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Strong sales growth in 1st half-year: up 12%, Full-year guidance maintained

2nd quarter growth remained high at 9% (organic 8%), but slowed down compared with the very strong start of the year. Sales growth over the first half-year remained strong at 12% (organic 11%).

HY1 sales 

2nd quarter growth remained high at 9% (organic* 8%), but slowed down compared with the very strong start of the year.  Sales growth over the first half-year remained strong at 12% (organic 11%), reflecting the continuing breakthrough of the sublingual route (+14%), which represented 83% of total sales.

The analysis by geographic region highlights the sharp increase of “Other EU countries” to 30% of sales, primarily due to the successful launch of Oralair® and the price increases introduced in Germany, as well as the transfer of the operations to a subsidiary in Switzerland.

Growth was more moderate in Southern Europe (up 9%).  In addition to the consequences of weak pollen seasons in 2008, these markets appeared more affected by the economic crisis in a context of partial reimbursement (Italy and Spain).

The decline in “Other markets”, a very diverse group whose performance is volatile, was mostly due to exceptional 2008 sales and foreign exchange effects.

HY1 highlights

5 years of research were rewarded in the 1st half-year 2009 with the positive results of the phase III clinical study carried out on the house dust mite desensitization tablet.

Moreover, the mutual recognition procedure for Oralair® (grass pollen desensitization tablet) started at an operational level and should lead to registration in most European countries by the end of 2009.

Outlook

The 1st half-year 2009 financial results, to be published on 26 August next after close of trading, should report a slight improvement over the 1st half-year 2008.

We confirm our previously issued full-year guidance of sales growth of about 10% and an operating profit maintained at the same high level as 2008, against a background of strong accompanying R&D investments. 

Lastly, the second half-year will be marked by a particularly busy news flow: 3 Oralair® phase III studies (US, 3rd year of long-term study, protocol optimization), 1 phase IIb/III study on the birch pollen desensitization tablet, which for the first time includes a recombinant allergen, and 1 phase III Staloral® study on asthma, carried out in China.

Shareholders’ agenda

The 2009 first half-year results will be presented on 27 August 2009 at 11.30am CET at Le Bristol hotel, 112, rue du Faubourg Saint-Honoré, 75008 Paris, France.

A webcast of the meeting will be available both in French and English from 3pm.

 
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*Excluding foreign exchange effects