2004 1st Quarter Sales Up 8 %

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

2004 1^st quarter sales enjoyed a satisfactory growth rate of 8%, thanks to a recovery of growth in France (sales up 18%), sustained by the strong progression in new treatments through sublingual delivery.

Subsidiary sales rose 2%, affected by a new 10% price reduction imposed in Germany, where despite an unfavourable economic environment, our subsidiary continued to gain market share.  Other countries enjoyed sustained sales growth.

Distributor sales experienced a temporary 17% sales drop, primarily as a result of delivery timing differences relative to 2003 in North Africa and Australia, which will be compensated for over the remainder of the year.

The 1st quarter activity confirms the group 2004 objectives of sales growth in excess of 7% and improved profitability, as communicated on 18 March.