Antony, France (ots/PRNewswire) -
@@start.t1@@ EUR million 2009 09-Aug 2010 10-Sep
EURm %Sales Var.% EURm %Sales Var.%
Southern Europe(1) 26 68 9 29.2 70 12
Other EU countries(2) 10.3 27 20 10.6 25 3
Other markets 1.9 5 8 2.2 5 15
SLIT 30.5 79 16 34.7 83 14
SCIT 6.3 17 -2 5.9 14 -6
Other products 1.4 4 0 1.3 3 -8
Total Q3 sales 38.2 100 12 42 100 10
Southern Europe(1) 96.3 71 9 108.4 71 13
Other EU countries(2) 34.4 25 27 38 25 10
Other markets 5.2 4 -5 6.2 4 21
SLIT 111.6 82 14 129 85 16
SCIT 19.1 14 2 18.4 12 -4
Other products 5.2 4 7 5.2 3 -1
Cumulated sales 135.9 100 12 152.6 100 12
(1) Portugal, Spain, France, Italy, Greece; (2) Switzerland included@@end@@
Consolidated sales for the 3rd quarter of 2010 grew by 10%
compared to the same period last year to EUR 42.0 million, resulting
in sales growth of 12% during the first 9 months of the year. Foreign
exchange effects were negligible.
The slight slowdown in the pace of growth compared to the first
half of the year (up 13%) was primarily due to the relatively weak
grasses and tree pollen season, as well as the recognition of a 10%
regulatory rebate in Germany, applicable over the last two months of
Change in financial position
The financial position improved: at 30 September 2010, the net
cash position remained substantial, in spite of a very slight decline
which was consistent with business seasonality.
Significant transactions and events of the quarter
On 6 September, Stallergenes announced having entered into an
exclusive partnership agreement in Japan with Shionogi & Co., Ltd.
for the development and distribution in Japan of Actair(R) (house
dust mite allergen tablets) and a Japanese cedar pollen allergen
In respect of this partnership, on 6 October 2010 Stallergenes
collected a first instalment of EUR 24 million: corresponding
revenues will be recognised over a period of 2 to 3 years as
development work progresses, including about EUR 3 million over 2010.
Stallergenes may subsequently receive up to EUR 46 million as the
various clinical and regulatory milestones are achieved, compounded
by marketing milestone payments and royalties on net sales of
products sold by the partner.
The rollout of Oralair(R) is ongoing at a very satisfactory pace
in Germany and early feedback from markets recently launched - the
Netherlands, Austria, Slovakia and the Czech Republic - is very
In France, the Commission de Transparence of the Haute Autorite
de Sante (French HTA) issued a favourable ruling for the inclusion of
Oralair(R) on the formulary of the public health insurance (Securite
Sociale), while considering that the file was not sufficient enough
to support Oralair(R)'s claims to public health interest in relation
to morbidity and quality of life. As a consequence, the SMR (medical
service rendered) should be classified as weak in this first
assessment, thereby entitling to a 15% health insurance refund. A
further assessment is to take place early in 2011 based on new data
to be provided by the Company.
As a result, the Company will not be in a position to market
Oralair(R) for the 2011 pollen season in France or other European
countries where refund granting procedures are progressing well but
are still ongoing.
Outlook for the current year
Strong growth in the quarter allows us to confirm our guidance in
excess of 10% for the full year and a significant increase in
earnings, due to a stabilised R&D effort this year as well as revenue
from the partnership in Japan.
Stallergenes is a European biopharmaceutical laboratory
specialising in treatments by immunotherapy for the prevention and
treatment of allergy-related respiratory conditions, such as rhino
conjunctivitis, rhinitis and allergic asthma. A pioneer and a leader
in immunotherapy treatments by sublingual administration,
Stallergenes dedicated more than 20% (gross) of its sales in 2009 to
its Research and Development activities, which are primarily directed
at developing a new therapeutic range enabling the provision of
immunotherapy treatments by sublingual tablets.
Stallergenes achieved 2009 sales of EUR 193 million, with over
500,000 patients treated with Stallergenes products.
Euronext Paris (Compartment B) GENP
SBF 120 index. LISTED
ISIN code: FR0000065674 NYSE
Reuters code: GEN.PA EURONEXT
Bloomberg code: GEN.FP
For further information, please visit our website:
ots Originaltext: Stallergenes
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CONTACT: Albert Saporta, Chairman and CEO, Tel.
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and Analyst Relations, Lucilede Fraguier, Pavie Finance, Tel.
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