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<strong>Outstanding</strong> performance. 14 … 70 … 3 … 13 … Over the last 14 years at Paladin, we have acquired or in-licensed a diverse portfolio of products to serve the Canadian specialty pharmaceutical market. Our pipeline consists of more than 70 commercial products, with 3 products awaiting regulatory approval and another 13 products in clinical development. 14 … 33 … 32 … 35 … Our revenue growth acceleration includes: • 14 consecutive years of record revenues • Revenues for 2009 of $109.7 million, up 33% versus 2008 • Strong revenue growth which includes a 5 year revenue Compound Annual Growth Rate (CAGR) of 32% • Healthy and robust business of 7 consecutive years of record EBITDA 1 ; 2009 EBITDA 1 of $39.2 million, up 35% versus 2008 Financial highlights For the years ended December 31 (in thousands of Canadian dollars except share and per share amounts). Revenues Net Income (Loss) Earnings Cash & Share (Basic) EBITDA 1 Securities (Loss) Per Marketable Shareholders' Equity Shares Issued and <strong>Outstanding</strong> 2009 109,693 37,738 2.23 39,183 105,369 194,802 18,563,250 2008 82,744 13,798 0.93 28,941 21,342 95,348 14,921,446 2007 62,941 9,033 0.60 19,913 36,216 82,000 14,902,784 2006 48,357 5,806 0.39 15,420 36,074 73,741 14,980,131 2005 33,689 3,254 0.22 9,230 42,319 66,250 14,732,368 2004 27,871 3,239 0.22 7,571 42,124 63,192 14,858,469 2003 23,788 (4,172) (0.28) 4,457 44,547 59,332 14,799,588 2002 23,277 5,162 0.37 8,301 45,612 63,178 14,780,205 2001 17,497 1,485 0.12 4,982 22,448 37,836 12,539,247 2000 12,381 2,797 0.24 2,860 24,339 35,769 12,394,038 1999 10,915 2,016 0.22 2,873 9,886 13,830 9,466,338 1
“There are many easy ways to make a mark, to stand out: Be the loudest, the biggest, the most provocative. We prefer to take the harder approach, and stand out thoughtfully. Attract notice for our credibility, our management team and board of directors, our employees, our products and our collective, consistent performance.” – Jonathan Ross Goodman, BA, LLB, MBA President and Chief Executive Officer Paladin Labs Inc. Revenues EBITDA 1 96 97 98 99 00 01 02 03 04 05 06 07 08 09 96 97 98 99 00 01 02 03 04 05 06 07 08 09 1 EBITDA — Non-GAAP Financial Measures The term EBITDA (earnings before interest, taxes, depreciation and amortization) does not have any standardized meaning under Canadian GAAP and therefore may not be comparable to similar measures presented by other companies. The Company defines EBITDA as earnings before interest expense, taxes, amortization, foreign exchange gains (losses) and unusual items; such as write-downs and gains (losses) on intellectual property and investments. EBITDA is calculated and presented consistently from period to period and agrees, on a consolidated basis, with the amount disclosed as “Earnings before under-noted items” on the consolidated statements of income. The Company believes EBITDA to be an important measurement that allows it to assess the operating performance of its ongoing business on a consistent basis without the impact of amortization expenses. The Company excludes amortization expenses because their level depends substantially on non‐operating factors such as the historical cost of intangible and capital assets. The Company’s method for calculating EBITDA may differ from that used by other issuers and, accordingly, this measure may not be comparable to EBITDA used by other issuers.
Page 1: Outstanding. 2009 Annual Report 1
Page 5 and 6: Standing up for patients. At Paladi
Page 7 and 8: Standing out with our products. We
Page 9 and 10: Standing with our partners. As we c
Page 11 and 12: • June 2009: We launched Twinject
Page 13 and 14: In closing There are many easy ways
Page 15 and 16: Table of Contents 01 Financial High
Page 17 and 18: Management’s Discussion and Analy
Page 19 and 20: Critical Accounting Estimates Palad
Page 21 and 22: Recently Adopted Accounting Standar
Page 23 and 24: Results of Operations Year ended De
Page 25 and 26: During the year ended December 31,
Page 27 and 28: Liquidity and Capital Resources The
Page 29 and 30: The results of Isotechnika’s oper
Page 31 and 32: Product revenues highlights for the
Page 33 and 34: Financial Instruments The Company
Page 35 and 36: Contractual Obligations and Commitm
Page 37 and 38: Consolidated Balance Sheets As at D
Page 39 and 40: Consolidated Statements of Cash Flo
Page 41 and 42: Notes to Consolidated Financial Sta
Page 43 and 44: 2. Basis of Presentation and Signif
Page 45 and 46: 3. Changes in Accounting Policies R
Page 47 and 48: 9. Pharmaceutical Product Licenses
Page 49 and 50: 10. Investments [cont’d] Prior to
Page 51 and 52: 12. Other Paid-In Capital The chang
Page 53 and 54:
14. Related Party Transactions Jodd
Page 55 and 56:
16. Income Taxes [cont’d] 2009 20
Page 57 and 58:
17. Earnings Per Share The followin
Page 59 and 60:
19. Financial Instruments [cont’d
Page 61 and 62:
20. Supplemental Disclosure for Con
Page 63 and 64:
Our Management Team Jonathan Ross G
Page 65 and 66:
Licensing Advisory Board (Lab) Dr.
Page 67:
Paladin Labs Inc. 6111 Royalmount A
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Outstanding

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