PARIS, March 15 /PRNewswire-FirstCall/ --
- Oralair Study Successful
The Board of Directors, meeting on 14 March 2006, under the chairmanship of Albert Saporta, approved the 2005 consolidated financial statements prepared in accordance with international accounting standards.
EUR millions 2004 % 2005 % of Change sales Sales 94.7 100.0 112.0 100.0 + 18% Gross profit 69.9 73.8 84.6 75.5 + 21% Sales, general and (42.7) (45.1) (49.8) (44.5) + 17% administrative costs Profit before R&D 27.2 28.7 34.8 31.0 + 28% Research and development (11.3) (11.9) (16.1) (14.4) + 43% Income from research (1) 1.2 1.3 2.8 2.6 + 140% Operating profit 17.1 18.1 21.5 19.2 + 26% Net profit 10.2 10.8 13.4 12.0 + 32% EBITDA 19.9 100.0 26.9 100.0 +35% Net financial debt 0.6 3.0 17.2 63.9 ns Diluted earnings per share 3.06 4.08 +33% (EUR)
(1) under IFRS, the research tax credit is reported as “income from research”.
Operations And Results: Further improvement in performance indicators
The Stallergenes Group saw strong growth in sales during the 2005 year (+18%, including 15% organic growth), marked by the growth in volumes of new sublingual route treatments.
Against this background of growth, productivity gains have enabled a strengthening of the commercial staff and increased R&D efforts. The profit before R&D grew by 28% and operating profit by 26%, after inclusion of the research tax credit.
Overall, net profit increased from EUR 10.2 million in 2004 to EUR 13.4 million. The net profit margin was 12% compared to 10.8% for 2004.
Oralair(R): A Major Step
The financial year was also marked by the positive results of the Oralair(R) Grass Pollen Study for desensitisation in tablet form.
These results open a new therapeutic class and Stallergenes anticipates filing for a marketing authorisation in the 1st half of 2006 under the European mutual recognition procedure.
A Sound Financial Position
Debt of EUR 17.2 million only represents 0.6 times EBITDA. It arises from the sustained level of investments, mainly in the Oralair(R) production project and the acquisition of IPI (Spain/Portugal), covered by self financing and the purchase by way of a pubic offer of 5% of the shares outstanding for EUR 16 million in May 2005.
Dividend
The Board of Directors will propose to the General Meeting to be held on 16 June 2006, the distribution of a dividend of EUR 1.30 per share, a 24% increase over the previous year.
Prospects: A Group Ready for Business
The Group will continue and expand the rollout of the Oralair(R) project in 2006. The remarkable results of the recently announced Bet v 1 recombinant study, in particular, will open from 2006, the possibility of the clinical development of a tablet whose main ingredient will be the major recombinant birch allergen.
In addition, in anticipation of the launch of Oralair(R) Grasses in 2007, Stallergenes will step up its commercial and industrial investments.
About Stallergenes
Stallergenes Group is today the world’s leading pharmaceutical laboratory specialising in allergen immunotherapy, both in terms of number of patients treated (No.1) and sales (No.2). In its 40 years of existence, Stallergenes has established itself as a dynamic player, frequently as an innovator, in the battle to prevent and cure allergies, rhinitis and asthma in particular.
Stallergenes devotes over 15% of its sales to its Research and Development activities.
Stallergenes’ development is focused on the French market and on international markets through its subsidiaries based in Germany, Spain, Italy, Portugal and Belgium, and its distributors based in Eastern Europe, North Africa and elsewhere.
Shares of the Group’s parent company, Stallergenes SA, are listed on the Eurolist Compartment B of the Euronext Paris Stock Exchange.
ISIN Code: FR0000065674; Reuters Code: GEN.PA; Bloomberg Code: GEN.FP
Group financial information is available on our web site at www.stallergenes.com
Contacts: Stallergenes Albert Saporta - Chairman Christian Thiry - Chief Financial Officer Tel: +33-1-55-59-20-95 Pavie Finance Lucile de Fraguier Investor & Analyst Relations Tel: +33-1-42-15-04-39 contact@pavie-finance.com
Stallergenes
CONTACT: Stallergenes, Albert Saporta - Chairman, Christian Thiry - ChiefFinancial Officer, Tel: +33-1-55-59-20-95. Pavie Finance, Lucile deFraguier, Investor & Analyst Relations, Tel: +33-1-42-15-04-39,contact@pavie-finance.com
