Ipsen (Paris:IPN), reported today its sales for the first nine
months of 2006.
-0-
*T
Third quarter and first nine months unaudited IFRS consolidated sales
Third quarter First 9 months
----------------------- -----------------------
(in millions of
euros) 2006 2005 % change 2006 2005 % change
---------------------- ------ ------ --------- ------ ------ ---------
Total Sales 220.6 202.8 +8.8% 651.2 606.9 +7.3%
---------------------- ------ ------ --------- ------ ------ ---------
of which:
---------------------- ------ ------ --------- ------ ------ ---------
Targeted Therapeutic
Areas 114.8 98.4 +16.7% 336.6 292.9 +14.9%
---------------------- ------ ------ --------- ------ ------ ---------
Primary care 98.8 93.7 +5.4% 291.0 283.7 +2.6%
---------------------- ------ ------ --------- ------ ------ ---------
*T
First nine months of 2006 sales highlight
Group sales reached EUR 651.2 million, up 7.3% year-on-year (third
quarter 2005, EUR 606.9 million) driven by strong growth in our
targeted therapeutic areas, with sales up 14.9% year-on-year. This
performance was notably driven by our endocrinology franchise, with
sales up 24.4% year-on-year and by our neuromuscular disorders
franchise, with sales up 27.3% year-on-year. All primary care products
showed solid growth, except Ginkor Fort(R) which continued to suffer
in France from cost-containment measures enforced in February 2006(1)
by the French Government. The other Primary care products grew by 9.0%
year-on-year, driven notably by the good performance of our
Gatroenterology franchise in Asia and Eastern Europe, continued growth
of Tanakan(R) in France, Russia and selected Eastern Europe countries,
and continued strong performance of Nisis(R)/Nisisco(R) benefiting
from the launch of 3-month packages.
Sales in Major Western European Countries reached EUR 411.8
million, a slight 0.6% increase year-on-year. The performance in these
countries has been negatively impacted by important price effects
partly offsetting a robust 4.3% volume growth. In Other European
Countries, sales reached EUR 141.1 million, up 19.5% year-on-year. In
the Rest of the World, sales reached EUR 98.3 million, up 24.0%
year-on-year, mainly driven by sales of Smecta(R) and Decapeptyl(R) in
China and sales of Dysport(R) in South Korea and Latin America.
Commenting on the performance in the third quarter of 2006,
Jean-Luc Belingard, Chairman and Chief Executive Officer of Ipsen,
stated: "The strong performance in the third quarter of 2006 is
consistent with our full-year sales growth objective. During the third
quarter, we have continued to rigorously execute our strategy of
growing our targeted therapeutic areas with the additions of
Acapodene(R) and Increlex(TM) to our oncology and endocrinology
pipelines respectively, two key products that we believe will enhance
Ipsen's growth in the near future. We are pleased to have closed our
transaction with Tercica in endocrinology, and we are starting to ship
the first batches of Somatuline(R) Autogel(R) for an early 2007 launch
in Canada. We are also submitting to the FDA our NDA for Somatuline(R)
Autogel(R) in the USA. The filing of Febuxostat with the EMEA is also
a first step towards adding this important drug to our product
portfolio." Jean-Luc Belingard concluded: "Over the first nine months
of 2006, we have significantly increased Ipsen's market coverage. We
look forward to reaching other significant milestones for the group in
the fourth quarter and will continue to pave the way for future
growth."
Ipsen is currently submitting a New Drug Application (NDA) to the
U.S. Food and Drug Administration seeking approval for its drug
Somatuline(R) Autogel(R) injection 60, 90 and 120 mg as a monthly
prolonged-release formulation to treat patients with acromegaly. The
NDA submission of Somatuline(R) Autogel(R) injection is an important
milestone in our commitment to develop and commercialize compounds to
treat patients with endocrine illness. The filing will only be
complete when FDA determines that the application is sufficiently
complete and capable of a substantive review. Hence, subject to this
determination by FDA, the Somatuline(R) Autogel(R) NDA filing should
be finalised by year-end.
About Ipsen
Ipsen is a European 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 targeted
therapeutic 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 R&D centers (Paris, Boston, Barcelona, London) gives the
Group a competitive edge in gaining access to leading university
research teams and highly qualified personnel. In 2005, Research and
Development expenditure reached EUR 169.0 million, i.e. 20.9% of
consolidated sales, which amounted to EUR 807.1 million in the Group's
pro forma accounts set up according to the IFRS. Nearly 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
Internet website is 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.
-0-
*T
(1) Reduction of its reimbursement rate to 15% from 35% as well as a
15% price reduction on the entire veinotonic class drugs.
*T
-0-
*T
APPENDIX
*T
Comparison of consolidated sales for third quarters and first nine
months of 2006 and 2005(1):
-0-
*T
3rd quarter First 9 months
------------------------- -------------------------
(in thousands of
euros) 2006 2005 % 2006 2005 %
------------------ -------- -------- ------- -------- -------- -------
Total drug sales 214,216 193,844 10.5% 630,439 581,990 8.3%
------------------ -------- -------- ------- -------- -------- -------
Drug related
sales 6,360 8,947 - 28.9% 20,744 24,900 - 16.7%
------------------ -------- -------- ------- -------- -------- -------
Total sales 220,576 202,791 8.8% 651,183 606,890 7.3%
------------------ -------- -------- ------- -------- -------- -------
*T
-0-
*T
(1) The figures for 2005 are stated on a pro forma basis. The pro
forma consolidated statements present the Group's activity as if
the legal reorganisation of the Group completed in June 2005 had
taken place on 1 January 2002.
Note: since the Group sold its primary care business in Spain
(except Tanakene(R)) in October 2005, the Group is presenting this
business as a discontinued operation retroactively from 1 January
2005 in its consolidated financial statements. Accordingly, the
consolidated sales figures for the third quarters and first nine
months of 2005 do not include sales for this activity.
*T
Third quarter of 2006 sales highlight
For the third quarter of 2006, Group sales reached EUR 220.6
million, up 8.8% year-on-year (third quarter 2005, EUR 202.8 million)
driven by strong growth in our strategic targeted therapeutic areas,
with sales up 16.7% year-on-year. This performance was fuelled notably
by endocrinology franchise, with sales up 29.0% year-on-year and by
our neuromuscular disorders franchise, with sales up 35.8%
year-on-year. All primary care products showed good growth, except
Ginkor Fort(R) which continued to suffer from the French Government
measures enforced in February 2006 (reduction of its reimbursement
rate to 15% from 35% as well as a 15% price reduction on the entire
veinotonic class drugs). All other primary care products grew by 13.1%
year-on-year, driven notably by the good performance of our
gastroenterology franchise in Asia and Eastern Europe, continued
growth of Tanakan(R) in France, Russia and selected Eastern Europe
countries, and continued performance of Nisis(R)/Nisisco(R) benefiting
from the launch of three-month packages.
Excluding Ginkor Fort(R), Group sales rose 12.3% year-on-year for
the third quarter 2006.
First nine months of 2006 sales highlight
For the first nine months of 2006, Group sales reached EUR 651.2
million, up 7.3% year-on-year (first nine months of 2005, EUR 606.9
million). This good performance was achieved despite the negative
impact of Ginkor Fort(R) sales, which decreased by 29.9% year-on-year.
For the first nine months of 2006, a 10.1% volume growth was
recorded. Over the period, price decreases had a negative impact of
2.9 points on Ipsen's sales growth, or - EUR 17.5 million on
consolidated sales: - EUR 3.8 million for Ginkor Fort(R), - EUR 4.3
million for Decapeptyl(R), and - EUR 7.5 million due to the structure
of the licence agreement concluded in October 2005 under which sales
of Tenstaten(R) to wholesalers in France are now recorded by
Recordati. Therefore, excluding a small positive currency impact,
sales in the first nine months of 2006 grew by 7.2% year-on year.
Excluding Ginkor Fort(R), Group sales rose 10.4% year-on-year for
the first nine months of 2006.
Sales by therapeutic areas
The following table shows sales by therapeutic areas for the third
quarters and first nine months of 2006 and 2005:
-0-
*T
3rd quarter First 9 months
------------------------- -------------------------
(in thousands of
euros) 2006 2005 % 2006 2005 %
------------------ -------- -------- ------- -------- -------- -------
Products in
targeted
therapeutic
areas
------------------ -------- -------- ------- -------- -------- -------
- Oncology 54,911 53,191 3.2% 168,495 159,387 5.7%
------------------ -------- -------- ------- -------- -------- -------
- Endocrinology 28,760 22,290 29.0% 81,116 65,201 24.4%
------------------ -------- -------- ------- -------- -------- -------
- Neuromuscular
disorders 31,132 22,931 35.8% 86,953 68,327 27.3%
------------------ -------- -------- ------- -------- -------- -------
Sub-total 114,804 98,412 16.7% 336,564 292,914 14.9%
------------------ -------- -------- ------- -------- -------- -------
Primary care
products
------------------ -------- -------- ------- -------- -------- -------
-Gastroenterology 39,199 35,397 10.7% 118,355 105,542 12.1%
------------------ -------- -------- ------- -------- -------- -------
- Cognitive
disorders 31,212 30,004 4.0% 95,720 90,946 5.2%
------------------ -------- -------- ------- -------- -------- -------
- Cardiovascular 28,352 28,310 0.1% 76,909 87,181 - 11.8%
------------------ -------- -------- ------- -------- -------- -------
Sub-total 98,763 93,711 5.4% 290,984 283,669 2.6%
------------------ -------- -------- ------- -------- -------- -------
Other therapeutic
areas
------------------ -------- -------- ------- -------- -------- -------
- Other drugs 650 1,721 - 62.2% 2,892 5,407 - 46.5%
------------------ -------- -------- ------- -------- -------- -------
Sub-total 650 1,721 - 62.2% 2,892 5,407 - 46.5%
------------------ -------- -------- ------- -------- -------- -------
Total drug sales 214,216 193,844 10.5% 630,439 581,990 8.3%
------------------ -------- -------- ------- -------- -------- -------
Drug-related
sales 6,360 8,947 - 28.9% 20,744 24,900 - 16.7%
------------------ -------- -------- ------- -------- -------- -------
Total sales 220,576 202,791 8.8% 651,183 606,890 7.3%
------------------ -------- -------- ------- -------- -------- -------
*T
For the first nine months of 2006, drug sales reached EUR 630.4
million, representing 96.8% of the Group's consolidated sales (first
nine months of 2005, 95.9%), showing a 8.3% growth year-on-year.
Drug-related sales amounted to EUR 20.7 million for the first nine
months of 2006, down 16.7% year-on-year (first nine months of 2005,
EUR 24.9 million).
Products in targeted therapeutic areas
For the third quarter of 2006, sales of products in our targeted
therapeutic areas reached EUR 114.8 million, up 16.7% year-on-year
(third quarter of 2005, EUR 98.4 million).
For the first nine months of 2006, sales of products in the
targeted therapeutic areas reached EUR 336.6 million, up 14.9%
year-on-year (first nine months of 2005, EUR 292.9 million),
representing 51.7% of Group's consolidated sales against 48.3% a year
earlier.
-- In oncology, sales reached EUR 168.5 million, up 5.7%
year-on-year (first nine months of 2005, EUR 159.4 million).
This performance was achieved despite price reductions of
Decapeptyl(R), which grew by 8.4% in volume.
-- In endocrinology, sales reached EUR 81.1 million, up 24.4%
year-on-year (first nine months of 2005, EUR 65.2 million).
This good performance stemmed from the continuous growth of
Somatuline(R) Autogel(R) and the success of NutropinAq(R) in
all the markets where the product has been launched. Sales of
NutropinAq(R) amounted to 12.7% of total endocrinology sales
at the end of September 2006 against 5.5% a year earlier.
-- In neuromuscular disorders, sales reached EUR 87.0 million for
the first nine months of 2006, up 27.3% year-on-year (first
nine months of 2005, EUR 68.3 million). The third quarter
confirmed that the sales of Dysport(R) are benefiting since
the beginning of the year from strong dynamics in Central and
Eastern Europe, Latin America, South Korea as well as from
strong growth in the United Kingdom.
Primary care products
During the third quarter of 2006, sales of primary care products
reached EUR 98.8 million, up 5.4% year-on-year (third quarter of 2005,
EUR 93.7 million).
During the first nine months of 2006, sales of primary care
products reached EUR 291.0 million, up 2.6% year-on-year (first nine
months of 2005, EUR 283.7 million) reflecting the negative impact of
the Ginkor Fort(R) decreases on price and volume compensated by good
sales performance of the gastroenterology products in Central and
Eastern Europe, France and China, Nisis(R)/Nisisco(R) in France, as
well as Tanakan(R) in France and Russia.
-- In gastroenterology, sales reached EUR 118.4 million, up 12.1%
year-on-year (first nine months of 2005, EUR 105.5 million).
The growth was fuelled by Smecta(R) in France, China, Central
and Eastern Europe, by Forlax(R) in France and Italy, and by
Fortrans(R) in Russia.
-- In the cognitive disorders area, sales reached EUR 95.7
million, up 5.2% year-on-year (first nine months of 2005, EUR
90.9 million), driven by the sustained sales of Tanakan(R) in
France, and the strong growth of this product in China and in
Central and Eastern Europe.
-- In the cardiovascular area, sales reached EUR 76.9 million,
down 11.8% year-on-year (first nine months of 2005, EUR 87.2
million). This sharp decline is mainly due to the negative
impact, in volume and price, of Ginkor Fort(R) sales in France
and to the reduction in price of Tenstaten(R) under the
licence agreement signed with Recordati (as detailed above).
As expected, volumes for Tenstaten(R) are strongly picking-up
following the start of Recordati's promotion, limiting the
overall sales decrease of Tenstaten(R) to EUR 3.9 million
year-on-year, compared to a corresponding negative price
impact of EUR 7.5 million. Nisis(R) and Nisisco(R), with a
26.6% sales growth year-on-year, continued to report strong
performance stemmed by the launch of new three-month packages.
Other therapeutic areas
For the first nine months of 2006, other therapeutic areas
generated sales of EUR 2.9 million, down 46.5% year-on-year (first
nine months of 2005, EUR 5.4 million) due to "de-reimbursement" or
withdrawal from market of some non-strategic products in Eastern
Europe.
Drug related activities
For the first nine months of 2006, drug-related sales (active
ingredients and raw materials) were down 16.7% to EUR 20.7 million.
This activity accounted for 3.2% of the Group's total sales, against
4.1% a year earlier. This decline is due to lower sales of raw
materials in export markets, mainly Ginkgo Biloba EGb 761(R) extract.
Sales by product
Group sales by product for the third quarters and first nine
months of 2006 and 2005 were as follows:
-0-
*T
(in thousands of 3rd quarter First 9 months
euros)
------------------------- -------------------------
Drug Trade Name 2006 2005 % 2006 2005 %
------------------ -------- -------- ------- -------- -------- -------
- Decapeptyl(R)
(1) 54,877 53,166 3.2% 168,403 159,302 5.7%
------------------ -------- -------- ------- -------- -------- -------
- Tanakan(R) 31,212 30,004 4.0% 95,720 90,946 5.2%
------------------ -------- -------- ------- -------- -------- -------
- Dysport(R) (1) 31,132 22,931 35.8% 86,953 68,327 27.3%
------------------ -------- -------- ------- -------- -------- -------
- Somatuline(R)
(1) 24,318 20,545 18.4% 69,799 61,331 13.8%
------------------ -------- -------- ------- -------- -------- -------
- Smecta(R) 20,483 18,888 8.4% 61,287 51,221 19.7%
------------------ -------- -------- ------- -------- -------- -------
- Ginkor Fort(R) 10,472 15,665 - 33.1% 32,890 46,936 - 29.9%
------------------ -------- -------- ------- -------- -------- -------
- Forlax(R) 11,283 9,714 16.1% 34,328 31,589 8.7%
------------------ -------- -------- ------- -------- -------- -------
- Nisis(R) and
Nisisco(R) 15,693 9,592 63.6% 38,631 30,520 26.6%
------------------ -------- -------- ------- -------- -------- -------
- NutropinAq(R) 4,050 1,614 150.9% 10,301 3,607 185.6%
------------------ -------- -------- ------- -------- -------- -------
- Other products 10,696 11,725 - 8.8% 32,127 38,211 - 15.9%
------------------ -------- -------- ------- -------- -------- -------
Total drug sales 214,216 193,844 10.5% 630,439 581,990 8.3%
------------------ -------- -------- ------- -------- -------- -------
Drug related
sales 6,360 8,947 - 28.9% 20,744 24,900 - 16.7%
------------------ -------- -------- ------- -------- -------- -------
Total sales 220,576 202,791 8.8% 651,183 606,890 7.3%
------------------ -------- -------- ------- -------- -------- -------
*T
-0-
*T
(1) Peptide- or protein-based products
*T
-- Decapeptyl(R) -- For the third quarter of 2006, Decapeptyl(R)
sales reached EUR 54.9 million, up 3.2% year-on-year (EUR 53.2
million). For the first nine months of 2006, sales of
Decapeptyl(R) reached EUR 168.4 million, up 5.7% year-on-year
(first nine months of 2005, EUR 159.3 million). Negative price
impact reduced sales by 2.7 points but were more than offset
by strong volume growth (up 8.4% year-on-year) notably in
Germany, the United Kingdom, Greece, Poland, Russia as well as
in China.
-- Tanakan(R) -- For the third quarter of 2006, Tanakan(R) sales
reached EUR 31.2 million, up 4.0% year-on-year (third quarter
of 2005, EUR 30.0 million). For the first nine months of 2006,
sales of Tanakan(R) reached EUR 95.7 million, up 5.2%
year-on-year (first nine months of 2005, EUR 90.9 million).
This good performance stems from sustained sales in France
(France accounted for 70.1% of total Tanakan(R) sales) and a
strong development in China and in Central and Eastern Europe.
-- Dysport(R) -- For the third quarter of 2006, Dysport(R) sales
reached EUR 31.1 million, up 35.8% year-on-year (third quarter
of 2005, EUR 22.9 million) notably due to strong sales in
Brazil. For the first nine months of 2006, sales reached EUR
87.0 million, up 27.3% year-on-year (first nine months of
2005, EUR 68.3 million). This product maintained high double
digit growth thanks notably to strong dynamics in Central and
Eastern Europe, Latin America, South Korea and in the United
Kingdom.
-- Somatuline(R) -- For the third quarter of 2006, Somatuline(R)
sales reached EUR 24.3 million, up 18.4% year-on-year (third
quarter of 2005, EUR 20.5 million). For the first nine months
of 2006, sales of Somatuline(R) reached EUR 69.8 million, up
13.8% year-on-year (first nine months of 2005, EUR 61.3
million), with good growth in most European markets and
notably in Central and Eastern Europe.
-- Smecta(R) -- For the third quarter of 2006, Smecta(R) sales
reached EUR 20.5 million, up 8.4% year-on-year (third quarter
of 2005, EUR 18.9 million). For the first nine months of 2006,
sales of Smecta(R) reached EUR 61.3 million, up 19.7%
year-on-year (first nine months of 2005, EUR 51.2 million).
The product continued to show favourable dynamics in most of
its markets, notably in France, China, Central and Eastern
Europe.
-- Ginkor Fort(R) -- For the third quarter of 2006, Ginkor
Fort(R) sales amounted to EUR 10.5 million, down 33.1%
year-on-year (third quarter of 2005, EUR 15.7 million). For
the first nine months of 2006, sales of Ginkor Fort(R) -
mainly recorded in France - stood at EUR 32.9 million, down
29.9% year-on-year (first nine months of 2005, EUR 46.9
million). Sales of the product suffered from the 15% price cut
enforced as of 1 February 2006 by the French Government, and
more unexpectedly, from volume decrease linked to the
reduction of its reimbursement rate by the French Social
Security to 15% from 35%, after some of the private insurance
companies decided not to reimburse Ginkor Fort(R) anymore.
-- Forlax(R) -- For the third quarter of 2006, Forlax(R) sales
reached EUR 11.3 million, up 16.1% year-on-year (third quarter
of 2005, EUR 9.7 million). For the first nine months of 2006,
sales of Forlax(R) amounted to EUR 34.3 million, up 8.7%
year-on-year (first nine months of 2005, EUR 31.6 million).
China, France and Italy continued to report solid growth.
-- Nisis(R) and Nisisco(R) -- For the third quarter of 2006,
Nisis(R) and Nisisco(R) sales reached EUR 15.7 million, up
63.6% year-on-year (third quarter of 2005, EUR 9.6 million),
reflecting the launch of three months packages in September
2006. For the first nine months of 2006, sales of Nisis(R) and
Nisisco(R) amounted to EUR 38.6 million, up 26.6% year-on-year
(first nine months of 2005, EUR 30.5 million). Despite
increased competition, Nisis(R) and Nisisco(R) outperformed
the overall market.
-- NutropinAq(R) -- For the third quarter of 2006, NutropinAq(R)
sales reached EUR 4.1 million, showing strong growth
year-on-year (third quarter of 2005, EUR 1.6 million). For the
first nine months of 2006, sales of NutropinAq(R) reached EUR
10.3 million, a threefold increase year-on-year (first nine
months of 2005, EUR 3.6 million). In its third year of
commercialisation, this product is increasingly contributing
to the Group's growth.
-- Testim(R) -- After launches in Germany, the United Kingdom,
Benelux, Scandinavia and Spain in 2005 and in Portugal, Italy
and Greece in 2006, sales of Testim(R) remain below the
Group's expectations, with slower than expected market
penetration in the territories where it is marketed and with
difficulties to obtain a reimbursed status in other Major
European countries.
-- With sales of Decapeptyl(R), Dysport(R) and Somatuline(R),
Ipsen's peptide- or protein-based products sales reached EUR
325.2 million for the first nine months of 2006, representing
49.9% of Group consolidated sales, up 12.5% year-on-year
(first nine months of 2005, EUR 289.0 million sales
representing 47.6% of Group consolidated sales).
Sales by geographical regions
Group sales by geographical regions for the third quarters and
first nine months of 2006 and 2005 were as follows:
-0-
*T
3rd quarter First 9 months
------------------------- ------------------------
(in thousands of
euros) 2006 2005 % 2006 2005 %
------------------- -------- -------- ------- -------- -------- ------
- France 89,975 86,912 3.5% 266,018 267,974 - 0.7%
------------------- -------- -------- ------- -------- -------- ------
- Spain 12,308 12,975 - 5.1% 39,416 39,049 0.9%
------------------- -------- -------- ------- -------- -------- ------
- Italy 16,096 17,014 - 5.4% 51,129 50,556 1.1%
------------------- -------- -------- ------- -------- -------- ------
- Germany 9,430 11,406 - 17.3% 30,766 30,832 - 0.2%
------------------- -------- -------- ------- -------- -------- ------
- United Kingdom 8,340 7,305 14.2% 24,464 21,128 15.8%
------------------- -------- -------- ------- -------- -------- ------
Major Western
European
countries 136,149 135,612 0.4% 411,793 409,539 0.6%
------------------- -------- -------- ------- -------- -------- ------
Other European
countries 47,779 39,049 22.4% 141,105 118,097 19.5%
------------------- -------- -------- ------- -------- -------- ------
- Asia 18,950 14,616 29.7% 54,068 41,522 30.2%
------------------- -------- -------- ------- -------- -------- ------
- Other countries
in the rest of
the world 17,698 13,514 31.0% 44,217 37,732 17.2%
------------------- -------- -------- ------- -------- -------- ------
Rest of the world 36,648 28,130 30.3% 98,285 79,254 24.0%
------------------- -------- -------- ------- -------- -------- ------
Total Sales 220,576 202,791 8.8% 651,183 606,890 7.3%
------------------- -------- -------- ------- -------- -------- ------
*T
-- For the third quarter of 2006, sales generated in Major
Western European Countries amounted to EUR 136.1 million, up
0.4% year-on-year (third quarter of 2005: EUR 135.6 million).
For the first nine months of 2006, sales in this region
reached EUR 411.8 million, a slight 0.6% increase
year-on-year. The performance in these countries has been
negatively impacted by important price effects (-EUR 15.2
million) offsetting most of the robust volume growth (+EUR
17.5 million, up 4.3%). Price effects were mainly due to the
structure of the Tenstaten(R) licence agreement with
Recordati, and the Ginkor Fort(R) price cut in France. The
growth in volume has been penalised by the poor performance of
Ginkor Fort(R) but was boosted by strong dynamics in the
United Kingdom and Germany.
-- In Other European Countries, sales for the third quarter of
2006 reached EUR 47.8 million, up 22.4% year-on-year (third
quarter of 2005: EUR 39.0 million). For the first nine months
of 2006, sales reached EUR 141.1 million, up 19.5%
year-on-year (first nine months of 2005, EUR 118.1 million).
The good performance in Central and Eastern European countries
has been confirmed this quarter despite negative price impacts
in Poland and Romania.
-- In the Rest of the World, sales for the third quarter of 2006
reached EUR 36.6 million, up 30.3% year-on-year (third quarter
of 2005: EUR 28,1 million). For the first nine months of 2006,
sales reached EUR 98.3 million, up 24.0% year-on-year or up
22.6% excluding currency impact, mainly driven by sales of
Smecta(R) and Decapeptyl(R) in China and Dysport(R) sales in
South Korea and Latin America.
