STALLERGENES: 2008: Strong Performance

March 24, 2009
    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 23 March 2009 under the chairmanship
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 EUR 171 million, in line with the growth of
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 EUR 28.1 million, along with an operating
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 EUR 19.0 million and represented an 11.1%
net profit margin.

The financial independence of the Group was maintained. EBITDA (gross
cash surplus) grew by 14% to EUR 34.3 million, which was largely sufficient
to cover investments (EUR 18.3 million), while at the same time generating,
for the eighth year in a row, a positive free cash flow of EUR 4.7 million.

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 EUR 9.6 million and only represents 0.3 times EBITDA and
12% of equity.

The Group’s 2008 consolidated financial statements are available from the
Group’s website: http://www.stallergenes.com .

2009 outlook

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 19 January 2009 by the German agency.
Oralair(R) is thus marketed in its two indications in Germany for the 2009
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
Austria and took over its current distributor in Switzerland, TRIMEDAL, on 17
February 2009
. However, this acquisition is not very significant given the
size of the Group.

The Group decided today to increase the par value of each share from EUR
0.95 to EUR 1.00
through the capitalization of reserves. This transaction was
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
held on 29 May 2009, the distribution of a dividend of EUR 0.45 per share,
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 EUR 171 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

SOURCE Stallergenes

Source: newswire

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