ANTONY, France, January 15 /PRNewswire-FirstCall/ -- EUR millions 2007 07/06 2008 08/07 EUR % sales % change EUR % sales % change millions millions Southern Europe (1) 32.0 75 14 36.4 73 14 Other EU Countries 9.7 22 17 11.3 23 17 (2) Other markets 1.4 3 10 2.0 4 45 SLIT 34.6 80 21 40.4 81 17 SCIT 7.1 17 4 7.5 15 6 Other products 1.4 3 (25) 1.8 4 32 Total Q4 sales 43.1 100 15 49.7 100 15 Southern Europe (1) 109.2 74 17 124.9 73 14 Other EU countries 32.5 22 16 38.5 23 18 (2) Other markets 5.4 4 11 7.5 4 38 SLIT 116.5 79 21 137.9 81 18 SCIT 24.9 17 3 26.3 15 6 Other products 5.7 4 (7) 6.7 4 16 Cumulative 12-month 147.1 100 16 170.9 100 16 sales (1) Portugal, Spain, France, Italy, Greece; (2) Switzerland included Sales growth and financial position, 2009 outlook
4th quarter sales continued to register strong growth in all markets (up 15%, after 15% in 2007). The performance of non-EU markets in particular was remarkable during the quarter, as throughout the whole year. The sub-lingual route remained the main driver of this growth with an 18% increase over the financial year.
Overall, 2008 sales totalled EUR 170.9 million, an increase of 16%, in line with the strong growth consistently achieved since 2003 (average 15% annual growth).
Full-year results will be markedly improved compared to 2007, which will enable the Group to finance its development plans while maintaining a positive free cash flow for the fourth consecutive year.
As regards 2009, the Group remains prudent and currently provides guidance of sales growth between 8 and 10%. 2009 will also feature a number of significant clinical test results as part of the Oralair programme.
Significant 4th quarter transactions and events
Oralair(R) Grasses quarterly sales in Germany were in line with expectations. The marketing authorization for the use Oralair(R) Grasses on children, which should be delivered very soon by the German agency, will set the European mutual recognition procedure of the product in motion.
On October 27, 2008, Stallergenes obtained authorization (IND) from the FDA for the use of Oralair(R) Grasses in clinical trials in adults. This study is proceeding satisfactorily.
In order to exert better control over its operations in Switzerland and Austria, Stallergenes has launched a procedure aiming at having subsidiaries distribute its products in these two countries from the start of 2009. At the end of this procedure, Stallergenes will have a subsidiary in Austria and its current distributor in Switzerland, TRIMEDAL, will join the Stallergenes Group.
At today's meeting, the Board of Directors took note of the AFEP/MEDEF recommendations of October 6, 2008 on the remuneration of directors of listed companies. The Board considers that these recommendations are consistent with the Company's corporate governance policy and gave the Remuneration Committee the responsibility to carry out a detailed review of the rules governing their implementation within the Group.
Consequently, the Board of Directors confirms in principle that in application of the Law of 3 July 2008, the AFEP/MEDEF code, as amended, will be the benchmark the Group will refer to in the preparation of the Chairman of the Board's report on corporate governance, which will explain and specify the rules implemented by the Group.
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 20% of its sales in gross resources 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 170.9 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
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