Oslo, July 18, 2003

Nutri Pharma ASA (OSE: NUT) today announced that its profit for the first half of 2003 was NOK 1.1 million compared to a loss of NOK 35.9 million the same period last year. The improvement in the pre-tax result is due to cost reductions. Total revenues were NOK 8.3 million including a one off upfront payment related to the new license agreement with Nycomed, down from NOK 28.7 million in the same period of 2002. The reduction in revenues is due to the joint venture with Nycomed being dissolved and lower royalty revenues from Scan Diet™ and Nutriplan™.

All figures in NOK 1000
INCOME STATEMENT	1H 2003	1H 2002	2002	2001
Total revenue	8 297	28 728	51263	15874
Total operating expenses	14 330	72 412	132 155	176 357
Results of operations	-6 033	-43 684	-80 892	-160 483
Total financial income and expenses	7 173	7 719	14 307	27 567
Ordinary profit before taxes	1 140	-35 965	-66 586	-132 916
Tax on ordinary results				-233
Results of the year	1 140	-35 965	-66 586	-133 149
BALANCE SHEET	30.06.2003	31.12.2002	31.12.2001
Total long term assets	26 286	26 051	31 071
Total current assets	232 739	234 251	308 269
Total assets	259 025	260 301	339 340
Total equity	242 589	242 171	309 959
Total liabilities	16 436	18 130	29 381
Total equity and liabilities	259 025	260 301	339 340

FIRST HALF 2003 ACCOUNTS
Nutri Pharma had total revenues of NOK 8.3 million in 1H 2003, down from NOK 28.7 million the previous year. The reduction in revenues is due to the joint venture with Nycomed being dissolved as of Jan 1 2003 and lower royalty revenues. Sales revenues from Nutrition Partners amounted to NOK 20.5 million in 1H 2002. Royalty revenue declined from NOK 7.5 million to NOK 4.2 million as a result of declining sales of Scan Diet™ in the US and Nutriplan™ in Australia/New Zealand.Operating expenses declined from NOK 72.4 million in 1H 2002 to NOK 14.3 million in 1H 2003. Excluding Nutrition Partners, operating expenses declined from NOK 38.2 million in 1H 2002 to NOK 14.3 million in 1H 2003, a reduction of NOK 23.9 million which is the result of continued cost reduction efforts.The operating result improved from NOK –43.7 million in 1H 2002 to NOK –6.0 million in 1H 2003. Interest income from the investment portfolio resulted in net financial income of NOK 7.2 million in 1H 2003. The profit for the period was NOK 1.1 million compared to a loss of NOK 36 million in 1H 2002.Nutri Pharma’s total assets were NOK 259 million as of June 30 2003. Cash and liquid assets declined by NOK 4.4 million during 1H to NOK 216.6 million, or NOK 3.01 per share (not including own shares).

COMMERCIAL UPDATE
US - Scan Diet™
Sales of Scan Diet™ have declined further in 2003 largely due to discontinued product lines, less marketing support and the rapid growth of low carbohydrate diets in this market. Sales for Scan Diet™ amounted to USD 2.3 million in 1H 2003, down from USD 7.5 million in the corresponding period last year. Discussions on the future of the Scan Diet™ brand are continuing with GNC management.Australia/New Zealand - Nutriplan™
Mayne has recently committed to rebuilding their business by reviewing the strategic value and performance of their assets. As a part of this process Mayne has decided to divest several non-core businesses and brands, one of which is Nutriplan™. This decision is disappointing, as Mayne has invested heavily in the development of the brand. Mayne and Nutri Phrama are working to find another home for Nutriplan™. Sales for 1H 2003 amounted to AUD 1.5 million, down from AUD 1.9 million in 1H 2002.Nordic - Nutrilett®
As announced on June 25 2003, Nutri Pharma and Nycomed Pharma AS have agreed to dissolve the Nutrition Partners joint venture and at the same time entered into an agreement whereby Nycomed is granted an exclusive license to sell Nutrilett in the Nordic countries and the Baltic states. Nutri Pharma will receive royalty on all sales of Nutrilett. The new agreement with Nycomed is effective retroactively from January 1, 2003. Sales of Nutrilett® in the Nordic countries in 1H 2003 amounted to NOK 36.3 million compared to NOK 41 million the same period last year. The decline compared to 2002 is due to the a later start in dieting season in 2003 due to cold weather and increased competition from other dieting programs.DISTRIBUTION TO SHAREHOLDERS
The Board of Directors of Nutri Pharma ASA has unanimously decided to propose to the shareholders at an extraordinary shareholders’ meeting of the Company that NOK 2.75 per issued share (not including 6,801,625 shares owned by Nutri Pharma) will be distributed to the shareholders. The Board of Directors believes that a significant cash reserve is not required in order to pursue the main objective of securing a partnership with an industrial partner. The excess cash should therefore be returned to the shareholders. If approved by the shareholders, the total cash distribution will be NOK 197,642,511 not including shares owned by Nutri Pharma.OUTLOOK
Due to the weak market conditions for meal replacement/weight management products reflecting the impact of low carbohydrate diets, royalty revenues will continue to be weak. In addition, there is a significant risk that Scan Diet™ and Nutriplan™ will be discontinued unless new partners are found. Nutri Pharma will continue the strategic process of seeking an industrial partner for its intellectual property. Discussions with potential partners are ongoing.Oslo July 18, 2003DOWNLOADS: The complete Q2 2003 Word file and PowerPoint presentation can be downloaded from the

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