<PAGE>
Exhibit 99
ViroPharma Incorporated
Reports Third Quarter Financial Results
Exton, PA October 26, 2000. ViroPharma Incorporated (Nasdaq: VPHM) reported
today financial results for the third quarter ended September 30, 2000.
For the quarter ended September 30, 2000, ViroPharma reported a net loss of
$12.7 million compared to a net loss of $6.9 million for the same period in
1999. Net loss for the quarter ended September 30, 2000 was adjusted to reflect
preferred stock dividends to arrive at net loss allocable to common
stockholders. Net loss per share allocable to common stockholders for the
quarter ended September 30, 2000 was $0.85 per share, basic and diluted.
Without giving effect to the preferred stock dividends, net loss per share for
the quarter ended September 30, 2000 was $0.84 per share, basic and diluted,
compared to $0.59 per share, basic and diluted, for the same period in 1999. In
the quarter ended September 30, 2000, the company earned license fee revenue of
$0.25 million in connection with the hepatitis C collaboration with American
Home Products Corporation, through its Wyeth-Ayerst Laboratories division. The
Company did not earn any revenue in the quarter ended September 30, 1999.
Research and development expenses for the third quarter of 2000 were $12.2
million compared to $5.9 million for the same period in 1999. The increase in
expenses in the third quarter of 2000 was due primarily to the initiation of two
large phase 3 trials with pleconaril, the company's most advanced drug
candidate, for the treatment of viral respiratory infection and additional
preclinical studies with VP14637 for the treatment of respiratory syncytial
virus (RSV) disease. In addition, the company was preparing for patient studies
with VP50406 for the treatment of hepatitis C expected to start by year-end and
conducting substantial discovery research activities on additional development
candidates for both hepatitis C and RSV diseases. In the third quarter of 1999,
the company was conducting two smaller clinical trials with pleconaril and
advancing both the hepatitis C and RSV disease programs. General and
administrative expenses for the third quarter of 2000 were $2.0 million compared
to $1.1 million for the same period in 1999. The increase is due to employee
related expenses and business development activities. As of September 30, 2000
the company had approximately $213 million in cash, cash equivalents and short-
term investments.
"During the past year, ViroPharma has expanded its product pipeline so that we
now have three product candidates in clinical trials, supported by additional
product candidates in each therapeutic target area," said Vincent J. Milano,
ViroPharma's vice president and chief financial officer. "The increase in our
investment in research and development reflects the advancement of these
programs."
For the nine-month period ended September 30, 2000, ViroPharma reported a net
loss of $24.9 million compared to a net loss of $18.7 million for the same
period in 1999. Net loss for the nine-month period ended September 30, 2000 was
adjusted to reflect preferred stock dividends to arrive at net loss allocable to
common stockholders. Net loss per share allocable to common stockholders for
the nine-month period ended September 30, 2000 was $1.68 per share, basic and
diluted. Without giving effect to the preferred stock dividends or the
beneficial conversion feature in 1999, net loss per share for the nine-month
period
<PAGE>
ended September 30, 2000 was $1.64 per share, basic and diluted, compared to
$1.61 per share, basic and diluted, for the same period in 1999. In the nine-
month period ended September 30, 2000, the company earned license fee and
milestone revenue of $1.75 million in connection with the hepatitis C
collaboration with Wyeth-Ayerst Laboratories. The Company did not earn any
revenue in the nine-month period ended September 30, 1999. Research and
development expenses for the nine-month period ended September 30, 2000 were
$23.0 million compared to $16.0 million for the same period in 1999. The
increase in expenses in the nine-month period ended September 30, 2000 was due
primarily to the completion of three phase 3 clinical trials of pleconaril, the
initiation of two additional phase 3 clinical trials with pleconaril, the
initiation of safety studies with VP50406 for the treatment of hepatitis C and
additional preclinical studies with VP14637 for the treatment of RSV disease. In
addition, the company was preparing for patient studies with VP50406 for the
treatment of Hepatitis C expected to start by year-end 2000 and conducting
substantial discovery research activities on additional development candidates
for both hepatitis C and RSV diseases. General and administrative expenses were
$6.1 million in the nine-month period ended September 30, 2000 compared to $3.5
million for the same period of 1999. The increase is due to employee related
expenses, pre-marketing expenses related to pleconaril and business development
activities.
ViroPharma Incorporated is committed to the commercialization, development and
discovery of antiviral pharmaceuticals. The Company is focused on drug
development and discovery activities in viral diseases including viral
respiratory infection (VRI), hepatitis C and RSV disease. ViroPharma's most
advanced product candidate, pleconaril, is in clinical development for treatment
of picornavirus diseases, including late stage clinical trials for VRI.
ViroPharma also has product candidates in clinical development for the treatment
of hepatitis C and RSV disease.
This press release contains forward-looking statements that involve a number of
risks and uncertainties, including those relating to ViroPharma's expectation
that patient studies with VP50406 for the treatment of hepatitis C will start by
the end of 2000. There can be no assurance that such studies can be initiated
on a timely basis, or at all, or that any such trials can be successfully
concluded. Investigational pharmaceutical products, such as ViroPharma's
product candidates for hepatitis C, require significant time and effort for
research and development, laboratory testing and clinical testing prior to
regulatory approval and commercialization. As a result, the initiation and
performance of such studies as described in this press release are subject to
risks and uncertainties. Neither the FDA nor any other regulatory authority has
approved any of ViroPharma's product candidates for commercialization. There can
be no assurance that FDA or other regulatory authority approval for any product
candidate under development by ViroPharma will be granted on a timely basis or
at all. Even if approved, there can be no assurance that such drug candidates
will achieve market acceptance. These factors, and other factors that could
cause future results to differ materially from the expectations expressed in
this press release, include, but are not limited to, those described in
ViroPharma's most recent Registration Statement on Form S-3 filed with the
Securities and Exchange Commission. The forward-looking statements contained in
this press release may become outdated over time. ViroPharma does not assume any
responsibility for updating any forward-looking statements.
<PAGE>
VIROPHARMA INCORPORATED
Selected Financial Information
Statements of Operations:
(in thousands, except per share data)
<TABLE>
<CAPTION>
Three-months ended Nine-months ended
September 30, September 30,
--------------------------------- ----------------------------------
2000 1999 2000 1999
--------------- --------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Revenue $ 250 $ - $ 1,750 $ -
--------------- --------------- ---------------- ----------------
Operating expenses:
Research and development 12,183 5,945 23,023 16,040
General and administrative 1,959 1,082 6,121 3,477
--------------- --------------- ---------------- ----------------
Total operating expenses 14,142 7,027 29,144 19,517
--------------- --------------- ---------------- ----------------
Interest income 3,888 183 8,901 989
Interest expense 2,721 43 6,391 128
--------------- --------------- ---------------- ----------------
Net loss $ (12,725) $ (6,887) $ (24,884) $ (18,656)
=============== =============== ================ ================
Net loss allocable to common shareholders $ (12,906) $ (7,640) $ (25,429) $ (23,549)
=============== =============== ================ ================
Net loss per share: basic and diluted (0.84) (0.59) (1.64) (1.61)
Net loss per share allocable to common
shareholders: basic and diluted (0.85) (0.66) (1.68) (2.04)
Shares used in computing net loss per share:
basic and diluted 15,210 11,578 15,168 11,568
=============== =============== ================ ================
Balance Sheets: (in thousands)
September 30, December 31,
2000 1999
--------------- ---------------
Cash, cash equivalents and short-term investments $ 212,771 $ 66,853
Working capital 207,175 58,691
Total assets 228,783 72,086
Long-term obligations 183,625 4,525
Total stockholders' equity 34,089 58,291
</TABLE>
