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STALLERGENES: 1st Half-Year 2009: Performance Ahead of Expectations
Date:8/26/2009

up share 11 19.6 10.6 3 19.7 EBITDA 12 37.5 20.2 56 - Capital expenditure 93 (21.6) (11.7) 130 - Free cash flow 45 4.9 2.6 (66) - Net financial debts (131) 9.5 (818) - Equity 23 109.0 17 - EPS, diluted 11 1.47 EUR 3 1.48 EUR Dividend rate -1017% 34% 8 34% Dividend per share - 0.50 EUR 11 0.50 EUR

Sales growth and financial position

In spite of the unfavourable economic background, sales were maintained at a high level (up 12% - 11% organic, excluding foreign exchange effect), due to the continuing growth of sublingual treatments. The launch of ORALAIR(R), which started at the end of 2008 in Germany, has confirmed its commercial success.

Selling, general and administrative expenses posted a moderate 8% increase, substantially offset by the growth in sales. The 29% increase in net R&D costs highlighted the continued dynamic development of allergen tablets. In this context, operating profit grew by 7% to EUR 19.6 million. Due to good control of financial expenses, net profit increased by 11% to EUR 13.4 million. Diluted earnings per share amounted to EUR 1.01.

EBITDA grew by 12% to EUR 24.1 million. Against a background of sustained investments, free cash flow rose by 45% to a positive EUR 14.5 million, particularly due to a reduction in working capital requirements. For the first time in 10 years, the net financial position was a positive EUR 1.3 million.

The half-year financial report can be downloaded from the corporate website: http://www.stallergen
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SOURCE Stallergenes
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