Biotechnology company Crucell NV (CRXL.AE) Tuesday posted an unexpected second-quarter net loss, but confirmed its outlook for 2009, saying it expects vaccine sales will continue to boost revenue this year.

The company, which makes vaccines for influenza, children's diseases and hepatitis B, reported a second quarter net loss of EUR1.8 million, after a net loss of EUR7.4 million a year earlier. Three analysts polled by Dow Jones Newswires had expected a net profit of EUR4.6 million.

The loss was due to high income tax charges and strong local currencies in South Korea and Switzerland, where Crucell has research & development and manufacturing facilities. The stronger currencies also hurt margins, the company added.

Revenue jumped 32% to EUR78.7 million, but also coming in below analyst forecasts for EUR84.8 million.

The figure was mainly driven by strong sales of Quinvaxem, a vaccine Crucell jointly developed with Swiss-based pharmaceutical company Novartis AG (NVS) to protect against five potentially deadly childhood diseases, including diphtheria and tetanus.

Still, Quinvaxem sales were weaker than expected due to the delay of shipments into the second half of this year, Crucell said.

Investors were disappointed. At 1109 GMT, Crucell shares were down 3.1% at EUR16.86, in a slightly higher midcap market in Amsterdam.

Crucell remains upbeat on its prospects, however, and reiterated its guidance for this year, saying it expects combined full-year 2009 revenue to grow by 20% at constant currencies. Operating profit will "improve significantly" compared to 2008, when Crucell posted its first ever full-year net profit.

The Leiden-based company said that Quinvaxem is well-positioned for the award of new tenders, including one from United Nations children's agency Unicef. It also said that it sees rising interest among governments for vaccines against infection diseases, since the recent spread of swine flu.

Crucell's optimism mirrors the growth potential of the global vaccine market and explains why big pharmacuetical companies are increasingly eyeing this area, as blockbuster drugs go off-patent and their revenues plunge as a result.

In January, Crucell pulled out of friendly takeover talks with U.S.-based Wyeth (WYE), which is now set to merge with Pfizer Inc. (PFE). Since then, there has been much speculation about another possible deal, but Chief Executive Ronald Brus told reporters he didn't comment on market rumors.

SNS Securities analyst Ilya Zaanen said Crucell's results have improved year-on-year, but that sales and margins were below expectations. She kept her buy rating on the stock though, saying she expects Crucell will continue to benefit from strong Quinvaxem sales and because it remains a take-over candidate.

Company Web site: http://www.crucell.com

-By Maarten van Tartwijk; Dow Jones Newswires; +31 20 571 5201; maarten.vantartwijk@dowjones.com