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Guerbet — Earnings Release 2010
Feb 11, 2011
1392_iss_2011-02-11_e0c70466-6e96-48bd-bbfa-5497820472c8.pdf
Earnings Release
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P RESS RELEASE
2010 Net Sales
Villepinte, 11 February 2011
Consolidated Group revenue (IFRS)
| In thousands of euros | 2010 | 2009 | Change |
|---|---|---|---|
| First quarter ……………………………………… | 86,684 | 79,031 | +9.6% |
| Second quarter ………………………………… | 92,220 | 83,485 | +10.5% |
| Third quarter ……………………………………… | 82,797 | 81,997 | +1.0% |
| Fourth quarter ………………………………… | 90,878 | 90,966 | -0.1% |
| Total……………………………………… | 352,579 | 335,479 | +5.1% |
Consolidated revenue by region
| In thousands of euros | 2010 | 2009 | Change |
|---|---|---|---|
| European subsidiaries | 253,993 | 259,193 | -2.0% |
| Other markets | 98,586 | 76,286 | +29.2% |
| Total……………………………………… | 352,579 | 335,479 | +5.1% |
Stronger revenue growth than in 2009 despite disappointing second half
Dotarem, Guerbet's flagship magnetic resonance imaging (MRI) product delivered a solid performance. In the 2010 fourth quarter, Dotarem sales grew 10.4% or 11% for the full year that included gains of 6.2% in Europe and 47% growth in other markets.
Xenetix (x-ray imaging) experienced mixed trends for the year. After 12% growth in the first half, Xenetix sales declined 4.2% and 4.1% in the third and fourth quarters, mainly in Europe, in response to production incidents before and after the summer shutdown that have since been resolved. For the full year, sales worldwide for Xenetix expanded 3.7%. This performance included a 1.8% decline in Europe and 18.6% growth in other markets.
Finally, Lipiodol, the Group's long-established product, currently used primarily for chemoembolization, was granted a temporary authorization for import by the US Food and Drug Administration (FDA). This measure contributed to very robust growth, further boosted by sales in Asia.
Overall, Guerbet's consolidated revenue in 2010 was up 5.1%. Like-for-like (including Falk operations sold at 2009 year-end), this growth would have been 1.5 points higher or 6.6%.
In the area of R&D, the roadmap for the program to register Dotarem in the US which represents an annual budget of approximately 2% of sales is being pursued as planned.
Current operating income in the second half will be impacted by the production incidents in addition to increased resources devoted to R&D compared with 2009.
Debt remains well under control despite major capital expenditures in 2010.
A complete presentation of results for fiscal 2010 with comments will be published on 2 March 2011.
Contact: Finance and Administration Department - Tel: +33 (0)1 45 91 50 69