Crucell Announces Second Quarter 2007 Results

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Beleggingsadvies 14/08/2007 08:50
Total revenue and total other operating income increased by 82% to €39.4 million in the second quarter compared to the same quarter last year. 42% autonomous revenue growth achieved in the underlying businesses.
Solid progress made in clinical pipeline.


Leiden, The Netherlands (August 14, 2007) - Dutch biotechnology company Crucell N.V. (Euronext, Nasdaq: CRXL; Swiss Exchange: CRX) today announced its financial results for the second quarter and half year ended June 30, 2007, based on International Financial Reporting Standards (IFRS). These financial results are unaudited.

Business Highlights Second Quarter 2007:
Genzyme achieves promising results using Crucell's STAR(TM) technology.
Sanofi Pasteur to enter Phase II with seasonal flu vaccine in the US.
Pandemic Flu Vaccine (H7N1) Flupan trial in Norway successfully completed.
Hepatitis A Epaxal® pediatric vaccine approved in Switzerland.
US Phase I trial completed for the tuberculosis vaccine, in collaboration with the Aeras Global TB Vaccine Foundation.

Financial Highlights Second Quarter 2007:
Combined total revenue and total other operating income of €39.4 million was in line with management expectations, and showed an increase of 82% over the same quarter last year (€21.7 million).
The increase of total revenue is primarily attributable to the successful introduction of Quinvaxem(TM), and the revenues related to the acquisitions of SBL in Sweden and BPC in the US, both in the second half of 2006.
Full year expectations for total revenue and other operating income remain in the €220 to €225 million range, as the sales of influenza vaccines traditionally take place in the second half of the year.
Sales of Quinvaxem(TM) are expected to continue to accelerate in the second half of this year as momentum for the product continues to increase.
Gross margin increase to 39%, which represents a significant increase over the first quarter (23%) due to a favorable product mix and lower acquisition related costs in COGS.
Net loss for the second quarter was €18.2 million versus a loss of €26.0 million the same quarter last year.
Net cash used in operations was €10.2 million compared to €15.4 million in the same quarter last year.
Due to the seasonal pattern of cash inflow, the company reiterates its outlook for the full year, to achieve cash break-even on 'net cash from operating activities'.

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