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Crucell« Terug naar discussie overzicht

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186 Posts
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  1. [verwijderd] 12 augustus 2008 08:05

    Healthy Ambition:
    After a phase of thorough analysis and business process redesign, the operational excellence program Healthy Ambition is now being rolled out into Crucell. Important elements of the program are: product portfolio optimization, process and infrastructure optimization, network rationalization and further integration and streamlining of various functions. Target savings of €30 million are expected to be achieved by the end of 2009. In the second half of 2008 net savings of €3 million are expected.

    PER.C6® technology platform:
    DSM Biologics and Crucell announced another breakthrough in the production of IgG antibodies using Crucell's PER.C6® technology. By employing the PER.C6® human cell line and proprietary XD(TM) technology, a record yield of over 27 grams per liter has been achieved. In March 2008 a yield of 15 grams per liter was reported. This milestone is the new manufacturing paradigm for mammalian cell culture to produce protein products effectively, where the industry has struggled to date with low yields and unstable platforms. This record surpasses all other production systems including those previously set by PER.C6® technology itself.

    Licensing Agreements:
    Crucell announced a non-exclusive STAR® research license agreement with Bioceros. The license agreement covers the production of monoclonal antibodies. Financial details of the agreement were not disclosed.
    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.
    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.

    Vendor Network:
    DSM Biologics and Crucell announced to have entered into an agreement with Avid Bioservices, Inc. of Tustin, California to join their Vendor Network. Under the terms of the agreement, Avid will be a pre-approved contract manufacturer for licensees of the PER.C6® cell line located in the western U.S. Avid is the first U.S.-based contract manufacturer to be awarded this status.

    Appointments:
    Crucell's Annual General Meeting of Shareholders (AGM), held in Leiden on May 30th, approved the resignation of Mr. Dominik Koechlin as a member of the Supervisory Board. In addition Mr. Steve Davis was appointed as member of the Supervisory Board for a term of four years, until 2012.
    As member of the Board of Management the shareholders appointed Dr. Cees de Jong for a term of four years. The other members of the Board of Management, Dr. Ronald Brus, Mr. Leonard Kruimer and Dr. Jaap Goudsmit were re-appointed for a term of four years by Crucell's shareholders.

    Patents:
    In Q2 2008 Crucell received a total of 25 granted patents, including patents for:
    Methods for producing multiple proteins or multimeric proteins using STAR® technology, in Australia and the U.S.
    Methods of producing particular antibody fragments in PER.C6® cells, in Europe.
    Improved methods for the production of viruses using PER.C6® cells, in Australia.
    Adenoviral vector based malaria vaccines, in the U.S.

  2. [verwijderd] 12 augustus 2008 08:06
    Financial Review

    Total Revenue and Other Operating Income
    Total revenue and other operating income was €59.6 million for the second quarter of 2008, an increase of 51% compared to the same quarter of 2007 (63% in constant currencies). The increase was driven by continued strong sales of paediatric and travel vaccines as well as higher license fees.
    Increase of license revenues was driven by milestone payments as a result of the start of two Phase II clinical studies of our Rabies program.

    Product sales for the second quarter amounted to €48.4 million and represent sales of paediatric vaccines (56%), travel vaccines (29%) and other products (15%).
    License revenues were €5.5 million in the second quarter, an increase of €4.0 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 €2.3 million, compared to €3.2 million last year. Service fees represent revenue for product development activities performed under contracts with partners and licensees.

    Total other operating income was €3.4 million for the quarter, compared to €2.4 million in the second quarter of 2007.

    Cost of Goods Sold
    Cost of goods sold for the second quarter of 2008 amounted to €35.8 million, €34.0 million of which represents product costs and the remainder of €1.7 million the cost of service and license activities.

    Gross operating margins of 36% compared to 39% in the second quarter of 2007 due to a variation in the product mix in this quarter. Gross margins in the second half of 2008 are expected to be positively influenced by the seasonality of our flu product (Inflexal® V) in particular.

    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 €33.5 million for the second quarter, representing a €1.7 million decrease over the same period in 2007.

    R&D expenses for the second quarter amounted to €17.6 million, which represents a €0.8 million increase versus the second quarter of 2007. The increase can be attributed to the timing of specific R&D expenses during the year. Overall R&D spending for the full year is expected to be around € 70 million.

    M&S expenses for the quarter were €8.1 million, which represents a €1.3 million decrease versus the second quarter of 2007. This decrease was due to higher one-off expenses in the same quarter last year.

    G&A expenses for the second quarter of 2008 were €7.8 million and represent a decrease of €1.2 million over the same quarter in 2007, which include costs related to the 'Healthy Ambition' program.
    Net financial income in the second quarter of €2.3 million was the result of foreign exchange gains mainly caused by the strengthening of the Swiss Franc against the Euro.

    Net Loss
    The Company reported a net loss of €7.9 million for the second quarter of 2008 compared to €18.2 million in the same period of 2007. This amounted to €0.12 net loss per share, compared to a net loss per share of €0.28 in the second quarter of 2007.

    Balance Sheet
    Tangible fixed assets amounted to €148.5 million on June 30, 2008. Intangible assets represent assets acquired in acquisitions and amounted to €84.0 million. This figure represents acquired in-process research and development; developed technology; patents and trademarks; and value of customer and supplier relationships.

    Investments in associates and joint ventures amount to €8.7 million and mainly represent investments in AdImmune and PERCIVIA. The Company's investment in Galapagos NV is classified under available-for-sale investments.
    Total equity on June 30, 2008 amounted to €413.3 million. A total of 65.7 million ordinary shares were issued and outstanding on June 30, 2008.

    Cash Flow and Cash Position
    Cash and cash equivalents decreased by €15.0 million in the second quarter to €106.9 million.

    Reduction of cash flow in the second 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 of the year.

    Net cash used in operating activities in the second quarter of 2008 was €18.0 million. Overall investments in net working capital increased mainly due inventory build-up in preparation for the flu season as well as accounts receivable.

    In the second quarter net cash from investing activities amounted to €1.3 million. In the quarter net cash from financing activities amounted to €2.5 million.


    Outlook 2008:
    Crucell expects combined full year 2008 total revenue and total other operating income to grow by 20% in constant currencies[1]. The Company expects higher margins compared to 2007 and positive cash flow.

    Phasing in 2008:
    We expect revenues and operating income to be phased throughout 2008 like in 2007. As expected, cash flow and working capital deteriorated significantly in the first half of 2008 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.


    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.


    Dirk
  3. [verwijderd] 12 augustus 2008 08:15
    Zo, we kunnen een turfstreepje zetten achter "underpromise, overdeliver". Hopen dat ze dit nu als lijn voor de toekomst volhouden.

    Dan gaan ze een beetje lijken op DSM, de grote broer en "opleidingsbedrijf" van Cees de Jong.

    Ik had trouwens wat anders in mijn hoofd dan "27 grams per liter" voor PER.C6. Ben ik de enige?

    Ik hoop nog wel op aanvullende mededelingen over de voortgang van de diverse ontwikkelingsprogramma's, zodat scepsis over toekomstige terugval van QV weer wat kan worden weggenomen.
  4. [verwijderd] 12 augustus 2008 08:26
    AMSTERDAM (Dow Jones)--Crucell nv heeft over het tweede kwartaal van 2008 een lager dan verwacht nettoverlies geboekt, bij een fors hoger dan verwachte omzet. Dat maakt het Leidse biotechbedrijf dinsdag bekend.

    Crucell zegt goed op stoom te zijn met zijn kostenbesparingsprogramma en herhaalt zijn financiele doelstellingen voor 2008.

    Het nettoverlies kwam uit op EUR7,9 miljoen, tegen EUR18,2 miljoen in het tweede kwartaal van 2007, terwijl de omzet met 51% steeg naar EUR59,6 miljoen.

    Drie analisten geraadpleegd door Dow Jones Nieuwsdienst rekenden gemiddeld op een nettoverlies van EUR12 miljoen, bij een omzet van EUR51,7 miljoen.

    De omzetgroei was te danken aan sterke verkopen van kindervaccins, met name Quinvaxem, betere verkoop van vaccins tegen reisziekten en hogere inkomsten uit licenties.

    Crucell zegt "op stoom" te zijn met het kostenbesparingsprogramma, waarmee het bedrijf voor het einde van 2009 EUR30 miljoen aan kosten wil besparen. In de tweede helft van 2008 zullen de besparingen naar verwachting uitkomen op EUR3 miljoen.

    Het Leidse biotechbedrijf herhaalt de verwachting, dat in 2008 de omzet zal groeien met 20% bij constante valuta, met hogere marges dan het voorgaande jaar en een positieve kasstroom.

    Het aandeel Cruceel sloot maandag op EUR12,06.

    Archie van Riemsdijk; Dow Jones Nieuwsdienst; +31-20-5715201; archie.vanriemsdijk@dowjones.com
  5. forum rang 9 josti5 12 augustus 2008 08:38
    Zeer fraai omzetresultaat, ondanks de lagere dollar (en een steuntje in de rug van de Zwitserse frank tov de euro - hihi).
    In H2 3 miljoen aan kostenbesparingen, over geheel 2008 keiharde positieve cashflow en nog heel veel ander moois, met zelfs al een eerste blik op 2009 (dank je wel, Cees): laat maar eens stevig groeien, die stukkies Crucell.
  6. [verwijderd] 12 augustus 2008 08:41
    Goede morgen,

    Meevallende resultaten.
    Goede omzet en fors hogere licentie inkomsten.
    Bruttomarge wat lager,maar 2 hlfjr komt ze weer op peil.
    Kosten lager en kosten besparing verwacht in 2 hlfjr.
    Nu valuta winst dankzij zwitserse frank.
    Positieve cashflow verwacht voor 2008.
    De pijplijn blijft zich positief ontwikkelen.
    Verwachtingen 2008 gehandhaafd.
    Balans: voorraad hoog (wordt 2 hlfjr afgebouwd).
    Vaste aktiva lager door afschrijvingen en geringe
    investeringen.
    Crucell komt op goed op stoom.
    Hopelijk blijven de sales Quinvaxem de komende jaren
    op peil ,want deze zijn van grote invloed.
    Fridas
  7. Huppeldepepup 12 augustus 2008 08:46
    quote:

    oudje schreef:

    Zonder impairment (een bijzondere bate!!) zou het verlies 12 miljoen zijn. Komt goed in de buurt van de analisten.

    En dat bij een fors hoger dan verwachte omzet. Dat betekent dus een lager dan ingeschatte marge. Zou dat het negatieve nieuws zijn dat de pessimistische analisten aangrijpen om het aandeel weer de put in te praten?
  8. [verwijderd] 12 augustus 2008 08:50
    quote:

    Huppeldepepup schreef:

    [quote=oudje]
    Zonder impairment (een bijzondere bate!!) zou het verlies 12 miljoen zijn. Komt goed in de buurt van de analisten.

    [/quote]

    En dat bij een fors hoger dan verwachte omzet. Dat betekent dus een lager dan ingeschatte marge. Zou dat het negatieve nieuws zijn dat de pessimistische analisten aangrijpen om het aandeel weer de put in te praten?
    Hoeft niet. Marges zijn per kwartaal erg verschillend.
186 Posts
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