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Crucell N.V. (AMS:CRXL) Leiden, The Netherlands (August 26, 2008) - Dutch biopharma company Crucell N.V. (Euronext, Nasdaq: CRXL; Swiss Exchange: CRX) today announced that it intends to move Dukoral® and rCTB bulk production, formulation and fill/finish activities from Sweden to other sites within the Crucell organization, resulting in additional cost savings beyond 2011.
After thorough analysis and business process redesign, Crucell's operational excellence program, Healthy Ambition, is now being rolled out at full steam. Important elements of the program are: product portfolio optimization, process and infrastructure optimization, network rationalization and further integration and streamlining of various functions. Target savings of €30 million had already been identified and are expected to be achieved by the end of 2009.
Also as part of the Healthy Ambition program, management of Crucell today announced to employees, the intended decision to move Dukoral® and rCTB bulk production, formulation, fill/finish and connected support activities from Sweden to other sites within the organization. The Nordic Sales and Customer Service and Distribution activities remain unaffected. This is expected to result in additional cost savings beyond 2011. Further financial details were not disclosed.
The decision was made with a view to increase the value of the Company by making Crucell operationally excellent resulting in optimized production and financial performance.
* The formulation, filling and packaging of Dukoral® in Sweden will stop during 2011 and will move to Spain; * The bulk production of Dukoral® and rCTB will stop in 2012 and will move to Switzerland; * Nordic Sales and Customer Service and Distribution activities will continue to operate from Solna in Sweden; * Research activities will be closed and concentrated in Leiden before year-end 2008.
Outlook 2008: Crucell expects combined full year 2008 total revenue and total other operating income to grow by 20% in constant currencies [1]. The Company expects higher margins compared to 2007 and positive cash flow.
Forward-looking statements This press release contains forward-looking statements that involve inherent risks and uncertainties. We have identified certain important factors that may cause actual results to differ materially from those contained in such forward-looking statements. For information relating to these factors please refer to our Form 20-F, as filed with the U.S. Securities and Exchange Commission on May 7, 2008, and the section entitled "Risk Factors". The Company prepares its financial statements under International Financial Reporting Standards (IFRS).
About Crucell Crucell N.V. (Euronext, NASDAQ: CRXL; Swiss Exchange: CRX) is a global biopharma company focused on research, development, production and marketing of vaccines, proteins and antibodies that prevent and treat primarily infectious diseases. Its vaccines are sold in public and private markets worldwide. Crucell's core portfolio includes a vaccine against hepatitis B, a fully-liquid vaccine against five important childhood diseases and a virosome-adjuvanted vaccine against influenza. Crucell also markets travel vaccines, such as the only oral anti-typhoid vaccine, an oral cholera vaccine and the only aluminum-free hepatitis A vaccine on the market. The Company has a broad development pipeline, with several product candidates based on its unique PER.C6® production technology. The Company licenses its PER.C6® technology and other technologies to the biopharmaceutical industry. Important partners and licensees include DSM Biologics, sanofi-aventis, Novartis, Wyeth and Merck & Co. Crucell is headquartered in Leiden, the Netherlands, with subsidiaries in Switzerland, Spain, Italy, Sweden, Korea and the US. The Company employs over a 1000 people. For more information, please visit www.crucell.com.
Calendar:
1 October 2008 Phase I U.S. study presented at RITA conference Atlanta 11 November 2008 Q3 Results 2008 17 February 2009 Q4 Results 2008
For further information please contact:
Crucell N.V. Oya Yavuz Director Corporate Communications & Investor Relations Tel. +31-(0)71-519 7064 ir@crucell.com www.crucell.com
[1]Constant currencies = Weighted average EUR/USD rate of 1.38 in 2007.
