- revenue and other operating income increased by 115% to €62.6 million in the third quarter compared to the same quarter last year, largely driven by increased sales of Quinvaxem(TM) and Inflexal® V.
- Gross margin in the third quarter improved from 19.5% last year to 35.9%.
- Full year guidance reiterated; total revenues and other operating income of €220-225 million; cash break-even on 'net cash from operating activities'.

Leiden, The Netherlands (November 13, 2007) - Dutch biotechnology company Crucell N.V. (Euronext, Nasdaq: CRXL; Swiss Exchange: CRX) today announced its financial results for the third quarter and nine months ended September 30, 2007, based on International Financial Reporting Standards (IFRS). These financial results are unaudited.


Business Highlights:

Sanofi pasteur announces the start of Phase II with seasonal flu vaccine. This vaccine is being developed using Crucell's PER.C6® cell line technology.
Crucell presents First-in-Man Phase I results of the rabies monoclonal antibody cocktail (containing two antibodies), showing safety and ability to protect. The cocktail, using Crucell's MAbstract® and PER.C6® technologies, is well tolerated, provides the expected neutralizing activity and can be administered in combination with a rabies vaccine.
Crucell announces that its rabies monoclonal antibody cocktail has been granted a Fast Track designation by the Food and Drug Administration's (FDA) Department of Health and Human Services.
Merck announces the discontinuation of its HIV vaccine candidate, which was in phase I and II studies. The discontinuation of the studies was not related to the use of Crucell's PER.C6® technology.
Crucell announces that Merck & Co., Inc. has exercised an option for the access to Crucell's AdVac® vaccine technology and for the exclusive use of Crucell's PER.C6® technology in two infectious disease areas.
Crucell announces that it has entered into a co-exclusive PER.C6® and AdVac® technology license agreement with Wyeth Pharmaceuticals, a division of Wyeth.
Crucell discovers human monoclonal antibodies for the prevention and treatment of the avian flu virus. The antibody provides immediate protection and neutralizes the broadest range of H5N1 strains in pre- clinical models.
Crucell announces a non-exclusive STAR® research license agreement with Invitrogen Corporation's PD-Direct(TM) Bioprocess Services.


Financial Highlights Third Quarter 2007:

Combined total revenue and other operating income of €62.6 million showed an increase of 115% over the same quarter last year (€29.1 million).
The increase of total revenue is primarily attributable to the successful roll-out of Quinvaxem(TM), overall increase of vaccine sales and increased revenues related to acquisitions made in the second half of 2006.
Third quarter results were boosted by the phasing of vaccine sales compared to the same quarter last year, when a substantial proportion of influenza vaccine shipments were postponed to the fourth quarter.
Sales of Quinvaxem(TM) are expected to accelerate further in the fourth quarter of this year as momentum for the product continues to increase.
Full year expectations for total revenue and other operating income remain in the €220 to €225 million range.
Gross margin increased to 35.9%, which represents a significant increase over the third quarter of last year (19.5%) due to increased sales and lower acquisition related costs in cost of sales.
Net loss for the third quarter was €4.5 million versus a net loss of €21.7 million the same quarter last year.
Net cash used in operating activities in the third quarter was €5.5 million compared to €27.0 million in the same quarter last year.
Operating activities before changes in net working capital resulted in a positive €7.2 million cash flow, which was offset by a €12.7 million increase in working capital. This was largely driven by a sharp increase in accounts receivable due to Inflexal® V shipments.
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'.

Key Figures Third Quarter 2007 (€ million, except net loss per share)

Third quarter
Nine months ended Sept. 30
2007 2006 Change 2007 2006
Change

62.6 29.1 115%
Total revenues and other operating income 137.2 64.5 113%
(4.5) (21.7) (79)%

Net loss (41.2) (62.7) (34)%
(0.07) (0.36)
Net loss per share
(basic and diluted) (0.63) (1.12)

Cash & cash equiv.:
- Sept. 30,2007
- Dec 31, 2006 107.0
157.8

Crucell's Chief Executive Officer Ronald Brus said:

"In the third quarter we achieved solid progress in two of our antibody programs. We discovered a set of human monoclonal antibodies providing immediate protection against pandemic flu and we successfully completed a Phase I study for our rabies human monoclonal antibody study, showing safety and tolerability. For this program we have now been granted a Fast Track designation by the FDA. These programs reflect Crucell's underlying strength in R&D.

"Our third quarter results reflect the momentum we see in the underlying business, where we saw strong sales of Quinvaxem(TM), our Flu product Inflexal® V and travel vaccines.

"Based on these results, due to the seasonality of our business and our expectations for the fourth quarter, we are reiterating our guidance for combined total revenue and other operating income of €220 to €225 million for 2007. As indicated in the past, we also expect to achieve operational cash break-even for the full year based on higher expected sales and improvements in net working capital at year-end."