2008 1st quarter sales up 15%

First quarter sales continued to grow at a solid pace

Sales growth and financial position

First quarter sales continued to grow at a solid pace in all of the Company’s markets and were up 15% compared to the first quarter of 2007, in respect of which particularly strong 20% growth had already been reported. Underlying trends were confirmed: vibrant SLIT (up 18%) and stable SCIT.

The financial position also improved.  Net financial debt declined by 7% compared to that at the end of 31 March 2007. 

Significant 1^st quarter transactions and events

ORALAIR^® Grasses is expected to be registered in Germany shortly. An IND (investigational new drug) application is planned to be filed by next summer in the US with a view to carrying out two clinical studies in 2009 (adults and children).

The clinical development programme is progressing according to plan, in particular for ORALAIR^® Grasses (2^nd year of long-term study) and ORALAIR^® Mites (Phase IIb/III). ORALAIR^® Bet v 1 (birch tree) Phase 1 studies have been completed.  As a result, we expect Phase II to start in 2008.

Outlook for the current financial year

Due to this good start of the year, we confirm our 2008 sales growth guidance of at least 10%.