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Crucell Announces Record Revenues and Profits for Full Year 2009
Total revenues and other operating income increased 26% to EUR358.0 million.
Operating profit increased more than four-fold to EUR39.0 million.
Net profit increased 68% to EUR23.9 million.
Undiluted EPS increased 55% to EUR0.34.
Year-end cash and short-term liquidities EUR428.0 million.
2010 guidance: Use continued strong operating cash flow to accelerate product development. R&D spending to increase by over one-third, while maintaining a healthy operating profit.
Revenues and other operating income broadly in line with 2009.
Leiden, the Netherlands (February 9, 2010) - Dutch biopharmaceutical company Crucell N.V. (NYSE Euronext, NASDAQ: CRXL; Swiss Exchange: CRX) today announced its financial results for the fourth quarter and full year of 2009, based on International Financial Reporting Standards (IFRS). These financial results are unaudited.
Business Highlights 2009:
Strategic agreement, worth over EUR1 billion, for revolutionary influenza antibody research signed with Johnson & Johnson (JNJ) in September 2009. Crucell's scientists discovered human monoclonal antibodies that cross-neutralize influenza viruses of different subtypes (including H5 and H1) and that provide immediate protection against the broadest range of flu strains in pre-clinical models.
National Institutes of Health (NIH) awarded up to $69.1 million for novel influenza antibody research in August 2009. Initial funding of up to $40.7 million, with additional options that may be triggered at the discretion of the NIH worth a further $28.4 million.
Detailed positive results of the Phase II Philippines study of rabies monoclonal antibody combination were presented at the 20(th) Rabies in the Americas (RITA) Conference in Canada in October 2009.
Promising preliminary results of the HIV vaccine Phase I study were presented in October 2009 at the AIDS Vaccine Conference 2009 in France, showing that this HIV candidate vaccine is safe and immunogenic.
In July 2009 Crucell announced the collaboration with the PATH Malaria Vaccine Initiative (MVI) and the United States Agency for International Development (USAID) Malaria Vaccine Development Program (MVDP) to accelerate development of its malaria vaccine.
In May 2009, Crucell announced that, following the success of Crucell's rabies and flu antibody programs, Crucell obtained an exclusive license from Stanford University for the development of an antibody combination against the hepatitis C virus.
In August 2009 Crucell announced $300 million worth of new awards from a large supranational organization for supplies of Quinvaxem(), the first portion of the new 3-year tender period (2010-2012). The new awards are in addition to the $500 million obtained over the tender period 2007-2009.
Construction of the new vaccine manufacturing facility in Incheon, Korea, has progressed in rapid pace and technical completion has been achieved in 13 months. First test runs are planned for the second quarter of 2010.
Our partner Adimmune successfully started production of influenza vaccines in Taiwan and is a promising future supplier of flu antigens for us.
In 2009 Crucell signed 12 new license/vendor agreements, including agreements with Centocor Inc., Momotaro-Gene Inc., Patrys Ltd., TapImmune Inc., Calmune Corporation, Cangene and Vivante GMP Solutions. Vendor Network Agreements were signed with Bioceros B.V. and KBI Biopharma Inc.
Financial Highlights 2009:
Combined total revenues and other operating income were EUR358.0 million, compared to EUR283.3 million in 2008. The increase of 26% was mainly driven by strong sales of our paediatric vaccines. At guidance currency EUR/USD rate of 1.35, the total revenue growth was 29%. This is primarily due to the US dollar depreciating versus the Euro.
Product sales were EUR304.4 million, a 35% increase compared to 2008, representing sales of paediatric vaccines (59%), travel and endemic vaccines (18%), respiratory vaccines (12%) and other products (11%).
Gross margins of 42%, compared to 45% in 2008. Currency movements and the timing of milestones impacted margins.
The Company achieved operating profit of EUR39.0 million for the full year, compared to EUR7.4 million operating profit in 2008.
The consolidated effective income tax rate was 37% for 2009. Income taxes for the full year were EUR14.0 million. The effective tax rate is relatively high due to an operating loss in the Netherlands as a result of R&D expenses, for which no tax benefit is recognized.
Crucell achieved a net profit of EUR23.9 million, compared to EUR14.3 million in 2008. Net profit per share of EUR0.34, compared to EUR0.22 in 2008.
As part of the strategic …