The Board of Directors’ meeting held on 7 March 2013 approved the 2012 consolidated financial statements:
“Stallergenes has delivered in 2012 another year of revenue growth and a sustained level of profitability. We are confident in our capacity to implement our strategy, pursuing innovation and international expansion. Regarding the USA, after the FDA acceptance to review a BLA for Oralair, we are currently evaluating the optimal route to market for our product with the objective of achieving a strong and rapid impact in the market. Cooperation opportunities with companies active in the allergy field are being assessed”, stated Roberto Gradnik, Chief Executive Officer.
Strong financial performance
Cumulative consolidated sales to the end of December 2012 were €240 million, an increase of 3.2% compared to the previous year. Operating profit is up 7.9% at €69.3 million, 28.9% of sales. The contribution to shipping expenses paid by patients has been reclassified as a deduction of transport costs in distribution costs, inducing a decrease in reported revenues of €2.8 million (€2.6 million in 2011).
SGA costs grew 5.3% as a result of our international market expansion strategy. R&D expenses decreased 7.1%, including our investment to support our BLA submission in the USA. On average, the Company still targets 20% of sales invested in gross R&D.
Net cash flow increased 79.5% to €20.4 million in 2012 (€ 11.3 million in 2011). At the end of 2012, the company had a net cash position of € 90.4 million to support its international expansion and clinical development programs.
The US and new international markets, significant growth drivers for the future
In the US, Stallergenes announced a few weeks ago that the FDA had agreed to review its BLA for Oralair. Stallergenes is the first pharmaceutical company to file and obtain FDA acceptance to review a BLA for an AIT sublingual tablet in this market.
In 2013, new international markets will start to contribute to Stallergenes’ profitability.
Stallergenes targets a low single digit growth in revenues in 2013, assuming a stable reimbursement environment in EU and an EBITDA of at least 25% of sales. Sales growth will be supported by the new international markets and is targeting to accelerate beyond 2013.
The distribution of a dividend of €0.75 per share will be proposed to the next General Meeting, a level unchanged from 2011. The pay-out ratio remains stable at 27%. An option to receive the payment of the dividend in shares will be offered to our shareholders.