Continued strong growth in sales, 2003 1st Quarter Group sales up 27%

* including sales to French territories overseas
** direct sales to Germany, Italy, Spain, Portugal and Belgium through Group subsidiaries
*** indirect sales to other international markets through distributors

2003 1st quarter Group sales increased by 27%, with all markets contributing to sales growth.

French sales increased by 29%, reflecting a continuation of trends observed in 2002, only more pronounced. Initial treatment sales increased by 11%, reflecting further expansion of this market.

International sales through subsidiaries increased by 16%, confirming the strong growth in sales of sublingual drops. All countries (Germany, Italy, Spain, Portugal and Belgium) enjoyed sales growth, despite a 6% reduction in authorised prices in Germany.

International sales through distributors increased by 55%, primarily as a result of a 40% rise in sales to Eastern Europe and a doubling of sales to North Africa, which benefited from a relatively small 2002 base.

As a result of these first quarter results, STALLERGENES can confirm its 2003 objectives of further double digit sales growth and significantly improved profitability, as communicated in mid-March.