1998 Financial Statements

Independent Auditors' Report

 

To the Board of Directors and Stockholders of Noven Pharmaceuticals, Inc.:

 

We have audited the accompanying balance sheets of Noven Pharmaceuticals, Inc. (“Noven”) as of December 31, 1998 and 1997, and the related statements of operations, stockholders’ equity, and cash flows for each of the three years in the period ended December 31, 1998. These financial statements are the responsibility of Noven’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, such financial statements present fairly, in all material respects, the financial position of Noven Pharmaceuticals, Inc. as of December 31, 1998 and 1997, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 1998, in conformity with generally accepted accounting principles.

 

Deloitte & Touche LLP
Miami, Florida
March 5, 1999

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