TECHNE CORPORATION RELEASES UNAUDITED FIRST QUARTER RESULTS FOR FISCAL YEAR 2003 Minneapolis/October 24, 2002/--For the three months ended September 30, 2002, Techne Corporation's (the Company) consolidated net earnings increased 24% to $10,444,914 or 25 cents per share (diluted), compared with $8,424,781 or 20 cents per share (diluted) in the first quarter of last year. The improvement in earnings was the result of increased sales and lower intangible amortization partially offset by higher administrative and research expenses, lower interest income and an increase in the effective income tax rate. Techne's consolidated net sales for the quarter ended September 30, 2002 were $34,548,236, an increase of $4,705,570 or 16% from the first quarter of last year. R&D Systems' Biotechnology Division net sales for the quarter increased 16% to $22,487,446 from $19,365,734 and R&D Systems' Hematology Division net sales for the quarter increased 3% to $3,773,780 from $3,649,593. R&D Europe's net sales for the quarter increased 21% to $8,287,010 from $6,827,339. The larger than expected increase in R&D Europe's net sales was the result of changes in exchange rates. In British pounds, R&D Europe's net sales increased 13%. Adjusted for changes in exchange rates, consolidated net sales increased approximately 13% for the quarter. On July 1, 2002, the Company adopted Statement of Financial Accounting Standards (SFAS) No. 142, "Goodwill and Other Intangible Assets". Goodwill amortization of $1,567,500 ($.02 per diluted share) was expensed in the first quarter of last year, but is no longer amortized under SFAS No. 142. Consolidated selling, general and administrative expenses for the quarter increased $564,990 (12%). Approximately $200,000 of this increase was the result of increased foreign exchange losses. Research and development expenses for the quarter increased $843,363 (21%) of which $568,158 was due to increased losses by ChemoCentryx, Inc. (CCX) and Discovery Genomics, Inc. (DGI), development stage companies in which Techne has invested. Losses by CCX and DGI for the quarter were $697,642 ($.02 per diluted share) compared to $129,485 in the first quarter of fiscal 2002. Interest income decreased $172,285 from the prior year due to lower yields on short-term investments. The effective income tax rate increased for the quarter as a result of increased losses by CCX and DGI for which there are no tax benefits, decreased tax exempt interest income and changes in state income tax regulations. During the first quarter of fiscal 2003, Techne purchased and retired 247,500 shares of common stock at a market value of $5,864,890. From the start of the Company's repurchase program in May 1995, 1,618,700 shares have been purchased at a market value of $16,528,387. The Board of Directors has authorized, subject to market conditions and share price, the purchase and retirement of up to $20 million of common stock. Statements in this earnings release and elsewhere which look forward in time involve risks and uncertainties which may affect the actual results of operations. The following important factors, among others, have affected and, in the future, could affect the Company's actual results: the introduction and acceptance of new biotechnology and hematology products, the levels and particular directions of research into cytokines by the Company's customers, the impact of the growing number of producers of cytokine research products and related price competition, the retention of hematology OEM and proficiency survey business, the impact of currency exchange rate fluctuations, and the costs and results of research and product development efforts of the Company and of companies in which the Company has invested or with which it has formed strategic relationships. For additional information concerning such factors, see the Company's annual report on Form 10-K and quarterly reports on Form 10-Q as filed with the Securities and Exchange Commission. * * * * * * * * * * * * * * Techne Corporation has two operating subsidiaries: Research and Diagnostic Systems, Inc. (R&D Systems) of Minneapolis, Minnesota and R&D Systems Europe, Ltd. (R&D Europe) of Abingdon, England. R&D Systems is a specialty manufacturer of biological products and R&D Europe is a distributor of biotechnology products. Contact: Kathy Backes, Controller (612) 379-8854 TECHNE CORPORATION 9/30/02 (UNAUDITED)       QUARTER ENDED   3/31/02 3/31/01 Net sales $34,548,236 $29,842,666 Cost of sales 8,690,255 7,547,942 Gross margin 25,857,981 22,294,724       Operating expenses:     Selling, general & administrative 5,100,907 4,535,917 Research & development 4,833,097 3,989,734 Amortization of intangible assets 484,813 2,137,312 Interest expense 322,690 338,705 Interest income (790,440) (962,725)   9,951,067 10,038,942 Earnings before income taxes 15,906,914 12,255,781 Income taxes 5,462,000 3,831,000 Net earnings $10,444,914 $8,424,781       Earnings per share:     Basic $ 0.25 $ 0.20 Diluted $ 0.25 $ 0.20       Weighted average common shares outstanding:     Basic 41,363,414 41,435,379 Diluted 42,285,518 42,531,388             ASSETS 9/30/02 6/30/02 Cash and equivalents $ 32,881,355 $ 26,392,480 Short-term investments 72,723,114 70,671,341 Other current assets 30,106,187 32,013,928 Property and equipment (net) 76,057,517 70,312,602 Intangible assets (net) 18,412,187 18,897,000 Other non-current assets 19,032,396 19,959,608 Total assets $249,212,756 $238,246,959       LIABILITIES     Current liabilities $ 19,669,079 $ 14,629,524 Long-term debt 16,854,986 17,100,652 Other non-current liabilities 212,688,691 206,516,783 Stockholers' equity $249,212,756 $238,246,959 Total liabilities & equity