Crucell (CRXL)

[surf1944]

Crucell's 2Q loss narrows on higher vaccine sales
Tuesday August 12, 12:49 pm ET
Crucell's 2nd-quarter loss narrows on boost in vaccine sales; co. backs full-year expectations

NEW YORK (AP) -- Dutch biotechnology company Crucell NV said Tuesday its second-quarter loss narrowed on higher sales of pediatric vaccines and increased licensing fees.

However, Crucell's American Depository Shares fell as the company reported a smaller margin, citing variation in its product mix during the quarter. The stock lost $1.24, or 6.8 percent, to $16.90 in midday trading. The stock has traded between $12.76 and $22.72 over the last 52 weeks.

Early Tuesday, the company said it lost 7.9 million euros ($12.5 million), or 12 euro cents per share (20 cents), compared with a loss of 18.2 million euros, or 28 euro cents per share, in the year-ago quarter. Revenue jumped 51 percent to 59.6 million euros ($94.2 million) from 39.4 million euros.

"In the second quarter of 2008 we saw strong growth of our pediatric vaccines, driven by Quinvaxem," said Chief Executive Ronald Brus, in a statement. "This innovative, fully-liquid pentavalent vaccine was described by the World Health Organization (WHO) as one of the most advanced immunization products available, enabling countries to make a large stride toward their health targets."

Crucell's margin fell to 36 percent from 39 percent a year earlier.

In the second half of the year, the company expects flu vaccine sales to drive the margin higher. Overall, it expects higher margins for the full year compared with 2007 on revenue growth of about 20 percent.





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