Stallergenes: First Half Year 2008: A 19% Increase in Operating Profit and ... ( ANTONY France August 27 /- The Bo...)

Stallergenes: First Half Year 2008: A 19% Increase in Operating Profit and Net Profit

Date:8/27/2008

ANTONY, France, August 27 /PRNewswire-FirstCall/ -- The Board of Directors, meeting today under the chairmanship of Albert Saporta, approved STALLERGENES' half year consolidated financial statements:

(EUR millions) 2007 HY1 2008 HY1 08/07

% of % of %

sales sales change

Sales 74.8 100.0 87.0 100.0 16

Cost of sales (16.9) (22.5) (19.9) (22.8) 18

Gross profit 57.9 77.5 67.1 77.2 16

General, administrative and selling (31.3) (41.9) (35.1) (40.3) 12

expenses

Gross operating profit before R&D 26.6 35.6 32.1 36.8 21

R&D (11.2) (15.0) (13.7) (15.7) 22

EBIT 15.4 20.6 18.4 13.8 19

Net profit (Group share) 10.1 13.6 12.0 13.8 19

Net borrowings 9.3 4.2 (54)

Sales growth and financial position

The first half of 2008 witnessed a marked increase in operating profitability, which benefited from sales growth. Gross profit as a percentage of sales remained stable at 77%.

R&D expenses were up 22%, reflecting the stepped-up allergen tablet development programme.

Operating profit totalled EUR 18.4 million, an increase of 19% that showed a further improvement in operating profit margin to 21.1% of sales.

Net profit concurrently increased by 19% to EUR 12 million.

The financial position improved: net borrowings declined by 54% and now only represent 6% of equity, compared to 17% at end June 2007 (16% at 31 December 2007).

Significant HY1 2008 transactions and events

On 24 June 2008, Stallergenes was granted the mark
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Stallergenes: First Half Year 2008: A 19% Increase in Operating Profit and ...( ANTONY France August 27 /- The Bo...)