PCAS — Interim / Quarterly Report 2009

Oct 19, 2009

Quarterly Financial Information As of 30th September 2009

The transposition in the monetary and financial Code of the European Parliament's 2004/109/CE Directive and of the Counsel of 15th December 2004 (known as the Transparency Directive) imposes companies who are listed on the Eurolist Paris to communicate quarterly financial information by electronic means within forty five days following the closure of the third quarter.

The information presented hereafter subscribes to these measures.

Sales progress

(in thousands of euros)	2009	2008	% variation
First quarter	36 840	45 877	-19.7 %
including Pharmaceutical Synthesis	27 070	26 467	2.3 %
including Fine Speciality Chemicals	9 770	19 410	-49.7 %
Second quarter	38 525	46 621	-17.4 %
including Pharmaceutical Synthesis	28 241	27 200	3.8 %
including Fine Speciality Chemicals	10 284	19 421	-47.0 %
Third quarter	33 832	36 611	-7.6 %
including Pharmaceutical Synthesis	22 339	20 796	7.4 %
including Fine Speciality Chemicals	11 493	15 815	-27.3 %
Total as of 30th September 2009	109 197	129 109	-15.4 %
including Pharmaceutical Synthesis	77 650	74 463	4.3 %
including Fine Speciality Chemicals	31 547	54 646	-42.3 %

The PCAS group's consolidated third quarter net sales 2009 have declined by 7.6 % as compared to the same period of the previous exercise, although benefiting from a significant improvement in the level of activity as compared to the previous months.

Pharmaceutical Synthesis (71% of the Group's net sales)

Despite the economic crisis which led our customers to be very careful when developing and launching new products, the Pharmaceutical Synthesis division's sales continue to develop (+7.4 % as of the third quarter 2009 as compared to the same period of the previous exercise).

Fine Speciality Chemicals (29% of the Group's net sales)

Sales in the Fine Chemicals division, excluding Pharmaceutical Synthesis, report progressive improvement since the end of the first quarter 2009 and show a decline limited to 27.3 % as compared to the same period of the previous exercise.

Significant operations and events in the quarter

No major event which could have had an important influence on either sales or on the company's situation was reported during the third quarter 2009.

Outlook for the second half year and the current year

The context of the financial crisis and the current world-wide economy still make it particularly difficult to establish forecasts. The following trends seems however to be emerging :

• . the Pharmaceutical Synthesis division's sales growing as compared to 2008
• . continuation of the improvements in the Fine Speciality Chemical's division's sales, as
• observed since the end of the first half year, whilst remaining short of 2008
• . return to a profitable net result as from the second half year 2009.

Despite losses in the 1st half year, the Group's net result for the whole of the 2009 exercise could come close to break even, excluding restructuring costs.

Next meeting : 2009 consolidated results, 11th February 2010.

Longjumeau, 19th October 2009

About PCAS

The PCAS Group is listed on Nyse Euronext compartiment C, specialising in fine and speciality chemicals. World leader in its activity sectors, it develops and manufactures molecules with high added-value or with a strong technological content for pharmacy, perfumery, cosmetics and industry. The PCAS Groups employs around 900 staff, has 8 production sites (4 of which are cGMP and inspected by the FDA), invests around 12 million euros each year in R&D and more than two thirds of its net sales are achieved through export.