Navigation Links
STALLERGENES: 2008: Strong Performance
Date:3/24/2009

    ANTONY, France, March 24 /PRNewswire-FirstCall/ --
    - Strong Growth in Results Sales up 16%, net Profit up 17%
    - Sound Financial Position
    - Proposed Increase in Dividend

The Board of Directors, meeting on 23 March 2009 under the chairmanship of Albert SAPORTA, approved the 2008 consolidated financial statements:

    EUR millions                 2007         07/06      2008         08/07
                                    as % of       %         as % of       %
                                     sales   change          sales   change

    Sales                    147.1   100.0      16   170.9   100.0      16
    Cost of goods sold       (32.9)  (22.3)     11   (39.8)  (23.3)     21
    SG&A                     (65.1)  (44.3)     17   (72.9)  (42.7)     12
    R&D net                  (23.8)  (16.2)     32   (30.0)  (17.5)     26
    EBIT                      25.3    17.2       9    28.1    16.5      11
    Net profit, group share   16.3    11.1      12    19.0    11.1      17
    EBITDA                    30.0    20.4       9    34.3    20.1      14
    Capital expenditure      (16.2)  (11.0)     68   (18.3)  (10.7)     12
    Free cash flow             6.5     4.4     (19)    4.7     2.8     (28)
    Net financial debt        10.4             (14)    9.6              (8)
    Equity                    66.4              26    82.6              24
    EPS, diluted              1.22 EUR          10    1.43 EUR          17
    Proposed dividend         0.40 EUR          14    0.45 EUR          13

2008 sales grew by 16% to EUR 171 million, in line with the growth of previous financial years since 2000 (15% average annual growth). The sublingual route remained the main driver of this growth with an 18% increase over the financial year.

Operating profit totalled EUR 28.1 million, along with an operating margin of 16.5%. This performance was all the more remarkable that it was achieved against the background of a significant investment phase relating to the rollout of the Stalair(R) program (the Stalair(R) program is the new umbrella marketing name of the range of sublingual desensitization tablets). Net R&D expenditure thus increased by 26% and represent 17.5% of sales.

Net profit increased by 17% to EUR 19.0 million and represented an 11.1% net profit margin.

The financial independence of the Group was maintained. EBITDA (gross cash surplus) grew by 14% to EUR 34.3 million, which was largely sufficient to cover investments (EUR 18.3 million), while at the same time generating, for the eighth year in a row, a positive free cash flow of EUR 4.7 million.

Stallergenes strengthened its already sound balance sheet and as a result looks forward to its expansion with confidence. The net financial debt further declined to EUR 9.6 million and only represents 0.3 times EBITDA and 12% of equity.

The Group's 2008 consolidated financial statements are available from the Group's website: http://www.stallergenes.com .

2009 outlook

As regards the Stalair(R) program, five major phase II/III clinical study results are pending. Three of these are "pivotal" studies that will lead to registrations.

The Group remains prudent to date on providing a sales guidance and expects sales growth of between 8% and 10%.

Investments will remain at a high level, without however calling into question Stallergenes' objective of maintaining an operating profitability in excess of 15% of sales and a positive free cash flow.

Significant recent transactions and events

The marketing authorization of Oralair(R) (grass pollen tablets) in its paediatric indication was delivered on 19 January 2009 by the German agency. Oralair(R) is thus marketed in its two indications in Germany for the 2009 pollen season and the European mutual recognition procedure for registration of the product has been set in motion.

In anticipation of the impending marketing of Oralair(R) in these countries, Stallergenes established a subsidiary to run its operations in Austria and took over its current distributor in Switzerland, TRIMEDAL, on 17 February 2009. However, this acquisition is not very significant given the size of the Group.

The Group decided today to increase the par value of each share from EUR 0.95 to EUR 1.00 through the capitalization of reserves. This transaction was only of a technical nature.

Dividend

In order to demonstrate its confidence in the Group's development outlook, the Board of Directors will propose to the General Meeting to be held on 29 May 2009, the distribution of a dividend of EUR 0.45 per share, reflecting a 12,5% increase over the previous year.

ABOUT STALLERGENES

Stallergenes is a European biopharmaceutical company dedicated to desensitization therapies for the prevention and treatment of allergy-related respiratory diseases, e.g. rhinoconjunctivitis and allergic asthma. A pioneer and leader in sublingual desensitization treatments, Stallergenes devotes 21% (gross) of its sales to Research and Development and is actively involved in the development of a new therapeutic class: sublingual desensitization tablets.

In 2008, Stallergenes had sales of EUR 171 million and provided desensitization treatments to more than 500,000 patients.

    Euronext Paris (Compartment B)
    SBF 120.
    ISIN Code: FR0000065674
    Reuters Code: GEN.PA
    Bloomberg Code: GEN.FP

Additional financial information is available at http://www.stallergenes.com


'/>"/>
SOURCE Stallergenes
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. Stallergenes: 2008: Sales Up 16% - Excellent Performance - Guidance Exceeded
2. Stallergenes: Launch of a Phase III Clinical Trial in Adults for Oralair(R) Grasses in the United States Operating Income Expected to Remain Stable in 2009
3. Stallergenes: Sales at end September 2008: + 17% - 2008 Sales Guidance Revised Upwards: + 14%
4. Stallergenes: First Half Year 2008: A 19% Increase in Operating Profit and Net Profit
5. Stallergenes: Q2 2008 Sales up 18% Revision Upwards of 2008 Sales Growth
6. STALLERGENES: 2007: A Further Year of Strong Growth: Up 16%
7. STALLERGENES: ORALAIR Grasses: Positive Results of VO52.06 Paediatric Study
8. Financial Results for Full Year 2008: NicOx in a Unique Position to Deliver Significant Shareholder Value
9. BIO 2008: Germany on Cutting Edge in Biomanufacturing
10. ASCO 2008: Tumor-Targeted Rexin-G Demonstrates Dose-Dependent Anti-Tumor Activity Without Toxicity in Metastatic Pancreatic Cancer
11. Commencement 2008: Student innovation could improve data storage, magnetic sensors
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/23/2016)... ... 23, 2016 , ... ClinCapture, the only free validated electronic ... showcase its product’s latest features from June 26 to June 30, 2016 for ... Disrupting Clinical Trials in The Cloud during the conference. DIA (Drug Information ...
(Date:6/23/2016)... ... June 23, 2016 , ... ... line of intelligent tools designed, tuned and optimized exclusively for Okuma CNC machining ... Chicago. The result of a collaboration among several companies with expertise in toolholding, ...
(Date:6/23/2016)... June 23, 2016 ReportsnReports.com ... report to its pharmaceuticals section with historic and ... and much more. Complete report on ... pages, profiling 15 companies and supported with 261 ... http://www.reportsnreports.com/reports/601420-global-cell-culture-media-industry-2016-market-research-report.html . The Global Cell ...
(Date:6/22/2016)... Research and Markets has announced the addition ... their offering. The global ... billion in 2013. The market is expected to grow at a ... 2020, increasing from $50.6 billion in 2015 to $96.6 billion in ... forecast period (2015 to 2020) are discussed. As well, new products ...
Breaking Biology Technology:
(Date:5/20/2016)... , May 20, 2016  VoiceIt is ... partnership with VoicePass. By working together, ... experience.  Because VoiceIt and VoicePass take slightly different ... engines increases both security and usability. ... excitement about this new partnership. "This ...
(Date:4/28/2016)... BANGALORE, India , April 28, 2016 ... subsidiary of Infosys (NYSE: INFY ), and Samsung ... global partnership that will provide end customers with a ... and payment services.      (Logo: http://photos.prnewswire.com/prnh/20130122/589162 ... for financial services, but it also plays a fundamental part ...
(Date:4/15/2016)... CHICAGO , April 15, 2016  A ... companies make more accurate underwriting decisions in a ... offering timely, competitively priced and high-value life insurance ... health screenings. With Force Diagnostics, rapid ... and lifestyle data readings (blood pressure, weight, pulse, ...
Breaking Biology News(10 mins):