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Market: NASDAQ NYSE EURONEXT
Sector: Pharmaceuticals
EPIC: CRXL
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Crucell
www.crucell.com

Crucell focuses on the research & development, production and marketing of vaccines and antibodies against infectious disease worldwide

Full Crucell profile here
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Biopharmaceutical company Crucell N.V. reports record 2009 revenues and profits

9th Feb 2010, 11:34 am
Biopharmaceutical company Crucell N.V. reports record 2009 revenues and profits

Dutch biopharmaceutical company, Crucell N.V. (NASDAQ, NYSE Euronext: CRXL) reported that net profits in 2009 jumped 68% to €23.9 million as revenues climbed 26% to €358 million. Crucell is focused on research and development of vaccines, proteins and antibodies.

Strong revenue growth at the company was driven by a 59% increase in paediatric vaccine sales, and in spite of movements in the EUR/USD rate, which impacted the headline revenues figure by 3%. Crucell also reported good growth in endemic vaccines (18%), respiratory vaccines (12%) and other products (11%). Gross margins did however slip to 42% compared to 45% in 2008, though unfavourable currency movements and the timing of some milestone payments was the main culprit.

Operating profit for the full year soared to €39 million (FY 2008: €7.4 million) and net profit rose sharply to €23.9 million (FY 2008: €14.3 million). Net profit per share was €0.34 (FY 2008: €0.22). Cash and cash equivalents increased by €156.9 million to €327.8 million, thanks largely to a share placing with Johnson & Johnson (NYSE: JNJ) which was part of a wider strategic agreement for influenza antibody research.

"The key event of the year was the partnership agreement we signed with Johnson & Johnson (JNJ). This partnership, with a total deal value of over EUR1 billion, included a payment of over EUR300 million, mainly related to an equity investment of 18%. The partnership with JNJ provides us with additional R&D funding and enables us to further accelerate and expand our product development. In 2010 and onwards we have a responsibility to make the most of these opportunities," Crucell's Chief Executive Officer Ronald Brus said.

"Our world-class vaccine production plant in Seoul, Korea, is being constructed at record pace. This allows us to efficiently produce high volumes of vaccines in Asia. Our partner Adimmune has also successfully started production of influenza vaccines in Taiwan and is a promising future supplier of flu antigens for us."

Crucell’s Korean facility, in Yongin City, is expected to commence test runs in the second quarter of 2010.

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