14.10.2010 – 18:56

Stallergenes

STALLERGENES : Significant Growth : Q3 2010 + 10% and +12% Over the First 9 Months
Shionogi Partnership: First EUR24 Million Instalment

Antony, France (ots/PRNewswire)

    EUR million              2009         09-Aug     2010         10-Sep
                             EURm  %Sales  Var.%     EURm  %Sales  Var.%
    Southern Europe(1)         26      68      9     29.2      70     12
    Other EU countries(2)    10.3      27     20     10.6      25      3
    Other markets             1.9       5      8      2.2       5     15
    SLIT                     30.5      79     16     34.7      83     14
    SCIT                      6.3      17     -2      5.9      14     -6
    Other products            1.4       4      0      1.3       3     -8
    Total Q3 sales           38.2     100     12       42     100     10
    Southern Europe(1)       96.3      71      9    108.4      71     13
    Other EU countries(2)    34.4      25     27       38      25     10
    Other markets             5.2       4     -5      6.2       4     21
    SLIT                    111.6      82     14      129      85     16
    SCIT                     19.1      14      2     18.4      12     -4
    Other products            5.2       4      7      5.2       3     -1
    Cumulated sales         135.9     100     12    152.6     100     12
    (1) Portugal, Spain, France, Italy, Greece; (2) Switzerland included

Sales growth

Consolidated sales for the 3rd quarter of 2010 grew by 10%
compared to the same period last year to EUR 42.0 million, resulting
in sales growth of 12% during the first 9 months of the year. Foreign
exchange effects were negligible.

The slight slowdown in the pace of growth compared to the first
half of the year (up 13%) was primarily due to the relatively weak
grasses and tree pollen season, as well as the recognition of a 10%
regulatory rebate in Germany, applicable over the last two months of
the quarter.

Change in financial position

The financial position improved: at 30 September 2010, the net
cash position remained substantial, in spite of a very slight decline
which was consistent with business seasonality.

Significant transactions and events of the quarter

On 6 September, Stallergenes announced having entered into an
exclusive partnership agreement in Japan with Shionogi & Co., Ltd.
for the development and distribution in Japan of Actair(R) (house
dust mite allergen tablets) and a Japanese cedar pollen allergen
tablet.

In respect of this partnership, on 6 October 2010 Stallergenes
collected a first instalment of EUR 24 million: corresponding
revenues will be recognised over a period of 2 to 3 years as
development work progresses, including about EUR 3 million over 2010.
Stallergenes may subsequently receive up to EUR 46 million as the
various clinical and regulatory milestones are achieved, compounded
by marketing milestone payments and royalties on net sales of
products sold by the partner.

The rollout of Oralair(R) is ongoing at a very satisfactory pace
in Germany and early feedback from markets recently launched - the
Netherlands, Austria, Slovakia and the Czech Republic - is very
encouraging.

In France, the Commission de Transparence of the Haute Autorite
de Sante (French HTA) issued a favourable ruling for the inclusion of
Oralair(R) on the formulary of the public health insurance (Securite
Sociale), while considering that the file was not sufficient enough
to support Oralair(R)'s claims to public health interest in relation
to morbidity and quality of life. As a consequence, the SMR (medical
service rendered) should be classified as weak in this first
assessment, thereby entitling to a 15% health insurance refund. A
further assessment is to take place early in 2011 based on new data
to be provided by the Company.

As a result, the Company will not be in a position to market
Oralair(R) for the 2011 pollen season in France or other European
countries where refund granting procedures are progressing well but
are still ongoing.

Outlook for the current year

Strong growth in the quarter allows us to confirm our guidance in
excess of 10% for the full year and a significant increase in
earnings, due to a stabilised R&D effort this year as well as revenue
from the partnership in Japan.

ABOUT STALLERGENES

Stallergenes is a European biopharmaceutical laboratory
specialising in treatments by immunotherapy for the prevention and
treatment of allergy-related respiratory conditions, such as rhino
conjunctivitis, rhinitis and allergic asthma. A pioneer and a leader
in immunotherapy treatments by sublingual administration,
Stallergenes dedicated more than 20% (gross) of its sales in 2009 to
its Research and Development activities, which are primarily directed
at developing a new therapeutic range enabling the provision of
immunotherapy treatments by sublingual tablets.

Stallergenes achieved 2009 sales of EUR 193 million, with over
500,000 patients treated with Stallergenes products.

Euronext Paris (Compartment B)              GENP
    SBF 120 index.                             LISTED
    ISIN code: FR0000065674                     NYSE
    Reuters code: GEN.PA                      EURONEXT
    Bloomberg code: GEN.FP

For further information, please visit our website:
http://www.stallergenes.com

Contact:

CONTACT: Albert Saporta, Chairman and CEO, Tel.
+33-1-55-59-20-04;Christian Thiry, Chief Financial Officer, Tel.
+33-1-55-59-20-95, e-mail:investorrelations@stallergenes.fr; Investor
and Analyst Relations, Lucilede Fraguier, Pavie Finance, Tel.
+33-1-42-15-04-39, e-mail:contact@pavie-finance.com; Stallergenes
Press Relations, Lise Lemonnier,Communication Officer, Tel. +
33-1-55-59-20-96, e-mail:llemonnier@stallergenes.fr