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Last updated on April 19, 2014 at 21:20 EDT

Stallergenes: 2008: Sales Up 16% – Excellent Performance – Guidance Exceeded

January 15, 2009
    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.

Corporate governance

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.

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 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

SOURCE Stallergenes


Source: newswire