GROWTH ACCELERATED IN 2007
Growth picked up speed in 2007, with net sales up 16% to €147 million. Sublingual treatment is gaining popularity, growing 21% in 2007, and this is driving growth at Stallergènes on all markets. A signifi cant increase in the number of new patients, in particular in France and Germany, has been the principal vector.
Owing to these strong sales, operating income was €49 million before R&D, up 19% and €25.3 million after R&D, a rise of 9%. Net income was €16 million, up 10% over 2006. These good results were achieved amid increases of 32% in R&D and 20% in sales and marketing costs related to the tablet program.
Stallergènes maintained its net margin at the high level of 11.1%, enabling it once again to generate signifi cant, positive free cash fl ow of €6.5 million and to reduce net debt by 14% to €10.4 million.
THE ORALAIR® TABLET PROGRAM.
R&D represented
more than 16% of net sales. Precursor
and leader in sublingual immunotherapy,
Stallergènes is now carrying out an ambitious
development program aimed at offering
sublingual immunotherapy in tablet form. The
ORALAIR® tablet program includes three
products (grass pollen, birch pollen and mites)
and will make it possible to treat the principal
allergies affl icting around two of every three
allergy sufferers in Europe. The effectiveness
and favorable tolerance of ORALAIR® Graminées
have been validated by the results of two
clinical studies fi nalized in late 2007, one on adults and one on children. As soon as the
product is approved by the German healthcare
authorities, Stallergènes will apply for approval
in most European countries under the mutual
recognition procedure.
The two other products, the birch pollen and
mites allergen tablets, are under development.
Development of the tablets has required
signifi cant investment. Industrially, an extension
to Stallergènes’ production facilities will soon
be opened, while on the sales & marketing
side, signifi cant resources have been devoted
to preparation for the European launch of
ORALAIR® Graminées. In addition, Stallergènes
is seeking a partner to develop and sell
ORALAIR® Graminées in the United States.
Alongside the tablet program, Stallergènes is
conducting the Enhanced Allergens program,
which aims to use new technologies to modulate
the immune response.
This innovative research program is part of
Stallergènes’ overall approach, which consists
in dedicating its unique expertise in allergens
to the constant improvement of oral immunotherapy
treatment.
OUTLOOK
For 2008 Stallergènes
aims to increase sales
by at least 10%.
To accompany the program
underway, the company
intends to intensify R&D,
which should represent
17-18% of the top line in
2008. Stallergènes also
plans to request authorization
to perform clinical trials
in the United States (IND
process), in view of a filing.
Finally, Stallergènes will
continue to study proposals
for partnerships in the United
States.
