Oslo, April 25, 2003

Nutri Pharma ASA (OSE: NUT) today announced that its loss for Q1 2003 was NOK 2.8 million compared to a loss of NOK 16.3 million the same period last year. The improvement in the pre-tax result is due to cost reductions. Total revenues were NOK 12.4 million, down from NOK 13.4 million in Q1 2002.

All figures in NOK 1000
INCOME STATEMENT	Q1 2003	Q1 2002	2002	2001
Total revenue	12 411	13 410	51263	15874
Total operating expenses	18 982	33 422	132 155	176 357
Results of operations	-6 571	-20 012	-80 892	-160 483
Total financial income and expenses	3 787	3 663	14 307	27 567
Ordinary profit before taxes	-2 784	-16 349	-66 586	-132 916
Tax on ordinary results				233
Results of the year	-2 784	-16 349	-66 586	-133 149
BALANCE SHEET	31.03.2003	30.12.2002	31.12.2001
Total long term assets	24 788	26 051	31 071
Total current assets	233 451	234 251	308 269
Total assets	258 239	260 301	339 340
Total equity	238 196	242 171	309 959
Total liabilities	20 043	18 130	29 381
Total equity and liabilities	258 239	260 301	339 340

FIRST QUARTER 2003 ACCOUNTS
Nutri Pharma had total revenues of NOK 12.4 million in Q1 2003, down from NOK 13.4 million the previous year. Net sales revenues from Nutrition Partners AS, the 505 pro rata consolidated JV with Nycomed Pharma AS, increased from NOK 7.9 million to NOK 10 million. Royalty revenue declined from NOK 4.9 million to NOK 2.3 million as a result of declining sales of Scan Diet™ in the US.Operating expenses declined from NOK 33.4 million in Q1 2002 to NOK 19.0 million in Q1 2003. Excluding Nutrition Partners, operating expenses declined from NOK 25 million in Q1 2002 to NOK 7.8 million in Q1 2003, a reduction of NOK 17.2 million which is the result of continued cost reduction efforts.The operating result improved from NOK –20.0 million in Q1 2002 to NOK –6.6 million in Q1 2003. Interest income from the investment portfolio resulted in net financial income of NOK 3.8 million in Q1 2003. The loss for the period was NOK 2.8 million compared to a loss of NOK 16.3 million in Q1 2002.Nutri Pharma’s total assets were NOK 258.2 million as of March 31 2003. Cash and liquid assets declined by NOK 2.7 million during Q1 to NOK 218.3 million, or NOK 3.04 per share (not including own shares).COMMERCIAL UPDATENordic – Nutrilett®
Sale of Nutrilett® in the Nordic countries in Q1 2003 amounted to NOK 20 million, an increase of 27% compared to the same quarter last year. Due to increased investment in marketing, Nutrition Partners had a loss for the period which is covered by Nutri Pharma in accordance with the shareholders agreement.US – Scan Diet™
Sales for Scan Diet™ amounted to USD 1.1 million in Q1 2003, down from USD 4.7 million in the corresponding quarter last year. In addition to weak overall sales, GNC has discontinued the Scan Diet™ bars and RTD. During 2002 GNC went through several restructurings and the parent of GNC, the Dutch company Numico, has recently announced that it may sell GNC as it does not expect GNC to meet Numico’s performance targets. In light of this, Nutri Pharma expects that Scan Diet™ will continue to perform poorly. Nutri Pharma will be working with GNC management to evaluate several options for the Scan Diet™ brand.Australia/New Zealand – Nutriplan™
In January 2002 Mayne Health launched its first line of Nutri Pharma weight reduction products under the brand of Nutriplan™. In Q4 2002 Nutriplan™ was also launched in New Zealand and the product range was extended to include bars and tubs in both countries. Mayne has invested heavily in the brand with significant TV campaigns. However, the brand did not performed as expected in Q1. Sales amounted to AUD 1.2 million in Q1 2003, up from AUD 0.8 million in Q1 2002. This sales development is disappointing as the brand has been on the market for more than 12 months and range extensions have been launched. Mayne is actively evaluating the strategic options for the Nutriplan™ brand.SCIENTIFIC UPDATE
Nutri Pharma has filed for five new PCT patent applications for novel soy protein products and process technologies for the incorporation of soy proteins into functional foods. These soy proteins are based on Nutri Pharma's understanding of the mechanisms by which soy proteins lower cholesterol, and show how the key components of the protein can be protected during processing. The data from a placebo controlled clinical study based on pilot scale production of these new soy proteins was released in April and show a significantly better reduction of total cholesterol compared to the best available soy protein.As previously announced, a placebo controlled clinical study comparing Nutri Pharma’s patented soy ingredient Abacor® to the best commercially available soy protein has documented that Abacor® is significantly more effective at lowering total cholesterol. Also, data has been published showing that Abacor® has a significant additional cholesterol lowering effect in patients treated with lipid lowering drugs – statins.OUTLOOK
Nutri Pharma has met most of its research objectives and has developed a broad intellectual property platform. However, as Nutri Pharma has not successfully commercialised this intellectual property and does not have the resources required to build global brands and to distribute products and technologies internationally, the board of directors believes that Nutri Pharma should seek an industrial partner. The main objective in 2003 will be to secure a partnership with an industrial partner which can successfully commercialise Nutri Pharma’s intellectual property worldwide. Discussions with potential partners have been initiated.Nutri Pharma has through continued vigorous cost cutting efforts reduced operating losses and cash burn. Nutri Pharma expects the lower operating losses to be sustainable.Oslo April 25, 2003

DOWNLOADS: The complete Q1 2003 Word file and PowerPoint presentation can be downloaded from the

INVESTOR

page.

 Upcoming financial events 2003
 
July 18, 2003  Presentation of Q2 2003
October 22, 2003  Presentation of Q3 2003
  
For further information, please contact
Eirik Uboe, CFO  +44 7766 051466