and other bodies to whom it may otherwise lawfully be communicated in accordance with Article 49 of the Order (all such persons together being referred to as "relevant persons"). The securities are available only to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be available only to or will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this communication or any of its contents. Note: This site contains medical information that is intended for doctors or medical practitioner only and is not meant to substitute for the advice provided by a medical professional. Always consult a physician if you have health concerns. Use and access of this site is subject to the terms and conditions as set out in our Privacy Policy and Terms of Use. TAJ GROUP PHARMACEUTICAL © Copyright 2011 Taj Pharma Group (India),. All rights reserved. B U S I N E S S 2
  • 3. Taj has been consistently launching new products, which includes not only first time launches but also line extensions of existing brands. more... Welcome to the Taj Pharmaceuticals Limited India. We would like to give you an overview of Taj Pharmaceuticals Limited in India: our background, organization, products, core belief and prospects. Note: This site contains medical information that is intended for doctors or medical practitioner only and is not meant to substitute for the advice provided by a medical professional. Always consult a physician if you have health concerns. Use and access of this site is subject to the terms and conditions as set out in our Privacy Policy and Terms of Use. TAJ GROUP © Copyright 2011 Taj Pharma Group (India),. All rights reserved. PHARMACEUTICAL B U S I N E S S 3
  • 4. Environmental Stewardship A matter of course for Taj Pharmaceuticals Taj Pharmaceuticals has long been aware that only a financially successful company can be active in environmental and social areas and that financial success only results if it acts in an environmentally and socially responsible manner. In this context, we consider sustainable development to mean a long-term process designed to meet the needs of current and future generations. Safety and environmental protection are two important invariables amid changing values. Thus, the assurance of safety and environmental protection is not only required by law but constitutes an obligation and at the same time a key success factor in all our business dealings. Note: This site contains medical information that is intended for doctors or medical practitioner only and is not meant to substitute for the advice provided by a medical professional. Always consult a physician if you have health concerns. Use and access of this site is subject to the terms and conditions as set out in our Privacy Policy and Terms of Use. TAJ GROUP PHARMACEUTICAL © Copyright 2011 Taj Pharma Group (India),. All rights reserved. B U S I N E S S 4
  • 5. COMBINED AND CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED MARCH 31, 2004 (in Rupees and in Lacs) 2004 NET SALES 57 859 COST OF SALES (27 353) GROSS PROFIT 32 225 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (19 529) OTHER OPERATING INCOME, NET 657 NON-RECURRING OPERATING EXPENSES (35) OPERATING INCOME 13 318 NON-OPERATING EXPENSES: Interest expense (1 880) Foreign currency exchange loss (38) INCOME BEFORE INCOME TAX EXPENSE 11 400 Income tax expense (1 289) NET INCOME 10 111 Taj Pharmaceuticals Limited (the "Company") believes that the information included in the Investor Relations section of this website was correct at the time it was added to the website. However, the Company expressly disclaims any duty to update the information on the website and makes no representation or warranty as to accuracy and completeness of the contents of this Investors Relations section of the website or any other section of the website. Access to and use of the information on this website is at the user's own risk. The Company assumes no responsibility for any errors or omissions in the content of this website and disclaims any liability for damages of any kind (whether direct, consequential or punitive) arising out of the use of this website or the information contained on the website or on links to or from this website. The Investor Relations section of this website contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts, included on this website regarding the Company's strategy, expected future financial position, results of operations, cash flows, financing plans, discovery and development of products, strategic alliances, competitive position, plans and objectives of management are forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "will" and other similar expressions help identify forward-looking statements, although not all forward-looking statements contain these identifying words. In particular, any statements regarding the Company's financial results and outlook, the continued implementation of the Company's strategic plan, the development of the Company's pipeline, the commencement of Phase 3 clinical trials for Puricase (pegloticase) are forward-looking statements. These forward-looking statements involve substantial risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company's business and the biopharmaceutical and specialty pharmaceutical industries in which the Company operates. Such risks and uncertainties include, but are not limited to, the delay or failure in developing Puricase (pegloticase) and other product candidates; difficulties of expanding the Company's product portfolio through in-licensing or acquisition; not being able to manufacture commercial quantities of our products; not gaining market acceptance sufficient to justify development and commercialization costs if our products are approved for marketing; introduction of generic competition for API; fluctuations in buying patterns of wholesalers; potential future returns of API or other products; the Company continuing to incur substantial net losses for the foreseeable future; difficulties in obtaining financing; potential development of alternative technologies or more effective products by competitors; reliance on third-parties to manufacture, market and distribute many of the Company's products; risks of maintaining protection for the Company's intellectual property; risks of an adverse determination in any future intellectual property litigation; and risks associated with stringent government regulation of the biopharmaceutical and specialty pharmaceutical industries and other factors set forth more fully in certain reports filed with the Securities and Exchange Commission, to which investors are referred for further information. The Company may not actually achieve the plans, intentions or expectations disclosed in its forward-looking statements, and you should not place undue reliance on the Company's forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that the Company makes. The Company's forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments that the Company may make. The Company does not have a policy of updating or revising forward-looking statements and assumes no obligation to update any forward-looking statements. Note: This site contains medical information that is intended for doctors or medical practitioner only and is not meant to substitute for the advice provided by a medical professional. Always consult a physician if you have health concerns. Use and access of this site is subject to the terms and conditions as set out in our Privacy Policy and Terms of Use. © Copyright 2011 Taj Pharma Group (India),. All rights reserved. 5 TAJ GROUP PHARMACEUTICAL B U S I N E S S
  • 6. COMBINED AND CONSOLIDATED BALANCE SHEET AT MARCH 31, 2004 (in Rupees and in Lacs) ASSETS 2004 2003 NON-CURRENT ASSETS: Property, plant & equipment, net 25 138 23 025 Intangible assets, net 11 537 11 226 Total non-current assets 36 675 34 251 CURRENT ASSETS: Inventories 9 946 9 170 Аccounts receivable 20 385 15 562 Receivables from related parties 9 675 2 168 Other receivables and prepaid expenses 5 478 4 533 Cash 41 130 Total current assets 45 525 31 563 TOTAL ASSETS 82 200 65 814 LIABILITIES AND SHAREHOLDERS' EQUITY SHAREHOLDERS' EQUITY: Share capital 1 1 Retained earnings 48 114 35 444 Total shareholders' equity 48 115 35 445 MINORITY INTERESTS IN EQUITY OF SUBSIDIARIES - 207 LONG-TERM LIABILITIES: Long-term borrowings 7 208 1 470 Deferred taxation 2 684 2 080 Long-term portion of finance leases payable 52 49 Total long-term liabilities 9 944 3 599 CURRENT LIABILITIES: Short-term borrowings and current portion of long-term borrowings 11 238 14 706 Accounts payable 4 752 2 221 Payables to related parties 3 678 7 310 Other payables and accrued expenses 4 206 2 188 Current portion of finance leases payable 267 138 Total current liabilities 24 141 26 563 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 82 200 65 814 Taj Pharmaceuticals Limited (the "Company") believes that the information included in the Investor Relations section of this website was correct at the time it was added to the website. However, the Company expressly disclaims any duty to update the information on the website and makes no representation or warranty as to accuracy and completeness of the contents of this Investors Relations section of the website or any other section of the website. Access to and use of the information on this website is at the user's own risk. The Company assumes no responsibility for any errors or omissions in the content of this website and disclaims any liability for damages of any kind (whether direct, consequential or punitive) arising out of the use of this website or the information contained on the website or on links to or from this website. The Investor Relations section of this website contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts, included on this website regarding the Company's strategy, expected future financial position, results of operations, cash flows, financing plans, discovery and development of products, strategic alliances, competitive position, plans and objectives of management are forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "will" and other similar expressions help identify forward-looking statements, although not all forward-looking statements contain these identifying words. In particular, any statements regarding the Company's financial results and outlook, the continued implementation of the Company's strategic plan, the development of the Company's pipeline, the commencement of Phase 3 clinical trials for Puricase (pegloticase) are forward-looking statements. These forward-looking statements involve substantial risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company's business and the biopharmaceutical and specialty pharmaceutical industries in which the Company operates. Such risks and uncertainties include, but are not limited to, the delay or failure in developing Puricase (pegloticase) and other product candidates; difficulties of expanding the Company's product portfolio through in-licensing or acquisition; not being able to manufacture commercial quantities of our products; not gaining market acceptance sufficient to justify development and commercialization costs if our products are approved for marketing; introduction of generic competition for API; fluctuations in buying patterns of wholesalers; potential future returns of API or other products; the Company continuing to incur substantial net losses for the foreseeable future; difficulties in obtaining financing; potential development of alternative technologies or more effective products by competitors; reliance on third-parties to manufacture, market and distribute many of the Company's products; risks of maintaining protection for the Company's intellectual property; risks of an adverse determination in any future intellectual property litigation; and risks associated with stringent government regulation of the biopharmaceutical and specialty pharmaceutical industries and other factors set forth more fully in certain reports filed with the Securities and Exchange Commission, to which investors are referred for further information. The Company may not actually achieve the plans, intentions or expectations disclosed in its forward-looking statements, and you should not place undue reliance on the Company's forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that the Company makes. The Company's forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments that the Company may make. The Company does not have a policy of updating or revising forward- looking statements and assumes no obligation to update any forward-looking statements. Note: This site contains medical information that is intended for doctors or medical practitioner only and is not meant to substitute for the advice provided by a medical professional. Always consult a physician if you have health concerns. Use and access of this site is subject to the terms and conditions as set out in our Privacy Policy and Terms of Use. © Copyright 2011 Taj Pharma Group (India),. All rights reserved. TAJ GROUP 6 PHARMACEUTICAL B U S I N E S S
  • 7. COMBINED AND CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2004 (in Rupees and in Lacs) 2004 OPERATING ACTIVITIES: Income before income tax expense 11 400 Adjustments to reconcile net income to net cash used in operating activities: Depreciation and amortization 3 063 Loss on disposal of property, plant and equipment 57 Provision for doubtful receivables 571 Foreign currency exchange loss on financing and investing activities 38 Interest expense 1 880 Operating cash flow before working capital changes 17 009 Increase in inventories (776) Increase in accounts receivable (5 394) Increase in receivables from related parties (539) Increase in other receivables and prepaids (945) Increase in accounts payable 2 703 Decrease in payables to related parties (178) Increase in other payables and accruals 2 736 Cash flows from operations 14 616 Income taxes paid (950) Interest paid (2 521) Net cash inflow from operating activities 11 145 INVESTING ACTIVITIES: Purchase of property, plant and equipment (3 444) Purchase of intangible assets (456) Purchase of equity interest in subsidiaries (222) Net cash outflow from investing activities (4 122) FINANCING ACTIVITIES: Proceeds from borrowings, net 1 275 Repayment of borrowings to related parties, net (10 426) Net cash outflow from financing activities (9 151) Effect of currency translation on cash flows 2 039 NET DECREASE IN CASH (89) CASH, beginning of period 130 CASH, end of period 41 Note: This site contains medical information that is intended for doctors or medical practitioner only and is not meant to substitute for the advice provided by a medical professional. Always consult a physician if you have health concerns. Use and access of this site is subject to the terms and conditions as set out in our Privacy Policy and Terms of Use. TAJ GROUP PHARMACEUTICAL © Copyright 2011 Taj Pharma Group (India),. All rights reserved. 7 B U S I N E S S
  • 8. COMBINED AND CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY FOR THE YEAR ENDED MARCH 31, 2004 (in Rupees and in Lacs) Total Retained Shareholders’ Share capital Earnings Equity Balance at January 1, 2004 1 35 444 35 445 Net income - 10 111 10 111 Currency translation - 2 559 2 559 Balance at December 31, 2004 1 48 114 48 115 Taj Pharmaceuticals Limited (the "Company") believes that the information included in the Investor Relations section of this website was correct at the time it was added to the website. However, the Company expressly disclaims any duty to update the information on the website and makes no representation or warranty as to accuracy and completeness of the contents of this Investors Relations section of the website or any other section of the website. Access to and use of the information on this website is at the user's own risk. The Company assumes no responsibility for any errors or omissions in the content of this website and disclaims any liability for damages of any kind (whether direct, consequential or punitive) arising out of the use of this website or the information contained on the website or on links to or from this website. The Investor Relations section of this website contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts, included on this website regarding the Company's strategy, expected future financial position, results of operations, cash flows, financing plans, discovery and development of products, strategic alliances, competitive position, plans and objectives of management are forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "will" and other similar expressions help identify forward-looking statements, although not all forward-looking statements contain these identifying words. In particular, any statements regarding the Company's financial results and outlook, the continued implementation of the Company's strategic plan, the development of the Company's pipeline, the commencement of Phase 3 clinical trials for Puricase (pegloticase) are forward-looking statements. These forward-looking statements involve substantial risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company's business and the biopharmaceutical and specialty pharmaceutical industries in which the Company operates. Such risks and uncertainties include, but are not limited to, the delay or failure in developing Puricase (pegloticase) and other product candidates; difficulties of expanding the Company's product portfolio through in-licensing or acquisition; not being able to manufacture commercial quantities of our products; not gaining market acceptance sufficient to justify development and commercialization costs if our products are approved for marketing; introduction of generic competition for API; fluctuations in buying patterns of wholesalers; potential future returns of API or other products; the Company continuing to incur substantial net losses for the foreseeable future; difficulties in obtaining financing; potential development of alternative technologies or more effective products by competitors; reliance on third-parties to manufacture, market and distribute many of the Company's products; risks of maintaining protection for the Company's intellectual property; risks of an adverse determination in any future intellectual property litigation; and risks associated with stringent government regulation of the biopharmaceutical and specialty pharmaceutical industries and other factors set forth more fully in certain reports filed with the Securities and Exchange Commission, to which investors are referred for further information. The Company may not actually achieve the plans, intentions or expectations disclosed in its forward-looking statements, and you should not place undue reliance on the Company's forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that the Company makes. The Company's forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments that the Company may make. The Company does not have a policy of updating or revising forward-looking statements and assumes no obligation to update any forward-looking statements. Note: This site contains medical information that is intended for doctors or medical practitioner only and is not meant to substitute for the advice provided by a medical professional. Always consult a physician if you have health concerns. Use and access of this site is subject to the terms and conditions as set out in our Privacy Policy and Terms of Use. © Copyright 2011 Taj Pharma Group (India),. All rights reserved. TAJ GROUP 8 PHARMACEUTICAL B U S I N E S S
  • 9. TAJ GROUP PHARMACEUTICAL B U S I N E S S TAJ PHARMA GROUP Taj Pharmaceuticals Limited “Working for healthier India” Regd. Off.: 434, Laxmi Plaza, Laxmi Ind. Estate, New Link Road, Andheri (W), Mumbai - 400 053. Tel.: 91-22-2637 4592/93, 30601000 Mob.: 09930407744 Fax : 91-22-26341274 E-mail : tajgroup@tajpharma.com/ tajpharma@rediffmail.com The contents and design of this website, including Authority logos, are the property of the Taj Pharmaceuticals Limited India, and are protected under copyright law and international treaty. All rights reserved. Except under the conditions described in the Copyright Act 1968 and subsequent amendments, no part of this website may be reproduced or communicated by any process without prior permission in writing from Copyright © 2004-2011 Taj Pharmaceuticals Limited. All rights reserved. Legal Notice The products discussed herein may have different product labeling in different countries. The product information TAJ GROUP provided in this site is intended only for the residents of India. PHARMACEUTICAL B U S I N E S S 9
  • 10. About Taj Pharmaceutical Limited Taj Pharmaceuticals Limited is a pharmaceutical company founded and based in India. The company manufacturers pharmaceutical formulations and API for India and other countries of world. The company was established in 1995 as an enterprise and in 2004 became a public limited company. As per Mumbai pharmaxil and Chemixil association the company manufacturers and exports to countries like Albania, Argentina, Austria, Chile and Iraq. In 1995 pharmaceuticals wing only has a schedule M certification for pharmaceuticals products manufacturing in India. Taj Pharmaceuticals established its manufacturing unit in Gujarat because of government policies in 1999 with WHO / GMP licence. The company in 2003 revived all the old manufacturing units and approached the FDA Gujarat for 4000 new pharmaceuticals drug permissions for the first time in India. According to the Indian Trade Mark the company owns about 450 brands and 4600 generic manufacturing permissions in India. According to the export data analysis the company was the largest exporter of generic medicines to the Europe and Middle East countries. www.tajpharma.com The company medicines are present in France, Georgia, Egypt and CIF countries. Taj Pharmaceuticals Limited Working For Healthier World INDIA Note: This site contains medical information that is intended for doctors or medical practitioner only and is not meant to substitute for the advice provided by a medical professional. Always consult a physician if you have health concerns. Use and access of this site is subject to the terms and conditions as set out in our Privacy Policy and Terms of Use. © Copyright 2011 Taj Pharma Group (India),. All rights reserved. Note: This site contains medical information that is intended for doctors or medical practitioner only and is not meant to substitute for the advice provided by a medical professional. Always consult a physician if you have health concerns. Use and access of this site is subject to the terms and conditions as set out in our Privacy Policy and Terms of Use. © Copyright 2011 Taj Pharma Group (India),. All rights reserved. TAJ GROUP PHARMACEUTICAL B U S I N E S S Taj Pharmaceuticals Limited (the "Company") believes that the information included in the Investor Relations section of this website was correct at the time it was added to the website. However, the Company expressly disclaims any duty to update the information on the website and makes no representation or warranty as to accuracy and completeness of the contents of this Investors Relations section of the website or any other section of the website. Access to and use of the information on this website is at the user's own risk. The Company assumes no responsibility for any errors or omissions in the content of this website and disclaims any liability for damages of any kind (whether direct, consequential or punitive) arising out of the use of this website or the information contained on the website or on links to or from this website. The Investor Relations section of this website contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts, included on this website regarding the Company's strategy, expected future financial position, results of operations, cash flows, financing plans, discovery and development of products, strategic alliances, competitive position, plans and objectives of management are forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "will" and other similar expressions help identify forward- looking statements, although not all forward-looking statements contain these identifying words. In particular, any statements regarding the Company's financial results and outlook, the continued implementation of the Company's strategic plan, the development of the Company's pipeline, the commencement of Phase 3 clinical trials for Puricase (pegloticase) are forward-looking statements. These forward-looking statements involve substantial risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company's business and the biopharmaceutical and specialty pharmaceutical industries in which the Company operates. Such risks and uncertainties include, but are not limited to, the delay or failure in developing Puricase (pegloticase) and other product candidates; difficulties of expanding the Company's product portfolio through in-licensing or acquisition; not being able to manufacture commercial quantities of our products; not gaining market acceptance sufficient to justify development and commercialization costs if our products are approved for marketing; introduction of generic competition for API; fluctuations in buying patterns of wholesalers; potential future returns of API or other products; the Company continuing to incur substantial net losses for the foreseeable future; difficulties in obtaining financing; potential development of alternative technologies or more effective products by competitors; reliance on third-parties to manufacture, market and distribute many of the Company's products; risks of maintaining protection for the Company's intellectual property; risks of an adverse determination in any future intellectual property litigation; and risks associated with stringent government regulation of the biopharmaceutical and specialty pharmaceutical industries and other factors set forth more fully in certain reports filed with the Securities and Exchange Commission, to which investors are referred for further information. The Company may not actually achieve the plans, intentions or expectations disclosed in its forward-looking statements, and you should not place undue reliance on the Company's forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that the Company makes. The Company's forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments that the Company may make. The Company does not have a policy of updating or revising forward-looking statements and assumes no obligation to update any forward-looking statements. 10