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[LOGO]
CHARLES RIVER LABORATORIES
Life. Science.
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This document contains "forward looking statements." Such statements involve a
number of risks and uncertainties that could cause actual results to differ
materially from those stated or implied by the forward looking statement,
including acquisition integration risks, special interest groups,
contaminations, industry trends, new displacement technologies, outsourcing
trends, USDA and FDA regulation, changes in law, special interest groups,
continued availability of products and supplies, personnel and control, and
others that are described in the Risk Factors contained in the Company's
registration Statement on Form S-3, as filed on July 19, 2001. The Company
disclaims any intent or obligation to update forward looking statements, and
otherwise claims the safe harbor protections for forward looking statements
afforded under The Private Securities Litigation Reform Act of 1995.
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COMPANY OVERVIEW
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CHARLES RIVER LABORATORIES
Leading provider of products and services that facilitate the discovery and
development of new drugs.
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CRITICAL PATH TO DRUG DEVELOPMENT
Discovery
Development
Clinical Trials
Regulatory Submission & Review
[GRAPH]
>5,000 New Drug Candidates
1 New Drug
Charles River's Primary Focus
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CUSTOMER COMPOSITION
2001 Sales: $466 million
[GRAPH]
Pharmaceutical and Biotech Companies 79%
Academic 16%
Government 5%
No Commercial Customer Accounts for More than 3% of Revenues
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GEOGRAPHIC COMPOSITION
2001 Sales: $466 million
[GRAPH]
North America 73%
Europe 16%
Japan 11%
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The only global provider:
76 production and laboratory facilities in 15 countries
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UNMATCHED INDUSTRY EXPERTISE
o 5000 employees worldwide
o 20% have been with company 10 years or more
o More than 250 scientists
o Management team average experience -20 years
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35 YEARS OF GROWTH & PROFITABILITY
2001 Revenues $466 Million
[GRAPH]
2000 IPO (NYSE)
1947 Private Company
1968 Public Company (NASDAQ)
1984 Wholly-Owned Subsidiary of Bausch & Lomb
1999 Private Company/Management-Led Leverage Buyout
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EXCEEDED WALL STREET EARNINGS
ESTIMATES IN ALL 8 QUARTERS POST-IPO
[GRAPH]
/ / First Call Consensus / / Actual
Excludes $0.02 Q4:01 consolidation charge.
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GROWTH IN PHARMA R&D SPENDING
o New drug discovery targets
o Genomics and proteomics
o Patent expiration
U.S. Pharmaceutical R&D Spending
($ in billions)
[GRAPH]
Source: 2001 PhRMA Annual Survey--U.S. Pharma R&D spending, domestic and abroad.
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PRE-CLINICAL OUTSOURCING
Pre-Clinical R&D Spending
($ in billions)
[GRAPH]
Source: 2001 PhRMA Annual Survey--U.S. Pharma R&D spending, domestic and abroad.
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CHARLES RIVER LABORATORIES BUSINESS SEGMENTS
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ANIMAL RESEARCH MODELS: 40% OF REVENUES
o More than 130 genetically and virally defined research models
o Movement towards disease models--Diabetes, Alzheimer's, Cardiovascular
o Mandated by FDA and global regulatory agencies
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UNIQUE COMPETITIVE ADVANTAGES
o Global
o Relationships
o Scientific depth
o Biosecurity
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MARKET SHARE LEADER
2001 Worldwide Market Opportunity: $475+ million
[GRAPH]
Charles River is 4x Larger than its Next Competitor
Source: Company estimates.
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STRATEGIC PARTNERSHIP WITH THE JACKSON LABORATORIES
o Premier mammalian genetic research institution
o Hundreds of unique mouse models
o Exclusive distribution in Europe and Japan
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BIOMEDICAL PRODUCTS AND SERVICES
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BIOMEDICAL PRODUCTS AND SERVICES: 60% OF CURRENT REVENUES
o Directed at high-growth areas of drug discovery and development
o Discovery Services
o Development Services
o in vitro Technologies
o Vaccine Support Services
o Enables customers to outsource required drug development procedures
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LEADING MARKET SHARES
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($ IN MILLIONS) ESTIMATED
MARKET SIZE RANK
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DISCOVERY SERVICES
Transgenic Services $75-$100 #1
Contract Site Management 150-200 #1
Infectious Disease and Genetic Testing 35-50 #1
DEVELOPMENT SERVICES
Drug Safety Assessment $500-$750 #1
Pharmacokinetics/Metabolism 150-175 #1(1)
BioanalyticalChemistry 150-175 #1(1)
Surgery/Pharmacology 100-150 #1
BiosafetyTesting 100-150 #2
Bioproduction Services 100-125 #2(2)
Pathology Services 75-100 #1
INVITRODETECTION SYSTEMS $125-$150 #1
VACCINE SUPPORT PRODUCTS $75-$100 #1
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TOTAL $1,880-$2,560
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(1) High throughput MAP/BAC compound screening
(2) Volumes for clinical trials
Source: Company estimates.
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DISCOVERY SERVICES
Transgenic Services
o Facilities in US, France, Japan
Laboratory and Research Services
o Genetic testing
o Infectious disease testing
o Drug efficacy testing
Contract Site Management
o $25 million five-year NCI-Frederick contract
4 year CAGR: 43%
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FULL RANGE OF DEVELOPMENT SERVICES
Entire range of services to take molecule from discovery to FDA filing
o Drug Safety Assessment
o Pharmacokinetics / Metabolism
o BioanalyticalChemistry
o Surgery / Pharmacology
o BiosafetyTesting
o BioproductionServices
o Pathology Services
2001 pro forma growth of 20% (4 year CAGR: 156%)
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MAJOR ACQUISITIONS -2001
PRIMEDICA
Description Leading pre-clinical outsourcing services company
2001 Revenue $80 million
Rationale Strengthened and complemented existing portfolio
with high value-added services
PATHOLOGY ASSOCIATES
Description World's leading provider of contract pathology
services in research models
2001 Revenue $38 million
Rationale Expanded pre-clinical capabilities
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MAJOR ACQUISITION - JUNE 2002
BIOLABS
Description Privately held pre-clinical outsourcing services in
Western Ireland Performs bioassay, animal health and
medical device support
2001 Revenue $10 million
Rationale Strengthened and complemented existing portfolio with
high value-added services in the same channel
EPS Impact Accretive in 2002 by $0.01 to $0.02
Integration Base for expansion of our services portfolio in Europe
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IN VITRO TECHNOLOGIES
o Only FDA-approved alternative to animal testing
o Endotoxintesting for injectable drug / medical device lot release
4 year CAGR: 18%
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IN VITRO (NON-ANIMAL) TECHNOLOGIES - EXPANDED MARKET OPPORTUNITIES
[GRAPHIC]
In Vitro Pyrogen Test Portable LAL Device
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GROWTH STRATEGY
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CORPORATE OBJECTIVE: DELIVER 20% ANNUAL GROWTH *
o Same-channel
o Outsourcing
o Genomics and proteomics
o Model creation
o In vitro technologies
o Acquisitions
* Assumes 15% organic growth and 5% acquisitive growth.
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SHIFT TO HIGHER-GROWTH
BUSINESSES
[GRAPHIC]
/ / RESEARCH MODELS / / BIOMEDICAL PRODUCTS AND SERVICES
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GROWTH - MORE SALES TO SAME CUSTOMERS
Specialty PK and Toxicology by Disease Area
Specialty Pathology
Transgenic Model Development
In Vitro Metabolism and Toxicology
Drug Formulation
Bioanalytical Chemistry
Biopharmaceutical Production
Pharmacokinetics & Metabolism
Pathology Services
In Vitro Detection Systems
Biotech Safety Testing
Drug Safety Assessment
Vaccine Support Products
Research Support Services
Infectious Disease & Genetic Testing
Transgenic Services
Research Models
[GRAPHIC]
Note: Results are not to scale.
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GROWTH THROUGH STRATEGIC ACQUISITIONS
o 19 acquisitions and alliances since 1994
o Same channel strategy
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STRINGENT CRITERIA FOR ACQUISITIONS
o Non-dilutive
o 20% operating margin
o 15%+ top-line growth
o Leading player
o Leverage worldwide infrastructure
o Scientific leadership
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FINANCIAL OVERVIEW
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FINANCIAL HIGHLIGHTS
Net Sales
Research Models 4-Year CAGR: 11%
Biomedical Products & Services 4-Year CAGR: 52%
($ in millions)
[GRAPHIC]
/ / Research Models / / Biomedical Products & Services
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FINANCIAL HIGHLIGHTS (CONT'D)
Operating Income(1)
Research Models 4-Year CAGR: 29%
Biomedical Products & Services 4-Year CAGR: 58%
($ in millions)
[GRAPHIC]
/ / Research Models / / Biomedical Products & Services
(1) Excludes unallocated corporate overhead.
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FINANCIAL HIGHLIGHTS (CONT'D)
EBITDA
($ in millions)
[GRAPHIC]
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SOLID FINANCIAL PERFORMANCE
o Exceeded Wall Street earnings estimates in all 8 quarters post IPO
o Provided guidance of $1.37 to $1.40 for CY 2002 vs. $0.94 for CY 2001(1)
[GRAPHIC]
/ / First Call Consensus / / Actual
(1) Excludes $0.02 Q4:01 consolidation charge.
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STRONG CAPITALIZATION
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($ IN MILLIONS) AS OF AS OF
DEC. 29, 2001 JUN. 29, 2002
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ACTUAL ACTUAL
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Cash & Cash Equivalents $ 58.3 $ 84.7
Term Loans $ 68.6 $ 0.0
Senior Subordinated Notes 78.9 0.0
Other Debt 9.3 3.7
Senior Convertible Debentures 0.0 185.0
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TOTAL DEBT $ 156.8 $ 188.7
Shareholder's Equity 286.1 309.5
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Total Capitalization $ 442.9 $ 498.2
Net Debt / Total Capitalization 22.2% 20.9%
Net Debt / EBITDA 0.8x .8x
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(1) Adjusted for subsequent retirements of Senior Subordinated Notes and the
Senior Convertible Debenture offering.
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FINANCIAL OBJECTIVES
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1997 - 2001 2002 LONG-TERM
CAGR GUIDANCE GROWTH TARGETS(2)
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Revenue Growth 27% 15% 20 +%
Research Models 11% - 8% to 10%
Biomedical Products & Services 52% - 30% to 35%
Operating Income Growth 42% - 20% to 25%
Net Income/EPS Growth NA (1) 25+% 25 +%
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Operating Margins Improved from 20+% 20% to 22%
15% to 20%
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(1) Not meaningful due to recapitalization transaction and prior ownership
by B&L.
(2) Includes acquisitions.
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INVESTMENT HIGHLIGHTS
o Preclinical outsourcing
o Growth driven by pharma R&D spending
o Predictable and consistent financial performance
o Leading market shares
o Longstanding customers
o Acquisition track record
o Experienced management team
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[LOGO]
CHARLES RIVER LABORATORIES
Life. Science.
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