2003 4th quarter sales up 9% ~ 2003 full year sales up 14%

(1) Germany, Belgium, Italy, Spain and Portugal
(2) Other countries

2003 4th quarter sales increased by 9%, which although satisfactory, was nevertheless lower than increases posted during the previous quarters as a result of unusual climatic conditions in Western Europe that led to exceptionally weak pollination in France, Germany and Belgium.
Sales to Italy, Spain, Eastern Europe and North Africa increased by more than 20% during this time.

2003 full year sales increased by 14%.

• Sales in France rose by 18%, with growth remaining sustained thanks to sublingual delivery, which accounted for 69% of treatments in 2003 compared to 63% in 2002.

• Stallergènes continues to gain market share in Italy and Spain, with lower sales increase in Germany due to the imposition of a 6% rebate on the pharmaceutical industry.

• Distributor sales increased by 18%, continuing its development in nearly all countries and in particular the countries of Eastern Europe and North Africa.