Organic growth, after restatement for foreign exchange effects stood at 13% over the quarter and 12% over the full year.
As a consequence, results for the year will markedly improve: operating profit and net profit as a percentage of sales should remain close to the levels achieved in 2008 (16% and 11%, respectively). The Company had a positive net cash position at the end of the financial year.
The comprehensive 2009 results will be published on 16 March 2010 after close of trading.
As for 2010, the Group is currently expecting significant growth and a further improvement in its results due to the limitation put on R&D expenses.
Significant 4th quarter transactions and events
Following the mutual recognition procedure, Oralair(R) (immunotherapy tablet for grass pollen) was granted a marketing authorisation in 22 European countries in its adult and paediatric indications on 27 November 2009.
The outstanding results of the study devoted to showing the long-term sustained effect of Oralair(R) were announced on 7 December 2009. They significantly confirmed the clinical relevance of Oralair(R). This study is being continued with a view to demonstrating the persistence of the effect after completion of the treatment (carry-over effect), which should be the subject of an announcement at the end of 2010.
The Oralair(R) phase III clinical study in the US was completed in good conditions. Talks are ongoing with the FDA on statistical analysis matters. These exchanges have no impact on the results of the study but must be concluded before the database is opened for analysis. Consequently, the delivery of the
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