Crucell (CRXL)

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Crucell Announces First Quarter 2008 Results
Tuesday May 13, 2:19 am ET

LEIDEN, NETHERLANDS--(MARKET WIRE)--May 13, 2008 --
Total revenue and other operating income of EUR 47.9 million, showing 36% growth in the first quarter of 2008 compared to EUR 35.2 million in the same period of 2007.

Net loss in the quarter halved to EUR 9.0 million compared to Q107.

New contracts awarded for Quinvaxem(TM) and strong sales in travel vaccines drive autonomous growth.

Gross margin in the first quarter improved to 40% up from 23% last year.

2008 full year guidance reiterated: total revenue and other operating income growth of 20% in constant currencies ; higher margins; positive cash flow.

Leiden, The Netherlands (May 13, 2008) - Dutch biopharma company Crucell N.V. (Euronext, Nasdaq: CRXL; Swiss Exchange: CRX) today announced its financial results for the first quarter of 2008, based on International Financial Reporting Standards (IFRS). These financial results are unaudited.

Highlights:

* Supranational organizations award Crucell new contracts of $130 million for supplies of Quinvaxem(TM) in 2008 and 2009. These contracts are in addition to the December 1, 2006 announcement for the award of over $230 million for its Quinvaxem(TM) and Hepavax-Gene® vaccine, bringing the total value up to $360 million.

* Crucell's rabies monoclonal antibody cocktail entered a Phase II clinical trial in the US in March 2008. Today the start of a second Phase II study in the Philippines was announced. The start of these Phase II studies triggers the first milestone payments of a total of up to EUR 66.5 million.

* Solid growth of travel vaccines; in particular Epaxal® and Dukoral®.

* Crucell, the Aeras Global TB Vaccine Foundation and the South African Tuberculosis Vaccine Initiative (SATVI) present encouraging preliminary results from the Phase I Ad35 tuberculosis vaccine study, showing that CD8 immune responses are considerably higher than ever seen in a tuberculosis vaccine study.

* Senior management outlines a compelling case for investment during an analysts meeting in London, based on significant growth of the vaccines business, progress of its pipeline and its unique technologies. A clear focus on achieving operational excellence is showcased as an integral part of Crucell's strategy for accelerating growth, targeting a cost saving of 15% (excluding R&D) by the end of 2009.

* DSM and Crucell reached a record production level of 15 g/L for an antibody product, another important milestone for the PER.C6® production technology.

* Crucell enters into an exclusive vaccine development agreement with Wyeth Pharmaceuticals. Crucell is responsible for the development and manufacturing of certain components of a vaccine and Wyeth for the clinical development. The development is taking place in Crucell's facility in Bern (Switzerland), which had been fully impaired in 2006, now enabling a partial reversal of EUR 5.2 million of that impairment.

* Crucell and DSM Biologics announce that MorphoSys AG has decided to extend the PER.C6® technology licensing agreement, exercising an option for clinical and commercial production of antibodies.

Financial Highlights:
http://biz.yahoo.com/iw/080513/0396394.html