LEIDEN, NETHERLANDS -- 05/13/08 --
Total revenue and other operating income of EUR 47.9 million, showing
36% growth in the first quarter of 2008 compared to EUR 35.2 million in
the same period of 2007.
Net loss in the quarter halved to EUR 9.0 million compared to Q107.
New contracts awarded for Quinvaxem(TM) and strong sales
in travel vaccines drive autonomous growth.
Gross margin in the first quarter improved to 40% up from 23% last
year.
2008 full year guidance reiterated: total revenue and other operating
income growth of 20% in constant currencies ; higher margins;
positive cash flow.
Leiden, The Netherlands (May 13, 2008) - Dutch biopharma company
Crucell N.V. (Euronext, Nasdaq: CRXL; Swiss Exchange: CRX) today
announced its financial results for the first quarter of 2008, based
on International Financial Reporting Standards (IFRS). These
financial results are unaudited.
Highlights:
* Supranational organizations award Crucell new contracts of $130
million for supplies of Quinvaxem(TM) in 2008 and 2009. These
contracts are in addition to the December 1, 2006 announcement
for the award of over $230 million for its Quinvaxem(TM) and
Hepavax-Gene® vaccine, bringing the total value up to $360
million.
* Crucell's rabies monoclonal antibody cocktail entered a Phase II
clinical trial in the US in March 2008. Today the start of a
second Phase II study in the Philippines was announced. The start
of these Phase II studies triggers the first milestone payments
of a total of up to EUR 66.5 million.
* Solid growth of travel vaccines; in particular Epaxal® and
Dukoral®.
* Crucell, the Aeras Global TB Vaccine Foundation and the South
African Tuberculosis Vaccine Initiative (SATVI) present
encouraging preliminary results from the Phase I Ad35
tuberculosis vaccine study, showing that CD8 immune responses are
considerably higher than ever seen in a tuberculosis vaccine
study.
* Senior management outlines a compelling case for investment
during an analysts meeting in London, based on significant growth
of the vaccines business, progress of its pipeline and its unique
technologies. A clear focus on achieving operational excellence
is showcased as an integral part of Crucell's strategy for
accelerating growth, targeting a cost saving of 15% (excluding
R&D) by the end of 2009.
* DSM and Crucell reached a record production level of 15 g/L for
an antibody product, another important milestone for the PER.C6®
production technology.
* Crucell enters into an exclusive vaccine development agreement
with Wyeth Pharmaceuticals. Crucell is responsible for the
development and manufacturing of certain components of a vaccine
and Wyeth for the clinical development. The development is taking
place in Crucell's facility in Bern (Switzerland), which had been
fully impaired in 2006, now enabling a partial reversal of EUR 5.2
million of that impairment.
* Crucell and DSM Biologics announce that MorphoSys AG has decided
to extend the PER.C6® technology licensing agreement, exercising
an option for clinical and commercial production of antibodies.
Financial Highlights:
* Combined total revenue and other operating income for the quarter
of EUR 47.9 million compared to EUR 35.2 in the same quarter of 2007.
The improvement of 36% (increase of 41% in constant
currencies[1]) was driven by strong sales of paediatric vaccines,
in particular by Quinvaxem(TM), higher sales of travel vaccines
and higher license fees and other income.
* Gross margin was 40% compared to 23% in the first quarter of
2007. Margins in the first quarter of 2007 were negatively
influenced by purchase price allocation costs of EUR 3.1 million
whereas first quarter 2008 margins were positively affected by a
better mix of product sales and higher license revenues.
* Net financial income & expenses in the first quarter of negative
EUR 4.4 million was the result of foreign exchange losses caused by
the weaker US Dollar and by the strengthening of the Swiss Franc
against the Euro.
* Net results were positively affected by a partial reversal of
EUR 5.2 million of the impairment taken on the facility in Bern in
2006. The facility is now used in the exclusive vaccine
development agreement with Wyeth Pharmaceuticals, signed in March
2008.
* Net loss for the first quarter of 2008 was EUR 9.0 million versus a
net loss of EUR 18.5 million the same quarter of 2007, primarily due
to stronger sales and the partial reversal of the impairment.
* Net cash used in operating activities in the first quarter was
EUR 34.0 million compared to net cash used in operating activities
of EUR 13.6 million in the same quarter of 2007, mainly driven by an
increase in inventories due to a higher level of activity and a
decrease in accounts payable.
* Cash and cash equivalents at the end of the first quarter
amounted to EUR 121.9 million. Deterioration of cash flow and
working capital in the first quarter was 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.
Key Figures Q1 2008 (EUR million, except net loss per share)
Q1 2008 Q1 2007 Change
unaudited unaudited
47.9 35.2 36%
Total
revenues
and other
operating
(9.0) (18.5) (51)% Net loss
(0.14) (0.29) Net
loss per
share
(basic and
diluted)
Cash & cash
equiv.:
121.9 - March 31, 2008
163.2 - December 31, 2007
141.1 - March 31, 2007
Crucell's Chief Executive Officer Ronald Brus said:
"In the first quarter we saw strong sales of our paediatric and
travel vaccines. We are particularly excited to have received
additional Quinvaxem(TM) contracts, which further confirm the
significant growth expected for Quinvaxem(TM) in 2008.
"We are rolling out our 'Healthy Ambition' program at full speed with
clear focus on achieving operational excellence as an integral part
of our growth strategy. During our second quarter results we will
further validate expected savings in 2008, confirming we are on track
to achieve the 15% (excluding R&D) cost savings target by the end of
2009.
"Our rabies monoclonal antibody program is clearly on a fast track
with a second Phase II study starting today in the Philippines.
Together with the US Phase II clinical study which started in March,
these studies trigger the first milestone payments of a total of up
to EUR 66.5 million.
"The preliminary results from the Phase I Ad35 tuberculosis vaccine
study show encouraging results, where CD8 immune responses are
considerably higher than ever seen in a tuberculosis vaccine study.
We are excited that Crucell's technologies are playing a key role in
the search and development of a much-needed TB vaccine.
"Based on our first quarter results we reiterate our guidance of
combined total revenue and total other operating income for the full
year 2008 to grow by 20%[2]. We further expect higher margins and
positive cash flow."
Business Update
Product Update
Product sales for the first quarter amounted to EUR 35.5 million and
represent sales of paediatric vaccines (46%), travel vaccines (38%)
and other products (16%).
Paediatric
In the first quarter of 2008 we saw good growth of our paediatric
vaccines, particularly driven by Quinvaxem(TM) and Hepavax-Gene®, due
to new contracts awarded by supranational organizations.
* Quinvaxem(TM): Fully liquid pentavalent vaccine.
* Hepavax-Gene®: Recombinant hepatitis B vaccine.
* Epaxal® Junior: Paediatric dose (0.25mL) of Epaxal® - the only
aluminum-free hepatitis A vaccine. Epaxal® Junior was licensed in
2007 in Switzerland. The product is currently under registration
in selected countries worldwide. Sales in South America have
started and European launch is being planned.
* MoRu-Viraten®: Vaccine for protection against measles and rubella
(for all age groups). MoRu-Viraten® was successfully licensed in
the first half of 2007.
Travel and endemic
The first quarter of 2008 showed solid growth of our travel and
endemic portfolio, where Epaxal® and Dukoral® in particular showed
growth compared to the first quarter of 2007. We continue to see
significant untapped demand and geographical expansion potential of
our travel portfolio.
* Epaxal®: The only aluminium-free hepatitis A vaccine.
* Vivotif®: The only oral typhoid vaccine.
* Dukoral®: The only oral vaccine against diarrhea caused by
cholera and ETEC (enterotoxigenic E.coli).
Respiratory
* Inflexal® V: Virosomal adjuvanted influenza vaccine (for all age
groups). Due to the seasonality of the product, we build
inventory in the first half of the year to sell the respiratory
products in the second half.
Pipeline Update
* Live Attenuated Yellow Fever Vaccine Flavimun®: Crucell's
management expects the registration submission of the Yellow
Fever vaccine in Switzerland before the end of 2008.
* Influenza - Seasonal Flu Vaccine (FluCell collaboration with
sanofi pasteur): The seasonal influenza vaccine developed by
Crucell's partner sanofi pasteur, using PER.C6® technology. Phase
II testing of the cell based influenza vaccine which was
initiated in the U.S. in November 2007 continues according to
plan. Phase II trials involving healthy adult volunteers in the
U.S. focus on the safety profile and immunogenicity of the
cell-based vaccine.
* Influenza - Pandemic Flu Vaccine H9N2: Phase I and II studies
have been completed and the results are currently being analyzed.
No serious adverse side effects were reported to date. Findings
are expected to be released in the second quarter of 2008.
* Rabies Human Monoclonal Antibody Cocktail: In March 2008 Crucell
announced that its rabies monoclonal antibody combination, a
collaboration with sanofi pasteur using Crucell's PER.C6®
manufacturing technology, has entered a Phase II clinical trial
in the US. Today the start of a second Phase II study in the
Philippines was announced. The start of these Phase II studies
triggers the first milestone payments of a total of up to EUR 66.5
million. This antibody cocktail is to be used with a rabies
vaccine for post-exposure prophylaxis against this fatal disease.
Based on promising Phase I data in 2007, showing no serious
adverse effects and well tolerated treatment, Crucell was granted
a Fast Track designation by the FDA Department of Health and
Human Services. Crucell will be responsible for the manufacturing
of the final product and will retain exclusive distribution
rights in Europe, co-exclusive distribution rights in China and
the rights to sell to supranational organizations such as UNICEF.
* AdVac®/PER.C6® Technology-Based Malaria Vaccine: Crucell and its
partner, the National Institute of Allergy and Infectious
Diseases (NIAID), part of the National Institutes of Health
(NIH), are conducting a Phase I trial in the U.S. The study is
being carried out on two sites, VanderBilt and Stanford
University. The first and second cohorts, comprising of 18 and 17
volunteers respectively, have been enrolled. Enrollment of a
third group of 18 volunteers is progressing and is near
completion. Enrollment for the fourth and final group of
volunteers is expected to start in the summer. Initial findings
of this Phase I trial are expected to be available in 2008.
* AdVac®/PER.C6® Technology-Based Tuberculosis Vaccine: The
development of this vaccine is being carried out in collaboration
with the Aeras Global TB Vaccine Foundation. A US Phase I trial
(in BCG naïve individuals) has been completed, indicating that
the vaccine candidate is safe in healthy adults in the US. The
results of a second study which took place in South Africa,
launched in May 2007, were presented in April at the
'Tuberculosis Vaccines for the World' conference in Atlanta.
Preliminary data show encouraging results, whereby CD8 immune
responses are considerably higher than previously ever seen in a
tuberculosis vaccine study. A third phase I study in healthy
adults in St. Louis, US was launched in December 2007 and focuses
on the immunogenicity and safety of two AERAS-402/Crucell Ad35
boost doses administered at three to six month intervals after
BCG priming in healthy adults.
* AdVac®/PER.C6® Technology-Based Ebola Vaccine: For the Phase I
study for the Ebola vaccine, which Crucell is developing in
partnership with the Vaccine Research Center (VRC) of the
National Institute of Allergy and Infectious Diseases (NIAID),
two groups of 16 volunteers have been enrolled and vaccinated.
The clinical data is still blinded, however initial indications
suggest that the vaccine is safe at the tested doses and appears
to be immunogenic in a subset of subjects.
* Blood Coagulation Factor VL/C: Preclinical work on this program
continues but conclusive proof of concept is not expected in the
near future.
* AdVac®/PER.C6® Technology-Based HIV Vaccine: The Investigational
New Drug Application (IND) for Phase I of the trial with Harvard
Medical School (supported by the NIH) was approved by the FDA in
January 2008. In April, Crucell announced that the novel
recombinant vaccine (using adenovirus serotype 26 (rAd26)
vector), which is jointly developed with the Beth Israel
Deaconess Medical Center (BIDMC), has gone into a Phase I
clinical study to test a new HIV vaccine. The rAd26 vector is
specifically designed to avoid the pre-existing immunity to the
more commonly used adenovirus serotype 5 (Ad5). The phase I
clinical study will be conducted at the Brigham and Women's
Hospital (BWH) in Boston and will focus on assessing the safety
and immunogenicity of the vaccine. The study will involve 48
healthy volunteers.
* Human Monoclonal Antibodies Against Flu H5N1: Crucell's
scientists discovered a set of human monoclonal antibodies that
provides immediate protection and neutralizes the broadest range
of H5N1 strains in preclinical models. A total of twenty-one
human monoclonal antibodies were discovered. These were found to
be able to neutralize the H5N1 virus of avian influenza, which
currently presents a global threat. The most potent of the
antibodies was shown to neutralize the broadest range of H5N1
strains that have emerged between 1997 and 2004. This antibody
prevents flu, in pre-clinical models, when given twenty four
hours before a challenge with a high dose of deadly pathogenic
H5N1 virus. When given three days after infection, it also was
shown to prevent death and cure the disease. Therefore this
antibody may provide a powerful tool in pandemic preparedness.
PER.C6® technology platform
* DSM Biologics and Crucell announced that another important
milestone has been achieved with the PER.C6® technology platform
for the production of monoclonal antibodies and recombinant
proteins. Scientists working at PERCIVIA reached a record
production level of 15 g/L for an antibody product. PERCIVIA is
the PER.C6® Development Center joint venture between DSM and
Crucell, located in Cambridge, Massachusetts, US.
Development Agreements
* Crucell announced that it has entered into an exclusive vaccine
development agreement with Wyeth Pharmaceuticals, a division of
Wyeth. Under the terms of the agreement, Crucell will be
responsible for the development and manufacturing of certain
components of a vaccine for use by Wyeth in clinical studies. The
development activities will take place in Crucell's vaccine
manufacturing facilities in Bern, Switzerland. Wyeth will be
responsible for the clinical development of the vaccine.
Financial details were not disclosed.
The use of Crucell's facility in Bern Switzerland, which had been
impaired in 2006, enables a partial reversal of EUR 5.2 million of the
impairment for such facilities taken at the end of 2006.
Licensing Agreements
* Crucell announced a non-exclusive STAR® research license
agreement with biopharmaceutical company Medarex for the
production of monoclonal antibodies. Financial details of the
agreement were not disclosed.
* Crucell and DSM Biologics announced that German-based MorphoSys
AG has decided to extend the PER.C6® technology licensing
agreement entered in September 2004, exercising an option for
clinical and commercial production of antibodies. The extended
license agreement allows MorphoSys to use the PER.C6® production
platform for its proprietary therapeutic cancer antibody program
MOR202, as well as for clinical and commercial production of
MOR202. Financial details of the agreement were not disclosed.
* Crucell announced a non-exclusive STAR® research license
agreement with Korean-based ISU ABXIS. The license covers both a
research evaluation of STAR® technology for the production of
recombinant proteins and an option for a commercial license.
Financial details of the agreement were not disclosed.
Appointments
* Crucell's Supervisory Board will propose the nomination of Mr.
Steve Davis as member of Crucell's Supervisory Board at the
company's AGM on May 30, 2008. Mr. Davis (1957) was CEO of Corbis
Corporation until 2007 and now acts as a senior advisor to the
company. Corbis is a global digital media business privately
owned by Mr. Bill Gates. During Mr. Davis' 10-year tenure as CEO
of Corbis Corporation, he oversaw the development of the company
from an internet start-up to an established global leader with
annual revenues of over $250 million and with more than 1100
employees. Prior to his role as CEO, Mr. Davis held several roles
at Corbis as Corporate Attorney, VP Strategy Development and
General Counsel.
* Crucell's Supervisory Board will propose the nomination Dr. Cees
de Jong to join Crucell's Management Board at the company's AGM
on May 30, 2008. Dr. de Jong joined Crucell as Chief Operating
Officer in September 2007 and already serves on Crucell's
Management Committee, which is responsible for the company's
day-to-day operations. Within Crucell's Management Board Dr. de
Jong will inter alia be responsible for the operational
excellence program 'Healthy Ambition', a rigorous review of
Crucell's business processes worldwide with potential savings of
15% on the 2007 cost base (excluding R&D spend), by the end of
2009. Before Dr. de Jong joined Crucell, he was member of the
Board at Quest International, where he was responsible for the
Flavours Division. Prior to Quest, he worked as Managing Director
of DSM Anti-infectives. In 1989 Dr. de Jong started his career at
Gist Brocades, holding a variety of roles in business
development, strategy and general management. Dr. de Jong holds a
Medical Degree and an MBA from the Erasmus University Rotterdam.
Patents
Crucell successfully defended its important general PER.C6® virus
production patent (EP 1108787 B1) during opposition proceedings
before the European Patent Office, where Crucell's main request was
granted without further limitations. The patent as maintained covers
the use of PER.C6® cells for the production of all non-adenoviral
viruses, including influenza viruses, for use in vaccines.
* AdVac® technology patent granted in the US
* Patent relating to MAbstract® technology granted in the US
* Crucell's position in the field of virus production in cell
lines, including but not limited to PER.C6® cell lines, was
strengthened further by a granted patent in Europe
* Crucell further strengthened its position for AdVac® with granted
patents in Australia and China
* PER.C6® protein production patent granted in New Zealand
* STAR® patents (STAR67, used in STAR® constructs) granted in Hong
Kong and Singapore
* Patent in the field of vaccination against ETEC and cholera
granted in Japan
Post Balance Sheet Events
* Crucell announced a non-exclusive STAR® research license
agreement with Toyobo Gene Analysis Co. LTD. Under the agreement,
Toyobo Gene Analysis will evaluate Crucell's STAR® technology for
generating cell lines for the production of recombinant proteins
for third-party customers. Financial details of the agreement
were not disclosed.
* Crucell announced that the novel recombinant adenovirus serotype
26 (rAd26) vector, which is jointly developed with the Beth
Israel Deaconess Medical Center, has gone into a Phase I clinical
study to test a new HIV vaccine. The rAd26 vector is specifically
designed to avoid the pre-existing immunity to the more commonly
used adenovirus serotype 5 (Ad5), which has recently shown
limitations as an HIV vaccine vector.
* Crucell announced a non-exclusive STAR® research license
agreement with Celltrion, Inc. for the production of recombinant
proteins. Under the agreement, Celltrion will evaluate Crucell's
STAR® technology for generating cell lines for the manufacturing
of biopharmaceuticals. Financial details of the agreement were
not disclosed.
Financial Review
Total Revenue and Other Operating Income
Total revenue and other operating income was EUR 47.9 million for the
first quarter of 2008, an improvement of 36% compared to the same
quarter of 2007 (41% in constant currencies). The improvement was
driven by strong sales of paediatric vaccines, in particular
Quinvaxem(TM), higher sales of travel vaccines and higher license
fees ant other income.
Product sales for the first quarter amounted to EUR 35.5 million and
represent sales of paediatric vaccines (46%), travel vaccines (38%)
and other products (16%).
License revenues were EUR 5.2 million in the first quarter, an increase
of EUR 2.5 million compared to the same quarter of 2007. License
revenues consist of initial payments from new contracts as well as
milestones and other payments on existing contracts.
Service fees for the quarter were EUR 2.0 million, compared to EUR 2.1
million last year. Service fees represent revenue for product
development activities performed under contracts with partners and
licensees.
Total other operating income was EUR 5.1 million for the quarter,
compared to EUR 3.7 million in the first quarter of 2007.
Net results were affected by a partial reversal of EUR 5.2 million on
the impairment of the facility in Bern (Switzerland), which had been
taken in the fourth quarter of 2006. The facility is now in use to
develop a vaccine under the agreement which was signed with Wyeth
Pharmaceuticals in March 2008.
Cost of Goods Sold
Cost of goods sold for the first quarter of 2008 amounted to EUR 25.6
million, EUR 24.7 million of which represents product costs and the
remainder of EUR 0.9 million the cost of service and license activities.
Gross operating margins for the quarter were 40% versus 23% in the
same period of 2007. This increase is due to higher license income,
lower acquisition related costs and product mix.
Expenses
Total expenses consist of research and development (R&D) expenses,
marketing and sales (M&S) and general and administrative (G&A)
expenses. Total expenses for the period were EUR 31.2 million for the
first quarter excluding reversal of impairment, representing a EUR 0.3
million increase over the same period in 2007.
R&D expenses for the first quarter amounted to EUR 15.8 million, which
represents a EUR 0.8 million decrease versus the first quarter of 2007.
The decrease can be attributed to the optimization of R&D activities
and the timing of specific R&D expenses during the year.
M&S expenses for the quarter were EUR 8.2 million, which represents a
EUR 0.5 million increase versus the first quarter of 2007. The increase
can be attributed to more sales activity of our existing products
during this quarter.
G&A expenses for the first quarter of 2008 were EUR 7.2 million and
represent an increase of EUR 0.5 million over the same quarter in 2007,
which include costs related to the 'Healthy Ambition' program.
Net financial income & expenses in the first quarter of negative EUR 4.4
million was the result of foreign exchange losses caused by the
weaker US Dollar and by the strengthening of the Swiss Franc against
the Euro.
Net Loss
The Company reported a net loss EUR 9.0 million for the first quarter of
2008 compared to EUR 18.5 million in the same period of 2007. This
amounted to EUR 0.14 net loss per share, compared to a net loss per
share of EUR 0.29 in the first quarter of 2007.
Balance Sheet
Tangible fixed assets amounted to EUR 152.1 million on March 31, 2008.
Intangible assets represent assets acquired in acquisitions and
amounted to EUR 89.9 million. This figure represents acquired in-process
R&D; developed technology; patents and trademarks; and value of
customer and supplier relationships.
Investments in associates and joint ventures amount to EUR 8.9 million
and represents investments in AdImmune and PERCIVIA. The Company's
investment in Galapagos NV is classified under available-for-sale
investments.
Total equity on March 31, 2008 amounted to EUR 429.0 million. A total of
65.4 million ordinary shares were issued and outstanding on March 31,
2008.
Cash Flow and Cash Position
Cash and cash equivalents decreased by EUR 41.4 million in the first
quarter to EUR 121.9 million.
Deterioration of cash flow and working capital in the first quarter
was 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.
Net cash used in operating activities in the first quarter of 2008
was EUR 34.0 million. Overall investments in net working capital
increased mainly due to an inventory build-up of EUR 13.2 million and a
decrease in accounts payable of EUR 14.1 million.
In the first quarter net cash used in investing activities amounted
to EUR 1.3 million. This consists of capital expenditure of EUR 3.1 million
partly offset by EUR 1.0 million of received interest.
In the quarter, net cash used in financing activities amounted to
EUR 6.6 million, consisting of repayment of financial liabilities.
Outlook 2008 reiterated:
Crucell expects combined full year 2008 total revenue and total other
operating income to grow by 20% in constant currencies[3]. 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 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. has finalized the financial statements for the year
ended December 31, 2007. We filed our 2007 Annual Report Form 20-F
with the U.S. Securities and Exchange Commission and published our
Statutory Annual Accounts for the year 2007 on May 7, 2008.
The consolidated balance sheet of Crucell N.V. as of March 31, 2008,
the related consolidated statements of operations and consolidated
statements of cash flows for the period ended March 31, 2008 and all
quarterly information as presented in this press release is
unaudited.
Forward-looking statements
This press release contains forward-looking statements that involve
inherent risks and uncertainties. We have identified certain
important factors that may cause actual results to differ materially
from those contained in such forward-looking statements. For
information relating to these factors please refer to our Form 20-F,
as filed with the U.S. Securities and Exchange Commission on May 7,
2008, and the section entitled "Risk Factors". The Company prepares
its financial statements under International Financial Reporting
Standards (IFRS).
Conference Call and Webcast
At 14:00 Central European Time (CET), Crucell's management will
conduct a conference call, which will also be webcast. To participate
in the conference call, please call one of the following telephone
numbers 10 minutes prior to the event:
+44 203 023 4471 for the UK;
+1 646 843 4608 for the US; and
+3120 794 8426 for the Netherlands
Following a presentation of the results, the lines will be opened for
a question and answer session.
The live audio webcast can be accessed via the homepage of Crucell's
website at www.crucell.com and will be archived and available for
replay following the event.
About Crucell
Crucell N.V. (Euronext, NASDAQ: CRXL; Swiss Exchange: CRX) is a
global biopharma company focused on research, development, production
and marketing of vaccines, proteins and antibodies that prevent and
treat primarily infectious diseases. Its vaccines are sold in public
and private markets worldwide. Crucell's core portfolio includes a
vaccine against hepatitis B, a fully-liquid vaccine against five
important childhood diseases and a virosome-adjuvanted vaccine
against influenza. Crucell also markets travel vaccines, such as the
only oral anti-typhoid vaccine, an oral cholera vaccine and the only
aluminum-free hepatitis A vaccine on the market. The Company has a
broad development pipeline, with several product candidates based on
its unique PER.C6® production technology. The Company licenses its
PER.C6® technology and other technologies to the biopharmaceutical
industry. Important partners and licensees include DSM Biologics,
sanofi-aventis, Novartis, Wyeth and Merck & Co. Crucell is
headquartered in Leiden, the Netherlands, with subsidiaries in
Switzerland, Spain, Italy, Sweden, Korea and the US. The Company
employs over a 1000 people. For more information, please visit
www.crucell.com.
Financial Calendar:
30 May 2008 Annual General Meeting of Shareholders
12 August 2008 Q2 Results 2008
11 November 2008 Q3 Results 2008
17 February 2009 Q4 Results 2008
For further information please contact:
Media: Investors/Analysts:
Crucell N.V. Crucell N.V.
Barbara Mulder Oya Yavuz
Director Corporate Communications Director Investor Relations
Tel: 31-(0)71 519 7346 Tel. +31-(0)71-519 7064
press@crucell.com ir@crucell.com
www.crucell.com www.crucell.com
[1] Constant currencies = Weighted average EUR/USD rate of 1.38 in
2007.
[2] Constant currencies = Weighted average EUR/USD rate of 1.38 in
2007.
[3] Constant currencies = Weighted average EUR/USD rate of 1.38 in
2007.
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