Sales goals for 2004 range between $5.2 billion and $5.8 billion (including worldwide drug-eluting stent sales of between $1.7 billion and $2.2 billion), as compared to net sales of approximately $3.5 billion in 2003, an increase of 49 to 66 percent. Net income for 2004 is expected to range between $1.50 per share (diluted) and $1.85 per share (diluted), excluding any special items, as compared to net income for 2003 of $.62 per share (diluted), an increase of 142 to 198 percent.
Sales goals for 2005 range between $6.6 billion and $7.6 billion (including worldwide drug-eluting stent sales of between $2.4 billion and $3.2 billion). Net income for 2005 is expected to range between $2.15 per share (diluted) and $2.80 per share (diluted), excluding any special items.
Sales goals for 2006 range between $7.1 billion and $8.9 billion (including worldwide drug-eluting stent sales of between $2.2 billion and $3.4 billion). Net income for 2006 is expected to range between $2.30 per share (diluted) and $3.30 per share (diluted), excluding any special items.
"The launch of the TAXUS™ Express2™ paclitaxel-eluting coronary stent system represents an unprecedented opportunity for extraordinary growth," said Jim Tobin, President and Chief Executive Officer of Boston Scientific. "The introduction of TAXUS is expected to help double our sales over the next 24 months, and our earnings growth is expected to be even more dramatic. We plan to compete vigorously and successfully in the coronary stent market, and we have every intention of becoming - and remaining - the global leader in that market. We already have in process substantial next generation drug-eluting stent technologies. We also plan to introduce an extensive line of other new products and technologies, many of which will come from our Endosurgery group. The growth opportunities for Boston Scientific have never been more exciting."
Boston Scientific is a worldwide developer, manufacturer and marketer of medical devices whose products are used in a broad range of interventional medical specialties. For more information, please visit: www.bostonscientific.com.
The Company discloses non-GAAP or pro forma measures that exclude certain items. Non-GAAP measures may exclude such items as charges related to purchased in-process research and development and certain litigation. Management uses these measures to establish operational goals, and believes that non-GAAP measures may assist investors in analyzing the underlying trends in the Company's business over time. Investors should consider these non-GAAP measures in addition to, not as a substitute for, or as superior to, financial reporting measures prepared in accordance with GAAP.
This press release contains forward-looking statements. The Company wishes to caution the reader of this press release that actual results may differ from those discussed in the forward-looking statements and may be adversely affected by, among other things, risks associated with new product development and introduction, clinical trials, regulatory approvals, integration of strategic alliances, competitive offerings, litigation, operational improvements, the Company's overall business strategy, and other factors described in the Company's filings with the Securities and Exchange Commission.