<PAGE>
Exhibit 99
ViroPharma Incorporated
Reports Second Quarter Financial Results
Exton, PA July 27, 2000. ViroPharma Incorporated (Nasdaq: VPHM) reported today
financial results for the second quarter ended June 30, 2000.
For the quarter ended June 30, 2000, ViroPharma reported a net loss of $5.4
million compared to a net loss of $6.1 million for the same period in 1999. Net
loss for the quarter ended June 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 June 30, 2000 was
$0.37 per share, basic and diluted. Without giving effect to the preferred stock
dividends, or the beneficial conversion feature recorded in 1999, net loss per
share for the quarter ended June 30, 2000 was $0.36 per share, basic and
diluted, compared to $0.53 per share, basic and diluted, for the same period in
1999. In the quarter ended June 30, 2000, the company earned license fee revenue
of $.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 June 30, 1999. Research
and development expenses for the second quarter of 2000 were $4.3 million
compared to $5.2 million for the same period in 1999. In the second quarter of
2000, the company was preparing to initiate two pivotal trials with pleconaril,
the company's most advanced drug candidate, for the treatment of viral
respiratory infection, conducting safety studies with VP50406 for the treatment
of hepatitis C and conducting additional preclinical studies with VP14637 for
the treatment of RSV pneumonia. In the second quarter of 1999, the company was
conducting two clinical trials with pleconaril and advancing both the hepatitis
C and RSV pneumonia programs. The decrease in expenses in the second quarter of
2000 was primarily due to the fact that clinical studies for pleconaril were
ongoing in the second quarter of 1999, and no such studies were conducted in the
same period of 2000. General and administrative expenses for the second quarter
of 2000 were $2.1 million compared to $1.2 million for the same period in 1999.
The increase is due to employee related expenses and business development
activities. As of June 30, 2000 the company had approximately $226 million in
cash, cash equivalents and short-term investments.
For the six-month period ended June 30, 2000, ViroPharma reported a net loss of
$12.2 million compared to a net loss of $11.8 million for the same period in
1999. Net loss for the six-month period ended June 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 six-
month period ended June 30, 2000 was $0.83 per share, basic and diluted. Without
giving effect to the preferred stock dividends, or the beneficial conversion
feature recorded in 1999, net loss per share for the six-month ended June 30,
2000 was $0.80 per share, basic and diluted, compared to $1.02 per share, basic
and diluted, for the same period in 1999. In the six-month period ended June 30,
2000, the company earned license fee and milestone revenue of $1.5 million in
connection with the hepatitis C collaboration with Wyeth-Ayerst Laboratories.
The Company did not earn any revenue in the six-month period ended June 30,
1999. Research and development expenses for the six-month period ended June 30,
2000 were $10.8 million compared to $10.1 million for the same period in 1999.
The increase in expenses in the six-month period ended June 30, 2000 was due
primarily to the completion of three phase 3 clinical trials of pleconaril, the
initiation of safety
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studies with VP50406 for the treatment of hepatitis C and the advancement of the
company's drug candidate for the treatment of RSV pneumonia. General and
administrative expenses were $4.2 million in the six-months ended June 30, 2000
compared to $2.4 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 (a severe form of the common cold), RSV pneumonia and
hepatitis C.
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VIROPHARMA INCORPORATED
Selected Financial Information
Statements of Operations:
(in thousands, except per share data)
<TABLE>
<CAPTION>
Three-months ended Six-months ended
June 30, June 30,
------------------------------------- ----------------------------------
2000 1999 2000 1999
--------------- --------------- --------------- -------------
<S> <C> <C> <C> <C>
Revenue $ 250 $ - $ 1,500 $ -
--------------- --------------- --------------- -----------
Operating expenses:
Research and development 4,268 5,234 10,840 10,095
General and administrative 2,052 1,240 4,162 2,394
--------------- --------------- --------------- -----------
Total operating expenses 6,320 6,474 15,002 12,489
--------------- --------------- --------------- -----------
Interest income 3,416 413 5,013 806
Interest expense 2,735 44 3,670 86
--------------- --------------- --------------- -----------
Net loss $ (5,389) $ (6,105) $(12,159) $(11,769)
=============== ============= ============= ===========
Net loss allocable to common shareholders $ (5,571) $(10,245) $(12,523) $(15,909)
=============== ============= ============= ==========
Net loss per share: basic and diluted (0.36) (0.53) (0.80) (1.02)
Net loss per share allocable to common
shareholders: basic and diluted (0.37) (0.89) (0.83) (1.38)
Shares used in computing net loss per share:
basic and diluted 15,180 11,572 15,146 11,564
=============== ============= ============== ============
Balance Sheets: (in thousands)
June 30, December 31,
2000 1999
--------------- ---------------
<S> <C> <C>
Cash, cash equivalents and short-term investments $225,719 $ 66,853
Working capital 220,460 58,691
Total assets 240,888 72,086
Long-term obligations 183,925 4,525
Total stockholders' equity 46,787 58,291
</TABLE>
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VIROPHARMA INCORPORATED
Selected Financial Information
Statements of Operations:
(in thousands, except per share data)
<TABLE>
<CAPTION>
Three-months ended Six-months ended
June 30, June 30,
------------------------------------- ----------------------------------
2000 1999 2000 1999
--------------- --------------- --------------- -------------
<S> <C> <C> <C> <C>
Revenue $ 250 $ - $ 1,500 $ -
--------------- --------------- --------------- -----------
Operating expenses:
Research and development 4,268 5,234 10,840 10,095
General and administrative 2,052 1,240 4,162 2,394
--------------- --------------- --------------- -----------
Total operating expenses 6,320 6,474 15,002 12,489
--------------- --------------- --------------- -----------
Interest income 3,416 413 5,013 806
Interest expense 2,735 44 3,670 86
--------------- --------------- --------------- -----------
Net loss $ (5,389) $ (6,105) $(12,159) $(11,769)
=============== ============= ============= ===========
Net loss allocable to common shareholders $ (5,571) $(10,245) $(12,523) $(15,909)
=============== ============= ============= ===========
Net loss per share: basic and diluted (0.36) (0.53) (0.80) (1.02)
Net loss per share allocable to common
shareholders: basic and diluted (0.37) (0.89) (0.83) (1.38)
Shares used in computing net loss per share:
basic and diluted 15,180 11,572 15,146 11,564
=============== ============= ============== ============
Balance Sheets: (in thousands)
June 30, December 31,
2000 1999
--------------- ---------------
<S> <C> <C>
Cash, cash equivalents and short-term investments $225,719 $ 66,853
Working capital 220,460 58,691
Total assets 240,888 72,086
Long-term obligations 183,925 4,525
Total stockholders' equity 46,787 58,291
</TABLE>
