Year End Cash Position Of $52 Million To Support Strategic Initiatives

Biopharmaceutical product sales achieved a record level of $89.5 million in 2002, an increase of 22% from 2001 levels, driven by continued strong growth in sales of Nabi-HB(R) [Hepatitis B Immune Globulin (Human)]. Biopharmaceutical sales were $73.4 million in 2001. In the fourth quarter of 2002, biopharmaceutical product sales were $27.6 million compared to $25.0 million in the fourth quarter of 2001, an increase of 11%.

Earnings generated from higher margin biopharmaceutical product sales funded an increase in research and development spending of $5.8 million compared to 2001 levels, or a total of $21.1 million for 2002. In 2002, two new Nabi Biopharmaceuticals products entered human clinical trials, Civacir(TM) [Hepatitis C Immune Globulin (Human)], for use in treating hepatitis C liver transplant patients, and NicVAX(TM) (Nicotine Conjugate Vaccine), a vaccine for fighting nicotine addiction. In addition, the company announced encouraging results from the initial boosting trial for StaphVAX(R) (Staphylococcus aureus Polysaccharide Conjugate Vaccine), the company's investigational vaccine for the prevention of staph infections, and the filing of a Biologics License Application for Nabi-HB(R) Intravenous to prevent re- infection with hepatitis B in liver transplant patients. In the fourth quarter of 2002, research and development spending was $6.2 million.

"Our 2002 results reinforce our ability to drive operating value from our business model and achieve our clinical objectives," said David J. Gury, chairman and chief executive officer of Nabi Biopharmaceuticals. "In 2002, we successfully generated earnings before interest, taxes, depreciation and amortization of $13.5 million, enabling us to drive development of our research and development programs and fund capital expenditures, while maintaining our strong financial position to support future strategic initiatives."

    2002 Corporate Milestones
     * Nabi Biopharmaceuticals filed a Biologic License Application for Nabi-
       HB Intravenous in November 2002, which was granted priority review in
       January 2003.
     * Nabi Biopharmaceuticals completed transfer of clinical scale
       manufacturing and analytical technology to Dow Biopharmaceuticals
       Contract Manufacturing Services ("Dow") facility.  In December, Dow
       completed manufacture of the initial clinical scale lot of StaphVAX for
       use in the confirmatory phase III clinical trial planned for 2003.
     * Also in December, Dow completed fermentation and purification of the
       carrier protein and polysaccharide antigen at commercial scale, key
       steps in the process of establishing commercial scale manufacture of
       StaphVAX.
     * Encouraging results from the StaphVAX booster study were announced in
       June 2002 suggesting that a booster dose of StaphVAX can increase and
       sustain antibody levels for patients at chronic risk of S.aureus
       infection.
     * The first phase I/II trial of Civacir in hepatitis C transplant
       patients was successfully initiated in March 2002 and fully enrolled in
       2002.
     * In December 2002, Civacir received Orphan Drug Designation from the
       U.S. Food and Drug Administration ("FDA").
     * The first phase I trial of NicVAX was successfully initiated in May
       2002. Preliminary results demonstrated that a single dose of NicVAX was
       safe, resulted in a rapid immune response and generated nicotine
       specific antibodies.
     * The company established its global biopharmaceutical presence entering
       into four distribution agreements to introduce Nabi-HB manufactured at
       its Boca Raton manufacturing plant into international markets.
     * Nabi Biopharmaceuticals strengthened its management team with the
       promotion of Thomas McLain to president and chief operating officer and
       the addition of Daniel Greenleaf as senior vice president, operations.
     * The company eliminated its outstanding indebtedness through redemption
       of its 6.5% Convertible Notes in April 2002 for $78.5 million avoiding
       $3.7 million in interest expense in 2002.  Nabi Biopharmaceuticals
       remains debt-free at December 28, 2002.

For the full year 2002, Nabi Biopharmaceuticals reported net income of $2.1 million or $0.05 per share compared to $104.7 million or $2.36 per share in 2001. Net income in 2001 included the gain from sale of the majority of the antibody collection business of $104.2 million.

Total sales in 2002 were $196.0 million, a decrease from $234.8 million in 2001. This decrease was expected, as sales of antibody products were $106.5 million in 2002 compared to $161.4 million in 2001 reflecting the sale of the majority of the antibody collection business in September 2001. In 2002, total non-specific antibody sales of $73.8 million included sales of $55.6 million to one customer which the company did not collect at its centers. These sales are recorded under an arrangement whereby the purchaser of the majority of the antibody collection business supplies the company non- specific antibodies, which the company then sells to the customer at no incremental margin. The company continues to record revenue on these sales because it retains the credit risk related to this customer. This arrangement ends in May 2003. In 2002, revenue from non-specific antibodies collected at the company's retained antibody collection centers totaled $18.2 million.

Biopharmaceutical product sales were $89.5 million in 2002 compared to $73.4 million in 2001.

Sales of Nabi-HB increased to $41.2 million in 2002 from $30.3 million in 2001. Strong growth in patient use of Nabi-HB combined with the company's success in transitioning to product manufactured at its Boca Raton manufacturing facility in 2002 drove increased sales.

Sales of WinRho SDF(R), [Rho (D) Immune Globulin Intravenous (Human)] were $34.0 million in 2002 compared to $34.8 million in 2001. Patient demand for this product was at record levels in 2002. Increased patient demand and continued reliable supply of the product from the manufacturer has resulted in Nabi Biopharmaceuticals working with its customers to reduce inventory levels of WinRho SDF at wholesalers and distributors from 2001 levels.

Sales of other biopharmaceutical products, which include Autoplex(R)T [Anti-Inhibitor Coagulant Complex, Heat Treated] and Aloprim(TM) [(Allopurinol sodium) for injection], were $14.3 million in 2002 compared to $8.4 million in 2001. This increase in sales was driven by increased patient demand and receipt of back-ordered product for Aloprim as well as increased product supply for Autoplex T.

Operating income in 2002 was $3.7 million compared to $12.8 million in 2001, after adjusting for the gain of $104.2 million reported in 2001. Operating income in 2002 included research and development spending of $21.1 million, an increase of $5.8 million from the prior year. Research and development expenses included costs for the clinical development of StaphVAX, including costs to transfer the manufacturing process to Dow's facility and support of the booster trial, and preparation of the Biologics License Application for Nabi-HB Intravenous that was filed with the FDA in November 2002. Research and development expense also included costs in support of initial clinical trials of Civacir and NicVAX and preparation for additional clinical trials of Altastaph scheduled for 2003.

Outlook for 2003

"Our primary objective in 2003 will be to continue to generate a strong cash return from our existing operations to further advance the transition of Nabi Biopharmaceuticals to become a leading immune therapy company," commented David Gury. "We will drive towards this objective by increasing the value derived from sales of our biopharmaceutical products and further leveraging our biopharmaceutical manufacturing plant. In 2003, the major focus of our research and development activities will be on the continued clinical development of StaphVAX. We will also advance the clinical development of our lead antibody-based research and development pipeline products, Civacir and Altastaph and our vaccine to fight nicotine addiction, NicVAX. We are already underway in these efforts. This February, NicVAX entered its first clinical trial in a smoking population in conjunction with the University of Maastricht in the Netherlands."

Nabi Biopharmaceuticals expects biopharmaceutical product sales to increase approximately 5% in 2003 over 2002 levels. Projected sales in 2003 reflect double digit growth in sales of WinRho SDF in line with increased patient demand reported in 2002 and demand for Nabi-HB in line with patient use reported in the latter part of 2002. Sales of Autoplex T and Aloprim may be limited in 2003 by product supply from the manufacturers of these products.

Antibody sales in 2003 are expected to be approximately 70% of 2002 levels. This decrease reflects completion of the company's obligation to a single customer in May 2003, discussed earlier, and will have no impact on gross margin generated from antibody operations.

Reflecting the increased level of Nabi-HB sales achieved in 2002, production of Nabi-HB is expected to increase in 2003 driving higher utilization of the Boca Raton facility. As a result, Nabi Biopharmaceuticals expects a decrease in excess manufacturing capacity expense at the Boca Raton facility to approximately $2 million in 2003 compared to $3.5 million in 2002.

Selling, general and administrative expense in 2003 is expected to decrease 5% from 2002 levels, reflecting continued efficiencies from operations.

Research and development expenditures in 2003 are expected to increase more than 30% from 2002 levels. This spending will support ongoing clinical programs for StaphVAX, Altastaph, Civacir and NicVAX.

Earnings from current operations are expected to be positive for the full year 2003, although the company may incur losses in certain quarters, including the first quarter, due to the timing of research and development spending.

Capital expenditures, primarily related to the build out of laboratory and freezer storage facilities in Boca Raton, Florida, are expected to be approximately $8 million.

The original agreement to ready Dow's facility for the manufacture of StaphVAX has been extended to March 2003. Nabi Biopharmaceuticals expects to conclude an amendment to this contract with Dow to complete readying the facility for its intended use, the commercial manufacture of StaphVAX. This contract modification will require Nabi Biopharmaceuticals to make significant additional payments relating to the acquisition of the intangible asset, a Manufacturing Right, in 2003.

Based on cash generated from operations and cash resources on hand, the company believes it has the resources to make strategic investments in its research and development pipeline and make the investment required for the commercial scale manufacture of StaphVAX in the upcoming year. As well, these resources may be targeted to execute business development opportunities that will generate future cash flows. The company expects to further strengthen its financial position in 2003 by entering into a new credit facility.

Management's discussion of 2002 results, expectations for 2003 and other business developments can be accessed through a link at Nabi Biopharmaceuticals audio website at www.nabi.com. The audio webcast will begin today at 4:30 p.m. Eastern Time and a replay of the audio webcast will remain available through February 26th at 5:00 p.m. Eastern Time. The audio webcast can also be accessed at www.companyboardroom.com. If you have any questions concerning the audio webcast, please contact Nabi Biopharmaceuticals Investor Relations Department at 561-989-5815.

About Nabi Biopharmaceuticals

Nabi Biopharmaceuticals discovers, develops, manufactures and markets products that power the immune system to help people with serious, unmet medical needs. The company has a broad product portfolio and significant research capabilities focused on developing and commercializing novel vaccines and antibody-based therapies that prevent and treat infectious, autoimmune and addictive diseases, such as Staphylococcus aureus and hepatitis infections, ITP, and nicotine addiction. Nabi Biopharmaceuticals has several products in clinical trials, as well as four marketed products, including Nabi-HB(R) [Hepatitis B Immune Globulin (Human)], for the prevention of hepatitis B infections and WinRho SDF(R), [Rho (D) Immune Globulin Intravenous (Human)], for the treatment of acute, chronic and HIV-related immune thrombocytopenia purpura. The company is headquartered in Boca Raton, Florida, with principal R&D offices and laboratories in Rockville, Maryland. Additional information about Nabi Biopharmaceuticals may be obtained on the company's website at www.nabi.com.

This press release contains forward-looking statements that reflect the company's current expectations regarding future events. Any such forward- looking statements are not guarantees of future performance and involve significant risks and uncertainties. Actual results may differ significantly from those in the forward-looking statements as a result of any number of factors, including, but not limited to, risks relating to the costs of research and development; the company's dependence upon third parties to manufacture its products; the impact of current industry supply and demand factors on the company and its products; the future sales growth prospects for the company's biopharmaceutical products; and the likelihood that any product in the company's research pipeline can receive regulatory approval in the U.S. or abroad or be successfully developed, manufactured and marketed. These factors are more fully discussed in the company's most recent Form 10-K filed with the Securities and Exchange Commission and any subsequent filings.

CONTACT:          David J. Gury, Chairman and CEO, or Mark L. Smith, Sr. VP,
                  Finance and CFO, or Mark A. Soufleris, Vice President, Investor & Public
                  Relations, all of Nabi Biopharmaceuticals, +1-561-989-5800

URL:              http://www.nabi.com 
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