2004 1st Half-Year Group Sales Up 9%

* France including French overseas dependencies
** Germany, Belgium, Italy, Spain and Portugal
*** Distributors: other Group markets

Group sales for the 1^st half-year ending 30 June 2004 increased by 9% over the same period last year, thanks to sales growth in excess of 10% during the 2^nd quarter of 2004.

• In France, sales growth remained solid during the 2^nd quarter.  New treatments sales, up 6% on the 1^st half-year, were 81% administered by sublingual delivery method. 

• Subsidiaries’ operations remain globally well-focused, with 2^nd quarter sales up by 9%, before taking into account the regulatory discount for Germany.

• Distributor sales rose 23% during the 2^nd quarter, compensating in full for lower 1^st quarter sales.

2004 1^st quarter sales confirm the forecasted annual Group sales growth in excess of 7% and the pursuit of improvements in profitability, despite a significant increase in R&D expenditures focusing on the development of Allergen tablets.