Dear Shareholders,

Stallergenes has seen strong steady growth for the last eight years and this has enabled it to evolve into its current position of playing a major role in desensitization treatments for allergic respiratory diseases. 2008 was a year of confirmation in this path, laying the strategic foundations for a new phase in its development. 

The first major stage was the obtaining of marketing authorization for the grass pollen desensitization tablet for adults (Oralair®) in June 2008 and then for paediatric use in January 2009. This is the outcome of five years of pharmaceutical and clinical development. It opens the way for European registration of the Oralair® tablet in 2009, followed by the desensitization tablets for house dust mites and birch pollen (recombinant) between 2011 and 2013. The commercial launch of Oralair® in Germany last September is truly promising. Its favourable reception from doctors has confirmed our confidence in the considerable potential of this new proprietary drug. 

The second stage was the obtaining of FDA authorization to carry out a phase III clinical trial for Oralair® in the United States. This study, which is necessary in order to obtain a licence, is in progress. The results, which will be available at the end of 2009, should enable application for registration to be made during 2010. 

To meet these new challenges, our organization has been considerably reinforced. We created one hundred new jobs in 2008, 50% of which involve management staff who provides us with the necessary new skills. We also consolidated our operations in Switzerland and Austria, creating two new subsidiaries at the start of 2009. Lastly, we opened a new industrial unit in September 2008. It is designed to meet the strictest regulatory requirements and will enable us to increase our production capacities of the active principles of the main allergens by a factor of ten. It will be completed early in 2009 with new quality control and research laboratories to the same high standards. 

We have exceeded our objectives from a financial point of view, thereby consolidating our profitable and sustainable growth model. For the eighth consecutive year, we report marked sales growth (16%) and maintained our operating margin at a high level, a performance that is all the more remarkable in that it has been accompanied by significant investments, particularly in Research and Development. In five years, sales and net income have more than doubled.

Bolstered by these results and to show its confidence in the Group’s development outlook, the Board of Directors will propose a dividend of €0.45 per share at the Annual General Meeting, corresponding to an increase of 12.5%. 

2009 will be a key year in Stallergenes’ development.

We are waiting for the results of decisive clinical trials for our three main programmes (grasses, house dust mites and birch). These will enable us to solidly establish desensitization among the major therapies for respiratory allergies and will further reinforce our negotiating position in our search for partners in the United States and Japan.

Regarding earnings, the effects of the global economic crisis and the consequences of low pollen seasons in 2008 lead us to anticipate, at this stage of the year, sales growth between 8 and 10%, which would enable earnings to be maintained at the same level as 2008.

We are therefore starting this new financial year with confidence and determination, and are prepared for the challenges that await us. We have sound foundations, a clear strategy and will draw on our teams’ total commitment. 

Albert Saporta
Chairman and Chief Executive Officer

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