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- Press release
- 1st Half Year 2006 : A 14% increase in sales,major R&D efforts: ORALAIR® Grasses within sight
1st Half Year 2006 : A 14% increase in sales,major R&D efforts: ORALAIR® Grasses within sight
The Board of Directors, meeting on 12 September 2006, under the chairmanship of Albert SAPORTA, approved the consolidated financial statements at 30 June 2006, prepared in accordance with international standards. The comparative figures for the first half 2005 have been restated in accordance with these standards.
(€ millions) | 2006 | % of sales | 2005 | % of | 06/05 |
Sales | 64.2 | 100.0 | 56.1 | 100.0 | +14 |
Cost of sales | (14.6) | (22.7) | (13.8) | (24.7) | +5 |
Gross profit | 49.6 | 77.3 | 42.3 | 75.3 | +17 |
Other operating expenses | (28.0) | (43.6) | (24.0) | (42.7) | +17 |
Gross operating profit before R&D | 21.6 | 33.7 | 18.3 | 32.6 | +18 |
R&D net | (9.4) | (14.7) | (6.9) | (12.3) | +36 |
Operating profit | 12.2 | 19.1 | 11.4 | 20.3 | +7 |
Net profit | 7.7 | 12.0 | 7.2 | 12.8 | +7 |
Earnings per share (diluted) | 0.59 |
| 0.54 |
| +9 |
Net borrowings (Gearing) | 13.3 | (29%) | 21.0 | (63%) | (37) |
The significant improvement in sales and margins financed the development and pre-launch of ORALAIR as well as an ambitious research programme, while maintaining the level of profitability.
Consolidated sales for the half year were up 14% (13% organic), due to the high level of new patients.
Gross margin improved by 2 points, through continued productivity gains.
Operating costs were up by 17%, with a major part related to the pre-launch of ORALAIR® Grasses.
Research and Development costs grew by 37% caused by the acceleration of the ORALAIR development programme.
Operating profit and net profit grew by 7%. Net margin represented 12% of sales.
The earnings per share (diluted) increased by 9% and benefited from the share buyback programme carried out in 2005.
Net borrowings were down by 37% in one year to € 13.3 million (gearing of 29%).
Prospects
Growth in the 2nd half year of 2006 will be slower than in the 1st half year. Growth for the full year should be in excess of 10%. The additional resources allocated to ORALAIR should bring profit and borrowings (continued financing of capital expenditure related to the ORALAIR programme) at the end of 2006 to levels approaching those of 2005 in absolute terms.
The registration filing of ORALAIR® Grasses in Germany on 13 July 2006 should lead to a launch in Germany in 2007 and in other countries in 2008.
- Files:
PR_Sales_H12006.pdf
