Crucell N.V.
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Publicatie datum
09 jan 2008 - 10:39
Statutaire naam
Crucell N.V.
Titel
TRADING UPDATE
Bericht
Crucell reports positive cash flow for full year 2007.
Operating cash flow increased to over €18 million.
Revenue and operating income for the year adjusted to €213 million.
Leiden, The Netherlands, 9 January 2008 - Dutch biotechnology company
Crucell N.V. today released preliminary results in which the company announced
that it generated a positive cash flow of over €5 million in 2007. Net operational
cash flow increased to over €18 million compared to previous guidance of breakeven.
Operational cash flow in 2006 was €54 million negative. The company
revised its revenue and operating income guidance for the year 2007 to €213
million. The revision was made in the light of revenue recognition of an
agreement it entered into with Sanofi Pasteur and persistent weakness in the
U.S. dollar in the final quarter of 2007. Revenues and operating income in 2007
increased by more than 50% over reported revenues in 2006.
Strong cash flow in the fourth quarter was related to strong sales of pediatric and
travel vaccines and other contractual payments, which included a €10 million
payment from Sanofi Pasteur. The company’s net working capital position
improved significantly during the fourth quarter, contributing directly to an
increase cash flow from operating activities. The company’s cash and cash
equivalents at December 31, 2007 amount to €163 million compared to €158
million at the beginning of the year.
On 3 January 2008, Crucell announced that it entered into an agreement with
Sanofi Pasteur, the vaccines division of sanofi-aventis Group, to develop,
manufacture and commercialize Crucell’s rabies monoclonal antibodies. Under the
terms of the agreement, Crucell will continue to perform development activities
and will manufacture the final product. Under IFRS accounting policies, these
future performance obligations imply that the initial payment of €10 million can
not be recognized as revenue in 2007, but should be deferred to future years.
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Datum laatste update: 28 juli 2024