TECHNE CORPORATION
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Segment Results - Fiscal Year 2003

TECHNE CORPORATION AND SUBSIDIARIES
(in thousands of $’s, except per share data)

  Fiscal 2003 Increase(Decrease) From Fiscal 2002
First Quarter Second Quarter Third Quarter Fourth Quarter Total FY03 Percent
Of Sales		 First Quarter Second Quarter Third Quarter Fourth Quarter Total
Sales 34,548 33,300 37,737 39,426 145,011 100% 4,705 2,163 3,451 3,790 14,109
Costof sales 8,690 8,371 8,756 9,579 35,396 24% 1,142 342 364 1,039 2,887
Gross margin 25,858 24,929 28,981 29,847 109,615 76% 3,563 1,821 3,087 2,751 11,222
                       
Gross margin percentage 74.85% 74.86% 76.80% 75.70% 75.59%            
                       
SG&A expense 4,951 4,901 4,706 4,819 19,377 13% 262 145 237 (1,067) (423)
R&D expense 4,833 4,979 5,285 5,484 20,581 14% 843 670 843 755 3,111
Amortization expense 484 485 485 485 1,939 1% (1,652) (1,652) (1,653) (1,653) (6,610)
Litigation settlement -- -- -- -- -- -- -- -- -- (17,500) (17,500)
Interest expense 323 297 178 176 974 1% (16) (38) (145) (147) (346)
Interest income (790) (704) (732) (707) (2,933) (2%) 172 209 154 268 803
Othernon-operating exp., net 150 (17) (58) 47 122 -- 303 (95) (117) 276 367
  9,951 9,941 9,864 10,304 40,060 28% (88) (761) (681) (19,068) (20,598)
Earnings before income taxes 15,907 14,988 19,117 19,543 69,555 48% 3,651 2,582 3,768 21,819 31,820
Income taxes 5,462 5,107 6,724 6,866 24,159 17% 1,631 1,135 1,948 8,839 13,553
  10,445 9,881 12,393 12,677 45,396 31% 2,020 1,447 1,820 12,980 18,267
                       
Diluted earnings per share 0.25 0.23 0.30 0.31 1.08            
Weighted average diluted shares outstanding 42,286 42,316 41,991 41,496 42,032            

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HEMATOLOGY DIVISION
(in thousands of $’s)

  Fiscal 2003 Increase(Decrease) From Fiscal 2002
First Quarter Second Quarter Third Quarter Fourth Quarter Total FY03 Percent Of Sales First Quarter Second Quarter Third Quarter Fourth Quarter Total
Sales 3,774 3,987 3,996 4,909 16,666 100% 124 163 365 443 1,095
Cost of sales 2,137 2,113 2,180 2,374 8,804 53% 53 (12) 55 148 244
Gross margin 1,637 1,874 1,816 2,535 7,862 47% 71 175 310 295 851
                       
Gross margin percentage 43.38% 47.00% 45.45% 51.64% 47.17%            
                       
SG&A expense 400 366 365 376 1,507 9% 46 5 19 (189) (119)
R&D expense 173 193 199 205 770 5% (11) 2 1 44 36
Interest income (101) (83) (87) (82) (353) (2%) 12 25 19 35 91
  472 476 477 499 1,924 12% 47 32 39 (110) 8
Pretax result 1,165 1,398 1,339 2,036 5,938 36% 24 143 271 405 843

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BIOTECHNOLOGY DIVISION
(in thousands of $’s)

  From Fiscal 2003  Increase(Decrease) From Fiscal 2002
First Quarter Second Quarter Third Quarter Fourth Quarter Total FY03 Percent Of Sales First Quarter Second Quarter Third Quarter Fourth Quarter Total
Sales 26,638 24,955 28,516 28,986 109,095 100% 3,455 1,107 1,228 1,924 7,714
Intersegment sales (4,150) (4,501) (4,874) (4,605) (18,130)   (332) (372) (288) (411) (1,403)
  22,488 20,454 23,642 24,381 90,965   3,123 735 940 1,513 6,311
                       
Cost of sales 5,726 5,460 5,692 6,066 22,944 21% 917 207 96 674 1,894
Intersegment sales (4,150) (4,483) (4,868) (4,607) (18,108)   (450) (249) (441) (280) (1,420)
  1,576 977 824 1,459 4,836   467 (42) (345) 394 474
                       
Gross margin 20,912 19,477 22,818 22,922 86,129 79% 2,656 777 1,285 1,119 5,837
                       
Gross margin percentage 78.50% 78.12% 80.04% 79.07% 78.97%            
                       
SG&A expense 2,712 2,841 2,646 2,626 10,825 10% 91 56 (9) (960) (822)
R&D expense 3,963 4,127 4,163 4,370 16,623 15% 287 392 448 617 1,744
Amortization expense 484 485 485 485 1,939 2% (1,652) (1,652) (1,653) (1,653) (6,610)
Interest income (492) (407) (425) (402) (1,726) (2%) 148 208 178 261 795
  6,667 7,046 6,869 7,079 27,661 25% (1,126) (996) (1,036) (1,735) (4,893)
Pretax result 14,245 12,431 15,949 15,843 58,468 54% 3,782 1,773 2,321   2,854 10,730

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R&D SYSTEMS EUROPE
(in thousands of £'s) 

  From Fiscal 2003 Increase(Decrease) From Fiscal 2002
First Quarter Second Quarter Third Quarter Fourth Quarter Total FY03 Percent Of Sales First Quarter Second Quarter Third Quarter Fourth Quarter Total
Sales 5,317 5,633 6,324 6,228 23,502 100% 596 366 702 630 2,294
Intersegment sales (9) (6) (8) (2) (25)   4 1 4 5 14
  5,308 5,627 6,316 6,226 23,477   600 367 706 635 2,308
                       
Cost of sales 3,197 3,360 3,605 3,527 13,689 58% 180 (30) (4) (13) 133
Gross margin 2,120 2,273 2,719 2,701 9,813 42% 416 396 706 643 2,161
                       
Gross margin percentage 39.87% 40.35% 42.99% 43.37% 41.75%            
                       
SG&A expense 1,033 992 965 1,002 3,992 17% 111 38 52 25 226
Interest income (104) (115) (115) (115) (449) (2%) (6) (22) (28) (20) (76)
Exchange loss/(gain) 31 (79) (125) (51) (224) (1%) 137 (133) (134) 148 18
  960 798 725 836 3,319 14% 242 (117) (110) 153 168
Pretax result 1,160 1,475 1,994 1,865   6,494 28% 174 513 816 490 1,993

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R&D SYSTEMS EUROPE
(in thousands of $’s)

  Fiscal 2003 Increase(Decrease) From Fiscal 2002
First Quarter Second Quarter Third Quarter Fourth Quarter Total FY03 Percent Of Sales First Quarter Second Quarter Third Quarter Fourth Quarter Total
Sales 8,301 8,870 10,112 10,138 37,421 100% 1,454 1,264 2,141 1,829 6,688
Intersegment sales (14) (10) (13) (3) (40)   6 0 4 6 16
  8,287 8,860 10,099 10,135 37,381   1,460 1,264 2,145 1,835 6,704
                       
Cost of sales 4,992 5,291 5,765 5,748 21,796 58% 617 396 649 491 2,153
Gross margin 3,309 3,579 4,347 4,390 15,625 42% 837 868 1,492 1,338 4,535
                       
Gross margin percentage 39.87% 40.35% 42.99% 43.37% 41.75%            
                       
SG&A expense 1,612 1,563 1,544 1,636 6,355 17% 273 185 250 189 897
Interest income (163) (181) (184) (186) (714) (2%) (20) (47) (61) (47) (175)
Exchange loss/(gain) 49 (127) (200) (77) (355) (1%) 202 (206) (213) 212 (5)
  1,498 1,255 1,160 1,373  5,286 14% 455 (68) (24) 354 717
Pretax result 1,811 2,324 3,187 3,017 10,339 28% 382 936 1,516 984 3,818

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CORPORATE AND OTHER (1)
(in thousands of $’s)

  Fiscal 2003 Increase(Decrease) From Fiscal 2002
First Quarter Second Quarter Third Quarter Fourth Quarter Total FY03 First Quarter Second Quarter Third Quarter Fourth Quarter Total
Interest income 35 33 36 36 140 (32) (23) (19) (19) (93)
Renta lincome -- 6 19 47 72 -- 6 19 47 72
  35 39 55 83 212 (32) (17) -- 28 (21)
                     
SG&A expense 227 130 151 182 690 (148) (101) (24) (107) (380)
R&D-CCX losses 519 496 792 773 2,580 436 219 404 171 1,230
R&D-DGI losses 178 163 131 136 608 133 58 (10) (78) 103
Litigation settlement -- -- -- -- -- -- -- -- (17,500) (17,500)
Interest expense 323 297 178 176 974 (16) (38) (145) (147) (346)
Building expense 101 117 160 172 550 102 117 115 110 444
  1,348 1,203 1,412 1,439 5,402 507 255 340 (17,551) (16,449)
Pretax result (1,313) (1,164) (1,357) (1,356) (5,190) (539) (272) (340) 17,579 16,428

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(1) Unallocated corporate expenses and Techne’s share of losses by ChemoCentryx, Inc. (CCX) and Discovery Genomics, Inc. (DGI)




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TECHNE CORPORATION
614 McKinley Place N.E.    Minneapolis, MN 55413-2610
Phone: (612)379-8854   Fax: (612)379-6580
e-mail: techinfo@techne-corp.com


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Segment Results - 1st Quarter Fiscal Year 2004


TECHNE CORPORATION AND SUBSIDIARIES
(in thousands of $’s, except per share data)

  Fiscal 2004 Increase(Decrease) From Fiscal 2003
First
Quarter		 Second
Quarter 		YTD Percent
Of Sales		 First
Quarter 		Second
Quarter 		YTD
Sales 37,993 38,264 76,257 100% 3,445 4,964 8,409
Costof sales 29,823 8,441 17,104 22% (27) 70 43
Gross margin 29,330 29,823 59,153 78% 3,472 4,894 8,366
Gross margin percentage 77.2% 77.9% 77.6%
SG&A expense 5,083 5,083 10,602 10,602 132 618 618
R&D expense 4,963 4,963 10,413 10,413 130 471 601
Amortization expense 400 399 799 1% (84) (86) (170)
Interest expense 175 172 347 -- (148) (124) (272)
Interest income (272) (272) (1,488) (2%) 64 (58) 6
Othernon-operating exp., net 78 20 98 -- (72) 36 (36)
9,973 9,973 9,973 9,973 9,973 9,973 879
Earnings before income taxes 19,357 19,025 19,025 19,025 3,450 4,037 4,037
Income taxes 4,037 4,037 13,440 18% 18% 18% 2,871
12,572 12,572 24,942 33% 33% 33% 33%
Diluted earnings per share 0.30 0.30 0.60
Weighted average diluted shares outstanding 41,600 41,653 41,627

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HEMATOLOGY DIVISION
(in thousands of $’s)

  Fiscal 2004 Increase(Decrease) From Fiscal 2003
First
Quarter		 Second
Quarter 		YTD Percent
Of Sales		 First
Quarter 		Second
Quarter 		YTD
Sales 4,281 4,281 8,735 100% 100% 468 975
Cost of sales 2,346 2,344 4,690 54% 209 232 441
Gross margin 1,935 2,110 2,110 46% 298 236 236
Gross margin percentage 45.2% 47.4% 46.3%
SG&A expense 46.3% 46.3% 774 9% (9) 16 7
R&D expense 191 190 381 4% 18 (3) (3)
Interest income (77) (77) (151) (2%) (2%) 9 33
505 499 1,004 1,004 1,004 1,004 55
Pretax result 1,430 1,611 3,041 35% 35% 214 479

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BIOTECHNOLOGY DIVISION
(in thousands of $’s)

  Fiscal 2004 Increase(Decrease) From Fiscal 2003
First
Quarter		 Second
Quarter 		YTD Percent
Of Sales		 First
Quarter 		Second
Quarter 		YTD
Sales 28,653 28,653 28,653 100% 2,016 2,811 2,811
Intersegment sales (4,621) (4,621) (9,588) (471) (466) (937)
24,032 22,799 46,831 1,545 2,345 3,890
Cost of sales 5,916 5,530 5,530 21% 191 70 70
Intersegment sales (4,521) (4,521) (9,415) (9,415) (411) (782)
1,395 636 2,031 (180) (180) (521)
Gross margin 22,637 22,163 44,800 79% 1,725 79% 4,411
Gross margin percentage 4,411 80.1% 79.7%
SG&A expense 2,651 2,949 5,600 10% (61) 109 48
R&D expense 4,164 4,307 8,471 15% 201 1,584 381
Amortization expense 400 399 799 1% 1% (86) (170)
Interest income (406) (388) (794) (1%) 85 (86) 104
(406) (388) 14,076 25% 141 222 363
Pretax result 15,828 14,896 30,724 25% 1,584 222 4,048

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R&D SYSTEMS EUROPE
(in thousands of £'s) 

  Fiscal 2004 Increase(Decrease) From Fiscal 2003
First
Quarter		 Second
Quarter 		YTD Percent
Of Sales		 First
Quarter 		Second
Quarter 		YTD
Sales 5,980 6,365 12,345 (2%) 732 863
Intersegment sales -- -- -- 9 6 15
5,980 6,365 12,345 672 738 1,410
Cost of sales 3,040 3,157 6,197 50% (157) (203) (360)
Gross margin 2,940 3,208 6,148 50% 820 935 1,755
Gross margin percentage 49.2% 50.4% 49.8%
SG&A expense 1,050 1,092 2,142 17% 17 101 118
Interest income (127) (150) (277) (2%) (23) (35) (58)
Exchange loss/(gain) (49) (73) (122) (1%) (80) 6 (74)
874 869 1,743 14% (86) 72 (14)
Pretax result 2,066 2,339 4,405 36% 906 863 1,769

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R&D SYSTEMS EUROPE
(in thousands of $’s)
  Fiscal 2004 Increase(Decrease) From Fiscal 2003
First
Quarter		 Second
Quarter 		YTD Percent
Of Sales		 First
Quarter 		Second
Quarter 		YTD
Sales 9,680 11,011 20,691 100% 1,379 2,142 3,521
Intersegment sales -- -- -- 14 9 23
9,680 11,011 20,691 1,393 2,151 3,544
Cost of sales 4,922 5,461 10,383 50% (70) 170 100
Gross margin 4,758 5,550 10,308 50% 1,449 1,972 3,421
Gross margin percentage 49.2% 50.4% 49.8%
SG&A expense 1,699 1,699 3,590 17% 87 328 415
Interest income (206) (260) (466) (2%) (2%) (80) (123)
Exchange loss/(gain) (84) (129) (213) (1%) (133) (1) (134)
1,409 1,502 2,911 2,911 (89) 247 158
Pretax result 3,349 4,048 7,397 36% 1,538 1,725 3,263

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CORPORATE AND OTHER (1)
(in thousands of $’s)
  Fiscal 2004 Increase(Decrease) From Fiscal 2003
First Quarter Second
Quarter 		YTD First Quarter Second
Quarter 		YTD
Interest income 37 40 77 2 6 8
Rental income 19 46 65 19 40 59
56 86 142 21 142 67
SG&A expense 342 296 638 115 165 280
R&D-CCX losses 436 828 1,264 (83) 332 249
R&D-DGI losses 172 125 297 (6) (38) (44)
Interest expense (44) 172 347 347 (124) (272)
Building exponse 181 195 376 80 77 77
1,306 1,616 2,922 (42) 410 370
Pretax result (1,250) (1,530) (2,780) 63 (366) (303)

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(1) Unallocated corporate expenses and Techne’s share of losses by ChemoCentryx, Inc. (CCX) and Discovery Genomics, Inc. (DGI)