Regulatory News:
Ipsen (Paris:IPN) reported today its sales for the full year 2007.
Fourth quarter and full year unaudited IFRS consolidated sales
-0-
*T
(in million euros) 4th quarter 12 months
2007 2006 % change 2007 2006 % change
SALES BY REGION
Major Western European
countries 145.3 139.9 3.9% 564.3 551.7 2.3%
Other European countries 50.4 43.7 15.4% 208.1 184.8 12.6%
Rest of the world 37.5 26.9 39.5% 148.1 125.2 18.3%
Group Sales 233.2 210.5 10.8% 920.5 861.7 6.8%
SALES BY PRODUCT
Specialist Care 128.5 107.2 19.8% 493.7 443.8 11.2%
Primary care 96.8 96.9 (0.2%) 393.1 390.8 0.6%
Total Drug Sales 225.2 204.1 10.3% 886.8 834.6 6.3%
Drug-related Sales(1) 8.0 6.3 26.2% 33.7 27.1 24.3%
Group Sales 233.2 210.5 10.8% 920.5 861.7 6.8%
*T
Consolidated Group sales reached EUR 920.5 million, up 6.8%
year-on-year. This increase was fuelled by the strong growth in
endocrinology and neuromuscular disorders franchises, up 19.7% and
13.6% respectively over the period and by the strong performance of
gastroenterology products in international markets, up 9.2%
year-on-year, partly offset by slower sales in France, notably of
Tanakan(R) and Ginkor Fort(R), both products suffering from volume
decreases as well as price cuts respectively enforced in July 2007 and
March 2006.
In volume, Group sales grew by a solid 9.1% year-on year. Price
pressure negatively impacted Ipsen´s consolidated sales growth by 2.1
points representing EUR 17.9 million, among which EUR 3.9 million on
Tanakan(R) in France and EUR 4.3 million on Decapeptyl(R) in Italy.
Sales in Major Western European countries amounted to EUR 564.3
million, up 2.3% year-on-year, driven by robust growth of
Decapeptyl(R) in Germany and the United Kingdom and of Dysport(R) in
the United Kingdom, partially offset by a slow-down in France, notably
due to negative price impacts on Tanakan(R) and Ginkor Fort(R). Over
the same period sales in this region represented 61.3% of total sales
compared with 64.0% a year earlier. Sales in Other European countries
reached EUR 208.1 million, up 12.6% year-on-year. Over the same
period, sales in this region represented 22.6% of total sales, against
21.4% a year earlier. Sales generated in the Rest of the World reached
EUR 148.1 million, up 18.3% year-on-year, reflecting the intrinsic
volatility in order intake in many export markets. Over the same
period, sales in this region represented 16.1% of total sales, against
14.5% a year earlier.
(1) Active ingredients and raw materials
About Ipsen
Ipsen is an innovation driven international specialty
pharmaceutical group with over 20 products on the market and a total
worldwide staff of nearly 4,000. The company´s development strategy is
based on a combination of products in specialist care areas (oncology,
endocrinology and neuromuscular disorders) which are growth drivers,
and primary care products which contribute significantly to its
research financing. This strategy is also supported by an active
policy of partnerships. The location of its four Research and
Development centres (Paris, Boston, Barcelona, London) gives the Group
a competitive edge in gaining access to leading university research
teams and highly qualified personnel. In 2006, R&D expenditure was EUR
178.3 million, i.e. 20.7% of consolidated sales, which amounted to EUR
861.7 million while total revenues amounted to EUR 945.3 million (in
IFRS). 700 people in R&D are dedicated to the discovery and
development of innovative drugs for patient care. Ipsen´s shares are
traded on Segment A of Eurolist by Euronext(TM) (stock code: IPN, ISIN
code: FR0010259150). Ipsen´s shares are eligible to the "Systeme a
Reglement Differe" ("SRD") and the Group is part of the SBF 120 index.
For more information on Ipsen, visit our website at www.ipsen.com.
Forward-looking statements
The forward-looking statements and targets contained herein are
based on Ipsen´s management´s current views and assumptions. Such
statements involve known and unknown risks and uncertainties that may
cause actual results, performance or events to differ materially from
those anticipated herein.
Ipsen expressly disclaims any obligation or undertaking to update
or revise any forward-looking statements, targets or estimates
contained in this press release to reflect any change in events,
conditions, assumptions or circumstances on which any such statements
are based unless so required by applicable law. Ipsen´s business is
subject to the risk factors outlined in its information documents
filed with the French Autorite des Marches Financiers.
APPENDIX
Risk factors
The Group carries on business in an environment which is
undergoing rapid change and exposes its operations to a number of
risks, some of which are outside its control. The risks and
uncertainties set out below are not exhaustive and the reader is
advised to refer to Ipsen´s 2006 Registration Document available on
its website (www.ipsen.com).
-- The Group is dependent on the setting of prices for medicines
and is vulnerable to the possible withdrawal of certain
products from the list of reimbursable products by governments
or by the relevant regulatory authorities in the countries
where it does business.
-- A number of products that the Group is developing are still at
the very first stages of development and the Group cannot be
certain that these products will be approved by the competent
regulatory authorities and that they will be successfully
marketed.
-- The Group depends on third parties to develop and market some
of its products, which generates substantial royalties for the
Group, but these third parties could behave in ways which
cause damage to the Group´s business.
-- The Group´s competitors could infringe its patents or
circumvent them through design innovations. In order to
prevent infringements, the Group could engage in patent
litigation which is costly and time-consuming. It is difficult
to monitor the unauthorised use of the Group´s intellectual
property rights and it could find itself unable to prevent the
unlawful appropriation of its intellectual property rights.
-- The Group must deal with or may have to deal with competition
(i) from generic products, (ii) products which, although they
are not strictly identical to the Group´s products or which
have not demonstrated their bioequivalence, may obtain a
marketing authorisation for indications similar to those of
the Group´s products pursuant to the bibliographic reference
regulatory procedure (well established medicinal use) before
the patents protecting its products expire, in particular
Tanakan(R) and (iii) products sold for unauthorised uses when
the protection afforded by patent law to the Group´s products
and those of its competitors expires. Such a situation could
result in the Group losing market share which could affect its
current level of growth in sales or profitability. To avoid
such situations or to reduce their impact, the Group could
bring legal actions against the counterfeiters in order to
protect its rights.
Major developments in the period under review
During the fourth quarter 2007, the major developments included:
-- On December 6, 2007 - Ipsen and Galderma, a leading global
pharmaceutical company focused on dermatology, announced that
they have entered into a new partnership for the exclusive
promotion and distribution of Ipsen´s Dysport(R), the
company´s botulinum toxin type A product, for use in aesthetic
medicine and dermatological indications in Brazil, Argentina
and Paraguay.
-- On December 6, 2007 - Ipsen and Medicis announced the
submission of the Biologics License Application ("BLA") for
Reloxin(R) to the U.S. Food and Drug Administration ("FDA").
Upon FDA´s acceptance of the Reloxin(R) filing, Medicis will
pay Ipsen approximately $25 million in accordance with the
agreement between the parties. In March 2006, Ipsen granted
Medicis the rights to develop, distribute and commercialize
Ipsen´s botulinum toxin product in the United States, Canada
and Japan for aesthetic use by physicians. Medicis anticipates
a response from FDA in approximately 10 months following FDA´s
receipt of the Reloxin(R) submission.
-- On December 6, 2007 - Ipsen announced that it has submitted a
Biologics License Application (BLA) for Dysport(R) for
Injection in cervical Dystonia to the Food and Drug
Administration (FDA) in the United States for the treatment of
patients with cervical dystonia.
-- On December 4, 2007 - Ipsen and Erasmus University Medical
Center Rotterdam announced that they have extended their
alliance by concluding a collaboration agreement to identify
and progress therapeutic concepts and innovative products
within the fields of endocrinology, diabetes and metabolism.
-- On November 20, 2007 - Celera, an Applera Corporation
business, and Ipsen announced that they have entered into a
research collaboration to develop biomarker and
pharmacogenomic tests for growth failure patients.
-- On October 10, 2007 - Ipsen and Debiopharm, a global
independent biopharmaceutical development specialist in
oncology and serious medical conditions announced the
extension of their agreement, whereby Ipsen exclusively
in-licenses know-how and new patent applications for the
commercialization rights of Decapeptyl(R) (triptorelin
pamoate) in the world excluding North America, and some other
countries (Sweden, Israel, Iran and Japan).
European governments continued to introduce various measures to
reduce public healthcare spending, which affected the Group´s sales
and earnings during 2007:
-- In France, the price of Ginkor Fort(R), which generated sales
of EUR 38.2 million in France in 2006, was cut by 15% in
February 2006. On 25 January 2006 the French Authorities
published their decision to lower the reimbursement rate of
Ginkor Fort(R) from 35% to 15% from 1 February 2006 to 31
December 2007, and to remove it from the list of reimbursable
drugs on 1 January 2008.
-- The price of NutropinAq(R) was also reduced in France by 7% on
1 August 2006 following a decision of the Economic Committee
for Health Products (CEPS).
-- The French authorities have also announced a reimbursement
rate cut - to 35% from 65% - along with a 7% price reduction
on Pfizer´s Artotec(R), the promotion of which is carried out
by Ipsen since 2006. These measures have been implemented on 1
January 2007.
-- In Italy, the government announced a 0.6% reduction in drug
prices, effective as of 1 July 2006, followed by a second 5.0%
reduction effective as of 1 October 2006. Moreover, hospitals
have been allowed to purchase and distribute
pharmacy-dispensed products at a discount.
-- On 26 October 2006, the French Minister of Health and
Solidarities decided to maintain the class of vasodilators,
among which Tanakan(R), on the list of reimbursable drugs and
to keep their reimbursement rate by the French Social Security
at 35%. Furthermore, the Minister had asked the Comite
Economique des Produits de Sante to implement a price cut of
up to 20% to these drugs by the end of January 2007. On 15
June 2007, a 10% price cut on Tanakan(R) in France as of 1
July 2007 was published in the Journal Officiel.
-- In the United Kingdom the Department of Health has approved
list price increases as of 1 June 2007 from 6.7 % to 9.6% for
Dysport(R), Somatuline(R) and NutropinAq(R) thanks to
over-delivery of savings to the Department due to over-budget
sales performance of Decapeptyl(R).
Comparison of consolidated sales for the fourth quarter and full
year of 2007 and 2006:
Sales by geographical region
Group sales by geographical region for the fourth quarter and full
year 2007 and 2006 were as follows:
-0-
*T
4th quarter 12 months
(in thousand
euros) 2007 2006 % change 2007 2006 % change
France 92,764 92,648 0.1% 353,894 358,666 (1.3%)
Spain 14,325 13,683 4.7% 55,604 53,099 4.7%
Italy 15,896 15,285 4.0% 65,312 66,414 (1.7%)
Germany 11,429 9,513 20.1% 48,026 40,279 19.2%
United Kingdom 10,888 8,751 24.4% 41,426 33,216 24.7%
Major Western
European countries 145,302 139,880 3.9% 564,262 551,674 2.3%
Other European
countries 50,406 43,696 15.4% 208,121 184,800 12.6%
Asia 17,690 13,116 34.9% 77,988 67,184 16.1%
North America 469 99 374.6% 420 99 325.3%
Other countries in
the rest of the
world 19,377 13,701 41.4% 69,684 57,919 20.3%
Rest of the world 37,535 26,916 39.5% 148,092 125,202 18.3%
Group Sales 233,244 210,492 10.8% 920,475 861,676 6.8%
*T
For the fourth quarter 2007, sales generated in the Major Western
European countries amounted to EUR 145.3 million, up 3.9% year-on-year
(fourth quarter 2006, EUR 139.9 million). For the full year 2007,
sales in the Major Western European countries amounted to EUR 564.3
million, up 2.3% year-on-year, driven by the robust sales growth of
Somatuline(R) in the United Kingdom, France and Spain and of
NutropinAq(R) in Italy, France and in the United Kingdom. These good
performances were partially offset by negative price impacts in Italy,
notably on Decapeptyl(R) and by a decrease in Tanakan(R) sales in
France following a 10% price cut implemented on July 1, 2007 and an
increased competitive environment. Sales in this region represented
61.3% of total sales compared with 64.0% a year earlier.
France - For the fourth quarter 2007, sales reached EUR 92.8
million, up 0.1% year-on-year (fourth quarter 2006, EUR 92.6 million),
strongly impacted by the price cut on Tanakan(R) and by an increased
competitive environment in France, following the recent launch of a
new product containing a Ginkgo biloba extract. These negative impacts
offset the positive effects of the launch of Adrovance(TM) in May 2007
as well as the good performances of Somatuline(R), NutropinAq(R),
Forlax(R), Smecta(R), Nisis(R) & Nisisco(R) and Dysport(R). For the
full year 2007, solid sales growth of specialist care products and of
Smecta(R) and Forlax(R) were offset by decreasing sales of Tanakan(R),
down 14.7 points year-on-year and by decreasing sales of Ginkor
Fort(R), in the context of its impending delisting from the list of
reimbursed products on January 1, 2008. The weight of France in the
Group´s consolidated sales continued to decline, representing 38.4% of
total Group sales against 41.6% a year earlier.
Spain - For the fourth quarter 2007, sales reached EUR 14.3
million, up 4.7% year-on-year (fourth quarter 2006, EUR 13.7 million).
For the full year 2007, sales were up 4.7% year-on-year, fuelled by
the growth of Somatuline(R), NutropinAq(R), and Dysport(R), despite an
increased competitive environment for Decapeptyl(R).
Italy - For the fourth quarter 2007, sales reached EUR 15.9
million, up 4.0% year-on-year (fourth quarter 2006, EUR 15.3 million),
despite negative price impacts reaching -EUR 0.5 million during the
period. For the full year 2007, sales decreased by 1.7% year-on-year,
with price pressure negatively impacting sales growth by 8.2 points.
This price pressure resulted from the combination of a mandatory 5%
price cut implemented in October 2006 by the Italian authorities and
of price erosion linked to a higher hospital distribution, which
accounts for more than two thirds of total sales, notably for
Decapeptyl(R) and Somatuline(R).
Germany - For the fourth quarter 2007, sales reached EUR 11.4
million, up 20.1% year-on-year (fourth quarter 2006, EUR 9.5 million).
For the full year 2007, sales amounted to EUR 48.0 million, up by
19.2% year-on-year. All specialist care products continued to show
strong growth, with notably sales of Decapeptyl(R), launched in June
2004, almost doubling year-on-year.
United Kingdom - For the fourth quarter 2007, sales reached EUR
10.9 million, up 24.4% year-on-year (fourth quarter 2006, EUR 8.8
million). For the full year 2007, sales in the United Kingdom were up
24.7% year-on-year, with all products displaying strong growth, and in
particular Decapeptyl(R), successfully launched in 2005, almost
doubling year-on-year.
For the fourth quarter 2007, sales generated in the Other European
countries reached EUR 50.4 million, up 15.4% year-on-year (fourth
quarter 2006, EUR 43.7 million). For the full year 2007, sales
generated in the Other European countries reached EUR 208.1 million,
up 12.6% year-on-year (full year 2006, EUR 184.8 million) mainly
driven by strong volume growth of Tanakan(R) in Romania and Eastern
European countries, and Decapeptyl(R) in Poland and Eastern European
countries. Over the same period, sales in this region represented
22.6% of total consolidated Group sales, against 21.4% a year earlier.
For the fourth quarter 2007, sales generated in the Rest of the
World reached EUR 37.5 million, up 39.5% year-on-year (fourth quarter
2006, EUR 26.9 million) thanks to strong volume growth of Smecta(R) in
China, of Decapeptyl(R) in China and the Middle East, of Dysport(R) in
Brazil, South Korea and Australia, and of all products in Algeria. For
the full year 2007, sales generated in the Rest of the World reached
EUR 148.1 million, up 18.3% year-on-year, driven notably by a good
performance of Decapeptyl(R) in the Middle East and China, of
Dysport(R) in Brazil and Australia and of Smecta(R) in China. Over the
same period, sales in this region represented 16.1% of total
consolidated Group sales, against 14.5% a year earlier.
Sales by therapeutic area and by product
The following table shows sales by products, regrouped by
therapeutic areas for the fourth quarter and full year 2007 and 2006:
-0-
*T
4th quarter
(in thousand euros) 2007 2006 % change
Oncology 60,759 53,544 13.5%
of which Decapeptyl(R)
(1) 60,755 53,521 13.5%
Endocrinology 34,715 27,331 27.0%
of which Somatuline(R)
(1) 27,783 22,423 23.9%
NutropinAq(R)
(1) 6,123 4,428 38.3%
Increlex(R) na
(1) 190
Neuromuscular
disorders 33,004 26,367 25.2%
of which Dysport(R)
(1) 33,004 26,367 25.2%
--------------------------------- --------- --------- ----------
Specialist Care 128,478 107,242 19.8%
================================= ========= ========= ==========
Gastroenterology 41,148 39,075 5.3%
of which Smecta(R) 20,899 19,054 9.7%
Forlax(R) 13,225 11,975 10.4%
Cognitive
disorders 29,201 34,162 (14.5%)
of which Tanakan(R) 29,201 34,162 (14.5%)
Cardiovascular 23,692 22,359 6.0%
of which Nisis(R) &
Nisisco(R) 15,406 12,030 28.1%
Ginkor
Fort(R) 7,541 8,809 (14.4%)
Other Primary Care
products 2,712 1,305 107.9%
of which Adrovance(TM) 1,010 na
--------------------------------- --------- --------- ----------
Primary care 96,753 96,901 (0.2%)
================================= ========= ========= ==========
Total Drug sales 225,231 204,143 10.3%
Drug-related sales 8,013 6,349 26.2%
Group Sales 233,244 210,492 10.8%
12 months
(in thousand euros) 2007 2006 % change
Oncology 235,164 222,039 5.9%
of which Decapeptyl(R)
(1) 235,141 221,925 6.0%
Endocrinology 129,855 108,448 19.7%
of which Somatuline(R)
(1) 103,622 92,222 12.4%
NutropinAq(R)
(1) 23,688 14,728 60.8%
Increlex(R) na
(1) 193
Neuromuscular
disorders 128,699 113,319 13.6%
of which Dysport(R)
(1) 128,699 113,319 13.6%
--------------------------------- --------- --------- ----------
Specialist Care 493,718 443,806 11.2%
================================= ========= ========= ==========
Gastroenterology 171,852 157,430 9.2%
of which Smecta(R) 88,889 80,341 10.6%
Forlax(R) 51,843 46,303 12.0%
Cognitive
disorders 119,347 129,882 (8.1%)
of which Tanakan(R) 119,347 129,882 (8.1%)
Cardiovascular 95,245 99,268 (4.1%)
of which Nisis(R) &
Nisisco(R) 53,694 50,661 6.0%
Ginkor
Fort(R) 36,891 41,700 (11.5%)
Other Primary Care
products 6,630 4,197 58.0%
of which Adrovance(TM) 2,609 na
--------------------------------- --------- --------- ----------
Primary care 393,074 390,777 0.6%
================================= ========= ========= ==========
Total Drug sales 886,792 834,583 6.3%
Drug-related sales 33,683 27,093 24.3%
Group Sales 920,475 861,676 6.8%
(1) Peptide- or protein-based products
*T
For the fourth quarter 2007, sales of specialist care products
reached EUR 128.5 million, up 19.8% year-on-year (fourth quarter 2006,
EUR 107.2 million), representing 55.1% of the Group´s consolidated
sales, against 50.9% a year earlier. For the full year 2007, sales of
specialist care products reached EUR 493.7 million, up 11.2%
year-on-year (full year 2006, EUR 443.8 million), representing 53.6%
of the Group´s consolidated sales, against 51.5% a year earlier.
-- Within the oncology franchise, Decapeptyl(R) sales reached EUR
60.8 million for the fourth quarter 2007, up 13.5%
year-on-year (fourth quarter 2006, EUR 53.5 million) mainly
due to very strong growth in Middle East, Poland and China
despite negative price impacts mainly in Italy and France. For
the full year 2007, sales of Decapeptyl(R) were up 6.0%,
driven by strong sales in the Middle East, Germany, China, and
Central Europe (particularly Poland) despite the negative
price impacts in Italy described above and a certain slow-down
in Spain and in Belgium.
-- In endocrinology, sales reached EUR 34.7 million for the
fourth quarter 2007, up 27.0% year-on-year (fourth quarter
2006, EUR 27.3 million), driven by the strong performance of
Somatuline(R) in all countries. For the full year 2007, sales
in endocrinology represented 14.1% of total Group sales, up
against 12.6% a year earlier.
Somatuline(R) -- For the fourth quarter 2007, sales reached EUR
27.8 million, up 23.9% year-on-year (fourth quarter 2006, EUR 22.4
million). For the full year 2007, Somatuline(R) sales amounted to EUR
103.6 million, up 12.4% year-on-year, thanks to strong growth in the
United Kingdom, France, Spain, Belgium and Australia.
NutropinAq(R) -- For the fourth quarter 2007, sales reached EUR
6.1 million, up 38.3% year-on-year (fourth quarter 2006, EUR 4.4
million). For the full year 2007, sales of NutropinAq(R) amounted for
EUR 23.7 million, up 60.8% year-on-year driven by strong performances
in all countries, especially in France, Italy and Austria.
-- Within the neuromuscular disorders franchise, Dysport(R) sales
reached EUR 33.0 million, up 25.2% year-on-year (fourth
quarter 2006, EUR 26.4 million), fuelled by strong sales in
Brazil. For the full year 2007, sales of Dysport(R) amounted
to EUR 128.7 million, up 13.6% year-on-year driven by strong
growth in the United Kingdom, Brazil, Russia, Germany and
Mexico.
For the fourth quarter 2007, sales of Primary Care products
reached EUR 96.8 million, down 0.2% year-on-year (fourth quarter 2006,
EUR 96.9 million), impacted by slower sales in France, notably of
Tanakan(R) and Ginkor Fort(R), both products suffering from price cuts
respectively enforced in July 2007 and March 2006, and pressure on
volumes sold. Sales of Primary care drugs outside the Major Western
European countries, continued to perform well, notably of
gastroenterology products in China. For the full year 2007, sales of
Primary Care products reached EUR 393.1 million, up 0.6% year-on-year
(full year 2006 EUR 390.8 million), representing 42.7% of the Group´s
consolidated sales, against 45.4% a year earlier. The solid sales
growth in gastroenterology (up 9.2% year-on-year) and the favourable
impact of the launch of Adrovance(TM) (sales of EUR 2.6 million in
2007) were fully offset by the negative performance of Ginkor Fort(R)
and Tanakan(R) in France.
-- In gastroenterology, sales reached EUR 41.1 million, up 5.3%
year-on-year (fourth quarter 2006, EUR 39.1 million).
Smecta(R) -- For the fourth quarter 2007, sales reached EUR 20.9
million, up 9.7% year-on-year (fourth quarter 2006, EUR 19.1 million),
thanks to strong sales in France where a formulation with a new aroma
was launched, and in Eastern Europe and China, despite lower sales in
Algeria compared to the fourth quarter of 2006. For the full year
2007, sales of Smecta(R) amounted to EUR 88.9 million, up 10.6%
year-on-year. Sales of Smecta(R) outside of France reached 67.1% of
total sales of the product in the full year 2007, compared with 66.8%
a year ago.
Forlax(R) -- For the fourth quarter 2007, sales reached EUR 13.2
million, up 10.4% year-on-year (fourth quarter 2006, EUR 12.0
million), with particularly strong sales growth in France. For the
full year 2007, sales of Forlax(R) amounted to EUR 51.8 million, up
12.0% year-on-year. Sales in France represented 76.0% of total sales
of the product over the period, versus 78.9% a year ago.
-- Within the cognitive disorders area, sales of Tanakan(R) for
the fourth quarter of 2007 reached EUR 29.2 million, down
14.5% year-on-year (fourth quarter 2006, EUR 34.2 million)
following the implementation of a 10% price reduction by the
French Comite Economique des Produits de Sante on July 1,
2007. The sales of Tanakan(R) were also negatively impacted by
an increased competitive environment in France, following the
recent launch of a new product containing a Ginkgo biloba
extract. For the full year 2007, sales of Tanakan(R) amounted
to EUR 119.3 million, down 8.1% year-on-year. Sales of
Tanakan(R) in France represented 65.8% of total Tanakan(R)
sales in 2007 compared with 70.8% a year earlier.
-- In the cardiovascular area, sales in the fourth quarter of
2007 amounted to EUR 23.7 million, up 6.0% year-on-year
(fourth quarter 2006, EUR 22.4 million). For the full year
2007, sales reached EUR 95.2 million, down 4.1% year-on-year.
Nisis(R) and Nisisco(R) -- For the fourth quarter 2007, sales
reached EUR 15.4 million, up 28.1% year-on-year (fourth quarter 2006,
EUR 12.0 million), displaying continued market share gains. For the
full year 2007, sales reached EUR 53.7 million, up 6.0% year-on-year,
compared with a high baseline in the second half of 2006, when sales
were boosted by the introduction on the market of a 3-month
presentation in July 2006.
Ginkor Fort(R) -- For the fourth quarter 2007, sales amounted to
EUR 7.5 million, down 14.4% year-on-year (fourth quarter 2006, EUR 8.8
million) due to volume decrease in France ahead of its removal from
the list of reimbursed products in France as of January 1, 2008. For
the full year 2007, sales amounted to EUR 36.9 million, down 11.5%
year on year.
-- Other primary care products sales reached EUR 2.7 million for
the fourth quarter 2007, against EUR 1.3 million a year
earlier, with sales of Adrovance(TM) contributing EUR 1.0
million during the quarter. For the full year 2007, other
primary care products sales reached EUR 6.6 million, up 58.0%
year-on-year, with sales of Adrovance(TM), reaching EUR 2.6
million since its launch in France in May 2007.
For the fourth quarter 2007, drug-related sales (active
ingredients and raw materials) were up 26.2% to EUR 8.0 million,
notably due to strong sales of active ingredients in Switzerland,
Germany and South Korea. For the full year 2007, drug related sales
amounted to EUR 33.7 million, up 24.3% year-on-year compared with a
low baseline in 2006. This growth was mainly driven by stronger sales
in Switzerland, Germany and to a lesser extent, South Korea.
