Total revenue and other operating income grew by more than 50% to
€213.1 million, compared to €140.9 million in 2006.
Successful Quinvaxem(TM) launch drives strong autonomous growth.
Strong operating cash flow of €51.5 million in the fourth quarter and €22.2 million for the year compared to a negative €54.0 million in 2006.
2008 full year guidance: total revenue and other operating income growth of 20% in constant currencies ; higher margins; positive cash flow.

Leiden, The Netherlands (February 12, 2008) - Dutch biotechnology company Crucell N.V. (Euronext, Nasdaq: CRXL; Swiss Exchange: CRX) today announced its financial results for the fourth quarter and full year 2007, based on International Financial Reporting Standards (IFRS). These financial results are unaudited.

Business Highlights:
Sanofi pasteur enters into Phase II clinical trial with their seasonal flu vaccine. This vaccine is being developed using Crucell's PER.C6® cell line technology.
Crucell and sanofi pasteur sign an exclusive collaboration and commercialization agreement for rabies antibodies for which Crucell received a payment of €10 million following the execution of the agreement and will be eligible for milestone payments of up to €66.5 million.
Crucell presents results of two Phase I studies with the rabies monoclonal antibody cocktail (containing two antibodies), showing safety and ability to protect. The antibody cocktail, produced using Crucell's PER.C6® technology, 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 Fast Track status by the US Food and Drug Administration's (FDA) Department of Health and Human Services.
A US Phase I trial (in BCG naïve individuals) of the AdVac®/PER.C6® Technology-Based Tuberculosis Vaccine (in collaboration with the Aeras Foundation) has been completed. The results of the trial indicate that the vaccine is well tolerated and capable of stimulating cell mediated response to tuberculosis antigens.
Crucell announces that Merck & Co., Inc. has exercised an option to access 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 antibodies provide immediate protection and neutralize the broadest range of H5N1 strains in pre- clinical models.
Crucell and MedImmune sign an exclusive license and research collaboration agreement for the treatment and prevention of hospital-acquired bacterial infections.

Financial Highlights Fourth Quarter 2007:
Strong growth of 35% in our pediatric, travel and other vaccines was offset by lower influenza vaccine sales in the fourth quarter of 2007 compared to 2006. In 2006 the majority of influenza sales occurred in the final quarter whereas in 2007 they were spread over the third and fourth quarter of the year.
Combined total revenue and other operating income for the quarter of €75.9 million was in line with the same quarter of 2006 (€76.0 million) despite strong comparables and a weaker dollar. In addition, we received an initial payment of €10 million in cash for the rabies agreement with sanofi pasteur which we could not recognized as revenue in 2007 and had to defer to future years.
Gross margin were 34% compared to 42% in the fourth quarter of 2006. Margins in the fourth quarter of 2006 were boosted by license revenues where fourth quarter 2007 margins were affected by inventory write-downs.
Net loss for the fourth quarter came in significantly lower at €4.8 million versus a net loss of €24.9 million the same quarter of 2006.
Net cash generated in operating activities in the fourth quarter was €51.5 million compared to net cash used of €2.5 million in the same quarter of 2006.
Cash from operating activities before changes in net working capital resulted in a positive €13.1 million cash flow for the quarter. Changes in net working capital contributed significantly to cash from operating activities both for the fourth quarter as well as for the full year.

Financial Highlights Full Year 2007:
The increase of over 50% in total revenue and total other operating income for the year to €213.1 million is primarily attributable to the successful roll-out of Quinvaxem(TM), an increase in travel vaccine sales and higher revenues related to acquisitions made in the second half of 2006.
Net loss for the full year of €45.9 million compared to €87.6 million in the same period of 2006.
Strong operating cash flow of €22.2 million for the year compared to a negative €54.0 million in 2006.

Key Figures 2007 (€ million, except net loss per share)
Fourth quarter Full Year 2007 2007 2006 Change 2007 2006 Change
75.9 76.0 0% Total revenues and other operating income 213.1 140.9 51%
(4.8) (24.9) (81)% Net loss

(45.9) (87.6) (48)% (0.07) (0.41) Net loss per share (basic and diluted)
(0.71) (1.53)
Cash & cash equiv.:
- Dec 31, 2007 - Dec 31, 2006 163.2 157.8

Crucell's Chief Executive Officer Ronald Brus said:
"In the fourth quarter we continued to see strong growth in our product sales. We are focused on further expanding the growth of our existing products in 2008 and implementing an operational excellence program within the organization. We are very proud that, for the first time in the company's history, we achieved positive cash flow in a year where we moved the majority of our programs into clinical development."
"Based on the results of 2007 and our expectations going forward, we are guiding that combined total revenue and total other operating income for the full year 2008 will grow by 20%[1]. We expect higher margins and positive cash flow for the second year running."
"In the fourth quarter our PER.C6®-based rabies antibody program continued to show exciting progress. After earlier discovery of a set of human monoclonal antibodies, we successfully completed a Phase I study and were granted a Fast Track designation by the FDA. We are pleased to have entered an agreement with sanofi pasteur for this promising antibody program. This further validates Crucell's PER.C6® production technology and our MAbstract® technology for generating monoclonal antibodies."
"Also in the fourth quarter sanofi pasteur entered a Phase II study for their seasonal flu vaccine, which is being developed using Crucell's PER.C6® technology."

Outlook 2008
Crucell expects combined full year 2008 total revenue and total other operating income to grow by 20% in constant currencies[1]. The Company expects higher margins and positive cash flow.

Phasing in 2008:
We expect revenues and operating income to be phased throughout 2008 like in 2007. Cash flow and working capital are expected to significantly deteriorate in the first half of 2008 which is normal due to the seasonality of our business in which we build inventory in the first half of the year to sell our products in the second half. We expect the negative cash flow in the first nine months to reverse in the final quarter of 2008, to end the year with a positive cash flow.

Annual Report
Crucell N.V. is currently finalizing the financial statements for the year ended December 31, 2007. We expect to be able to file our 2007 Annual Report on Form 20-F with the U.S. Securities and Exchange Commission as well as publish our Statutory Annual Accounts for the year 2007 at the end of March 2008. The consolidated balance sheet of Crucell N.V. as of December 31, 2007, the related consolidated statements of operations and consolidated statements of cash flows for the year ended December 31, 2007 and all quarterly information as presented in this press release is unaudited.
More info on, website at www.crucell.com