UPDATE: Crucell Posts 2Q Net Loss, Keeps FY09 Guidance
August 11 2009 - 3:29AM
Dow Jones News
Biotechnology company Crucell NV (CRXL) Tuesday posted a
narrowing second-quarter net loss, and confirmed its outlook for
2009 as its children's vaccine Quinvaxem continued to boost
revenue.
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.
The loss was due to high income tax charges and strong local
currencies in South Korea and Sweden, where Crucell has research
& development and manufacturing facilities. The stronger
currencies also pressured margins, the company added.
However, second-quarter operating profit swung into a profit of
EUR3.2 million, from a loss of EUR9 million a year earlier. Strong
sales of Quinvaxem, a vaccine for protection against five
potentially deadly childhood diseases, also boosted revenue 32% to
EUR78.7 million.
Crucell reiterated its guidance for 2009, saying it expects
combined full-year 2009 revenue to grow by 20% at constant
currencies and that operating profit will "improve significantly"
compared to 2008.
Crucell shares closed at EUR17.40 Monday and have gained nearly
60% year-to-date. 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).
Company Web site: http://www.crucell.com
-By Maarten van Tartwijk; Dow Jones Newswires; +31 20 571 5201;
maarten.vantartwijk@dowjones.com