2011 Outlook

For 2011, Exiqon expects total revenue of DKK 105-115 million and an EBITDA of approximately DKK 0.00 with a variation of +/- DKK 5 million.

The outlook for 2011 is based on an average USD/DKK exchange rate of DKK 5.25 for the year. The outlook is sensitive to the actual average USD/DKK exchange rate for 2011. For example, if the average USD/DKK exchange rate is realized DKK 0.25 higher than assumed, revenue and EBITDA may be impacted positively with up to DKK 5 million, and a similar negative impact may be expected on both revenue and EBITDA in case of an equivalent lower average exchange rate.

The outlook for 2011 depends primarily on the continued organic growth in research product sales and thus Exiqon's continued ability to compete for market shares through a competitive product offering. A number of new product launches are planned for 2011 to support Exiqon's current position as a leading supplier of high quality products for miRNA research.

The above outlook for 2011 does not include any potential one-time payments from new license agreements, or otherwise. Exiqon expects to conclude new license agreements during 2011; however, the financial impact of any such agreements cannot be quantified at present and agreed terms will also determine in what amount any received payments may be recognized in 2011.

Exiqon expects to successfully conclude the ongoing arbitration proceedings against Santaris Pharma A/S before year-end. Neither income nor reservations have been included in the outlook for 2011.

Key Figures