/C O R R E C T I O N -- Stallergenes/
Antony, France, March 17, 2010 (ots/PRNewswire) - In the news release, "STALLERGENES 2009 : Further Profit Margin Growth and Significant Cash Generation Further Profit Margin Growth and Significant Cash Generation:" issued on 16 Mar 2010 19:50 GMT, by Stallergenes Bloomberg:GENP@FP over PR Newswire, we are advised by a representative of the company that in the section headed '2010 outlook' the second paragraph, first sentence should have read "The effects of the economic crisis and the cost cutting steps taken by health authorities make uncertain our forecasts for 2010 sales" rather than "Due to the effects of the economic crisis and the cost cutting steps taken by health authorities, our 2010 sales guidance was revised downwards", as originally issued inadvertently. Complete, corrected release follows:
- Sales up 13%, Operating Profit up 15%, Net Profit up 17%
- Record Free Cash Flow of EUR 17.5 Million (x 3.7)
- Net Cash Position Turned Positive
- Proposed Dividend of 0.55 EUR (up 22%)
The Board of Directors' meeting of 15 March 2010, chaired by Albert SAPORTA, approved the 2009 consolidated financial statements:
@@start.t1@@ In millions d'Euros 2008 08-Jul 2009 09-Aug
% Var.% % Var.%
Sales 170,9 100,0 16 192,8 100,0 13
Cost of goods sold (39,8) (23,3) 21 (43,1) (22,3) 8
SG&A (72,9) (42,7) 12 (78,9) (40,9) 8
R&D costs (36,6) (21,4) 25 (46,2) (24,0) 26
R&D revenues 6,6 3,9 20 7,6 3,9 14
EBIT 28,1 16,5 11 32,2 16,7 15
Net result, group
share 19,0 11,1 17 22,2 11,5 17
EBITDA 34,3 20,1 14 39,7 20,6 16
expenditure 18,3 10,7 12 16,0 8,3 -12
Working capital 14,9 8,7 37 12,9 6,7 -13
Free cash flow 4,7 2,8 -28 17,5 9,1 272
Net financial 9,6 -8 (4,9) -151
Equity 82,6 24 102,7 24
Headcount, end of 782 13 873 12
EPS, diluted EUR 1,43 17 EUR 1,69 18
share EUR 0,45 13 EUR 0,55 22@@end@@
2009: significant increase in profitability and financial position indicators
- Profitable growth to finance the Group's long-term expansion
The 2009 sales growth dynamics (up 13%, 12% organic) as well as strict control on operating expenses (63.2% of sales vs 66.0% in 2008, before R&D) enabled the Group to both absorb research efforts (up 26%, representing 24% - gross - of sales) and further improve profit margins: operating profit totalled EUR 32.2 million, that underlined an operating profit margin of 16.7% (16.5% in 2008). Net profit grew for the ninth consecutive year by 17% to EUR 22.2 million, generating an 11.5% net profit margin (11.1% in 2008).
- A particularly sound financial position
Well-controlled capital expenditure and working capital requirements generated a record free cash flow of EUR 17.5 million (x 3.7 compared to 2008). Net debt declined by EUR 14.5 million. The Group reports a positive year-end net cash position for the first time in 10 years, amounting to EUR 4.9 million.
The audit procedures have been performed. As soon as the management report will have been reviewed, the audit report will be issued. The Group's 2009 consolidated financial statements are available from the Group's website: http://www.stallergenes.com.
The laboratory is focusing its efforts on bringing Oralair(R) to market, after it was granted a marketing authorisation in 22 European countries in November 2009, on the registration of Actair(R) in Europe and on the partnerships it put into place to roll out Stalair(R) products internationally over the medium term.
The effects of the economic crisis and the cost cutting steps taken by health authorities make uncertain our forecasts for 2010 sales. Nonetheless, Stallergenes expects further growth of sales in excess of 8%. Against this background, the laboratory set itself the objective of increasing its margins, bearing in mind that the greater part of the cost of the Oralair(R) grasses study in the US had been incurred by end 2009. The results of this study will be known and released within the next few weeks.
Significant recent transactions and events
The new research and control laboratories have been completed: Stallergenes invested EUR 28 million in equipment over the past 5 years to put in place the Stalair(R) programme pharmaceutical platform, which is now fully operational.
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 28 May 2010, the distribution of a dividend of EUR 0.55 per share, reflecting a 22% increase over the previous year .
As of 26 March 2010, Stallergenes will be eligible for the OSRD compartment (Euronext Paris deferred settlement service). This system, which enables both institutional and individual investors to use leverage to buy or sell shares, while being regulated by strict prudent rules, should increase share liquidity.
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. Stallergenes is ranked seventh among French pharmaceutical laboratories. A pioneer and a leader in immunotherapy treatments by sublingual administration, Stallergenes dedicates more than 20% (gross) of its sales 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 reported 2009 sales of EUR 193 million, with over 500,000 patients treated with Stallergenes desensitisation products.
Euronext Paris (Compartment B)
For further financial information, please visit our website: http://www.stallergenes.com
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ots Originaltext: Stallergenes
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CONTACT: Contacts: Albert Saporta, Chairman and CEO,
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