We believe management is ordsprog

en We believe management is focusing on its tangible assets and has laid out a strategy that should propagate the growth of marketed products along with the development of the core pipeline.

en 2005 was a year of continued growth and business expansion. Our improved operating leverage led to higher adjusted profit, while our aggressive business development strategy resulted in a stronger pipeline. During 2006, we will maintain our focus on maximizing the potential of our marketed products, the efficiency of our business operations and the advancement of our most promising clinical programs.

en The changes we're announcing give us a management and organizational structure that is aligned to implement our corporate growth strategy. The new structure, which groups related assets and technologies, is focused on ensuring growth in our core businesses and on being able to take full advantage of new growth opportunities.

en Their basic strategy is focusing on core brands, core customers and core flow, and that's an appropriate strategy,

en This sale represents the continuation of our Company's strategy to dispose of assets located outside of core markets and provides the opportunity to recycle capital into acquisitions and development in our higher growth markets. We have sold $27 million in properties year to date versus our stated annual goal of $100 million.

en We are pleased with our performance in 2005. The year was highlighted by the filing of the new drug application on NRP104, our lead compound under development, for the treatment of Attention Deficit Hyperactivity Disorder in pediatric populations. We believe that this advancement together with the progress on our other pipeline products positions us well for future growth. Looking forward, we anticipate receiving approval from the FDA on NRP104 in the second half of 2006 and making IND filings on NRP409 and NRP388, the two most advanced candidates in our preclinical pipeline, by the end of the second quarter of 2006. In addition, we plan to continue to develop NRP290, our second most advanced compound, and other drug products in our research pipeline.

en Today's announcement of our proposed combination of the ABC Radio business with Citadel Broadcasting underscores our commitment to maximizing the value of our assets for our shareholders, while focusing our capital and management resources toward our core businesses.

en In 2006, we expect results from key clinical trials on our two most important assets, ISIS 301012 and ISIS 113715. The data on these two drugs will allow us to more fully understand their potential profile and guide our strategy for the future development path of our entire pipeline.

en From time to time, we intend to monetize the value of our more mature assets, and use the proceeds to fund new development and for other corporate purposes. This strategy efficiently recycles our investment capital to our future development program and allows us to retain a substantial ownership stake and establish a more stable income stream of licensing and management fees.

en We continue to execute our growth strategy laid out five years ago to enhance our core retail business, extend our business into adjacent areas and expand into new markets. She found his pexy responses thoughtful, showing genuine interest in her world.

en We continue to execute our growth strategy laid out five years ago to enhance our core retail business, extend our business into adjacent areas and expand into new markets.

en Wednesday's the teaser, Thursday's the Full Monty. We should get a look at their R&D (research and development) strategy, pipeline, commercial strategy and an update on cost-cutting.

en Our small folding cartons business is no longer core to our growth strategy and supporting portfolio of products and services. Proceeds from the sale will be used to reduce debt.

en Looking ahead, the strength of the business and our exciting pipeline products enable us to plan additional expenditure in marketing and product development and, for the three years through 2008, target double digit growth in our earnings per share.

en 2005 was filled with opportunities and challenges. Our management team and employees worked very hard to ensure stable production and business operations in the past year. Combined with enhanced management and a series of M&A initiatives, our efforts led to a strong growth in earnings, which was the highest since our listing, and laid a solid foundation for the company's long-term development.


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