Serono Welcomes Positive Ratings From Credit Agencies Credit Ratings From Moody's and Standard & Poor's Confirm Underlying Strength and Positive Business Prospects GENEVA, Switzerland, July 13 /PRNewswire-FirstCall/ -- Serono (virt-x:SEO and NYSE: SRA), the third largest biotechnology company in the world, today announced that it had received credit ratings of A3 from Moody's and A- from Standard & Poor's, both with a stable outlook. "These positive credit ratings are an excellent reflection of our position in the top tier of biotech companies and clearly demonstrate our low risk profile," comments Stuart Grant, Chief Financial Officer, Serono. "We've achieved this result through our sound financial management, the underlying strength of the business and our clear strategic direction for the company." According to both Moody's and Standard & Poor's, these ratings reflect their confidence in the strength of Serono's solid and focussed portfolio of biotech brands in its major therapeutic areas. The company also demonstrated good patent protection and limited risk from biosimilars, along with a good track record of generating royalty and licence income. Both agencies confirmed Serono's solid cash generation, conservative financial guidelines, and stable majority shareholder base. Note to Editors: Serono will report its Q2 results on 19 July 2005, 4.01pm, Eastern Time For Serono Some of the statements in this press release are forward looking. Such statements are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of Serono S.A. and affiliates to be materially different from those expected or anticipated in the forward-looking statements. Forward-looking statements are based on Serono's current expectations and assumptions, which may be affected by a number of factors, including those discussed in this press release and more fully described in Serono's Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on March 16, 2005. These factors include any failure or delay in Serono's ability to develop new products, any failure to receive anticipated regulatory approvals, any problems in commercializing current products as a result of competition or other factors, our ability to obtain reimbursement coverage for our products, the outcome of government investigations and litigation and government regulations limiting our ability to sell our products. Serono has no responsibility to update the forward-looking statements contained in this press release to reflect events or circumstances occurring after the date of this press release. About Serono Serono is a global biotechnology leader. The Company has eight biotechnology products, Rebif(R), Gonal-f(R), Luveris(R), Ovidrel(R)/Ovitrelle(R), Serostim(R), Saizen(R), Zorbtive(TM) and Raptiva(R). In addition to being the world leader in reproductive health, Serono has strong market positions in neurology, metabolism and growth and has recently entered the psoriasis area. The Company's research programs are focused on growing these businesses and on establishing new therapeutic areas, including oncology. Currently, there are approximately 30 ongoing development projects. In 2004, Serono achieved worldwide revenues of US$2,458.1 million, and a net income of US$494.2 million, making it the third largest biotech company in the world. Its products are sold in over 90 countries. Bearer shares of Serono S.A., the holding company, are traded on the virt-x (SEO) and its American Depositary Shares are traded on the New York Stock Exchange (SRA). SRA US, Investor Relations, USA: Tel: +1-781-681-2552 Fax: +1-781-681-2912 DATASOURCE: Serono International S.A. CONTACT: For more information, please contact: Corporate Media Relations, Tel: +41-22-739-36-00 Fax: +41-22-739-30-85 http://www.serono.com/ Media Relations, USA: Tel: +1-781-681-2340 Fax: +1-781-681-2935 http://www.seronousa.com/ Corporate Investor Relations: Tel: +41-22-739-36-01 Fax: +41-22-739-30-22 Reuters: SEO.VX / SRA.N, Bloomberg: SEO VX

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