STALLERGENES: 2008: Strong Performance
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
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
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
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
net profit margin.
The financial independence of the Group was maintained. EBITDA (gross
cash surplus) grew by 14% to
to cover investments (
for the eighth year in a row, a positive free cash flow of
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
12% of equity.
The Group’s 2008 consolidated financial statements are available from the
Group’s website: http://www.stallergenes.com .
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
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
Oralair(R) is thus marketed in its two indications in
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
size of the Group.
The Group decided today to increase the par value of each share from
0.95 to EUR 1.00
only of a technical nature.
In order to demonstrate its confidence in the Group’s development
outlook, the Board of Directors will propose to the General Meeting to be
reflecting a 12,5% increase over the previous year.
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
In 2008, Stallergenes had sales of
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