Crucell Announces Record Revenues and Profits for Full Year 2009
(Thomson Reuters ONE) - Crucell Announces Record Revenues and Profits for Full Year 2009 Total revenues and other operating income increased 26% to EUR358.0 million. Operating profit increased more than four-fold to EUR39.0 million. Net profit increased 68% to EUR23.9 million. Undiluted EPS increased 55% to EUR0.34. Year-end cash and short-term liquidities EUR428.0 million. 2010 guidance: Use continued strong operating cash flow to accelerate product development. R&D spending to increase by over one-third, while maintaining a healthy operating profit. Revenues and other operating income[1] broadly in line with 2009.Leiden, the Netherlands (February 9, 2010) - Dutch biopharmaceutical companyCrucell N.V. (NYSE Euronext, NASDAQ: CRXL; Swiss Exchange: CRX) today announcedits financial results for the fourth quarter and full year of 2009, based onInternational Financial Reporting Standards (IFRS). These financial results areunaudited.Business Highlights 2009:· Strategic agreement, worth over EUR1 billion, for revolutionaryinfluenza antibody research signed with Johnson & Johnson (JNJ) in September2009. Crucell's scientists discovered human monoclonal antibodies thatcross-neutralize influenza viruses of different subtypes (including H5 and H1)and that provide immediate protection against the broadest range of flu strainsin pre-clinical models.· National Institutes of Health (NIH) awarded up to $69.1 million fornovel influenza antibody research in August 2009. Initial funding of up to $40.7million, with additional options that may be triggered at the discretion of theNIH worth a further $28.4 million.· Detailed positive results of the Phase II Philippines study of rabiesmonoclonal antibody combination were presented at the 20(th) Rabies in theAmericas (RITA) Conference in Canada in October 2009.· Promising preliminary results of the HIV vaccine Phase I study werepresented in October 2009 at the AIDS Vaccine Conference 2009 in France, showingthat this HIV candidate vaccine is safe and immunogenic.· In July 2009 Crucell announced the collaboration with the PATH MalariaVaccine Initiative (MVI) and the United States Agency for InternationalDevelopment (USAID) Malaria Vaccine Development Program (MVDP) to acceleratedevelopment of its malaria vaccine.· In May 2009, Crucell announced that, following the success ofCrucell's rabies and flu antibody programs, Crucell obtained an exclusivelicense from Stanford University for the development of an antibody combinationagainst the hepatitis C virus.· In August 2009 Crucell announced $300 million worth of new awards froma large supranational organization for supplies of Quinvaxem(®), the firstportion of the new 3-year tender period (2010-2012). The new awards are inaddition to the $500 million obtained over the tender period 2007-2009.· Construction of the new vaccine manufacturing facility in Incheon,Korea, has progressed in rapid pace and technical completion has been achievedin 13 months. First test runs are planned for the second quarter of 2010.· Our partner Adimmune successfully started production of influenzavaccines in Taiwan and is a promising future supplier of flu antigens for us.· In 2009 Crucell signed 12 new license/vendor agreements, includingagreements with Centocor Inc., Momotaro-Gene Inc., Patrys Ltd., TapImmune Inc.,Calmune Corporation, Cangene and Vivante GMP Solutions. Vendor NetworkAgreements were signed with Bioceros B.V. and KBI Biopharma Inc.Financial Highlights 2009: * Combined total revenues and other operating income were EUR358.0 million, compared to EUR283.3 million in 2008. The increase of 26% was mainly driven by strong sales of our paediatric vaccines. At guidance currency EUR/USD rate of 1.35, the total revenue growth was 29%. This is primarily due to the US dollar depreciating versus the Euro. * Product sales were EUR304.4 million, a 35% increase compared to 2008, representing sales of paediatric vaccines (59%), travel and endemic vaccines (18%), respiratory vaccines (12%) and other products (11%). * Gross margins of 42%, compared to 45% in 2008. Currency movements and the timing of milestones impacted margins. * The Company achieved operating profit of EUR39.0 million for the full year, compared to EUR7.4 million operating profit in 2008. * The consolidated effective income tax rate was 37% for 2009. Income taxes for the full year were EUR14.0 million. The effective tax rate is relatively high due to an operating loss in the Netherlands as a result of R&D expenses, for which no tax benefit is recognized. * Crucell achieved a net profit of EUR23.9 million, compared to EUR14.3 million in 2008. Net profit per share of EUR0.34, compared to EUR0.22 in 2008. * As part of the strategic collaboration with JNJ, the company issued 14.6 million new ordinary shares to JNJ for an aggregate purchase price of EUR301.8 million. This included a premium of EUR69 million classified as deferred income. * Operating cash flow of EUR76.9 million for the year, compared to minus EUR0.3 million in 2008. * Cash used in investing activities amounted to EUR154.4 million, which includes a long term deposit of EUR100.0 million with a maturity of over 3 months, to take advantage of higher yields on longer term deposits. * Net cash from financing activities for the full year was EUR231.5 million, compared to EUR16.6 million in 2008, driven by issuance of shares to JNJ. * Cash and cash equivalents increased by EUR156.9 million during the year to EUR327.8 million at year-end 2009.Key Figures:(EUR million, except net result per share)-------------------------------------------------------------------------------- Fourth Quarter Full Year-------------------------------------------------------------------------------- 2009 2008 Change 2009 2008 Change unaudited unaudited unaudited unaudited-------------------------------------------------------------------------------- Total revenues and other 111.3 93.7 19% operating income 358.0 283.3 26% 18.0 11.9 52% Operating profit 39.0 7.4 425% 15.6 18.9 (18)% Net profit 23.9 14.3 68% Net result per share 0.19 0.29 (34)% (basic) 0.34 0.22 55%Crucell's Chief Executive Officer Ronald Brus said:"The key event of the year was the partnership agreement we signed with Johnson& Johnson (JNJ). This partnership, with a total deal value of overEUR1 billion, included a payment of over EUR300 million, mainly related to an equityinvestment of 18%. The partnership with JNJ provides us with additional R&Dfunding and enables us to further accelerate and expand our product development.In 2010 and onwards we have a responsibility to make the most of theseopportunities."Our business is stronger than ever and in 2009 we achieved a solid overallrevenue growth of 26%, driven by a 35% increase in vaccine sales. With a clearstrategy for long-term growth and even more focus on research and development, Iam very proud that we significantly improved profitability in 2009 and togetherwith a healthy balance sheet and a strong year-end cash position, we were ableto end the year on a high."Our world-class vaccine production plant in Seoul, Korea, is being constructedat record pace. This allows us to efficiently produce high volumes of vaccinesin Asia. Our partner Adimmune has also successfully started production ofinfluenza vaccines in Taiwan and is a promising future supplier of flu antigensfor us."Furthermore, in 2009 we made great progress in terms of global integration,improving performance and increasing accountability-all with the ultimate aim ofincreasing the impact Crucell has on human health. These achievements form asolid foundation on which to build our future."Product Sales Update:Product sales in the full year of 2009 increased 35% over the same quarter in2008 to EUR304.4 million and represent sales of paediatric vaccines (59%), traveland endemic vaccines (18%), respiratory vaccines (12%) and other products (11%).In September Crucell started its own dedicated marketing and sales organizationin the United Kingdom by acquiring an experienced team, which will furtherstrengthen its vaccine sales position in one of the largest vaccine markets inEurope. Distribution of the travel vaccines (Epaxal(®), Vivotif(®) andDukoral(®)) has started and is progressing well. Distribution of the influenzavaccine Inflexal(®) V will start in the flu season of 2010.In November 2009 Crucell announced the launch of the global Crucell brand, aconsistent identity for its worldwide activities and products. The rebranding isdesigned to promote recognition of the Crucell name and what it stands for:bringing meaningful innovation to global health, with a focus on combatinginfectious diseases. The establishment of a strong global brand willsignificantly support this mission.Research & Development:· Flavimun(® )- Live Attenuated Yellow Fever Vaccine (Phase III):Flavimun(®) was submitted for registration in Switzerland in March 2009.Submission in Germany is imminent.· Influenza - Seasonal Influenza Vaccine: This seasonal influenzavaccine is being developed by Sanofi Pasteur, using Crucell's PER.C6(®)technology. In the third quarter of 2008, Crucell received a milestone paymentfrom Sanofi Pasteur for progress of the Phase II trials involving healthy adultvolunteers in the USA.· Influenza - Human Monoclonal Antibodies against a broad range ofInfluenza strains (pre-clinical): Crucell's scientists discovered humanmonoclonal antibodies that cross-neutralize influenza viruses of differentsubtypes including H5 and H1 and that provide immediate protection against thebroadest range of H5N1 and H1N1 strains in pre-clinical models. The mostpowerful of these antibodies, mAb CR6261 was shown to prevent death and curedisease in pre-clinical models for prevention or treatment of a potentiallylethal H5N1 and H1N1 infections and to strongly outperform the anti-influenzadrug oseltamivir (Tamiflu) in terms of its value for flu prevention andtreatment. The characterization of the antibody was described in the onlinejournal PLoS ONE on December 16, 2008 and the journal Science on February4, 2010.In August 2009 Crucell received an award from the National Institute of Allergyand Infectious Diseases (NIAID)/National Institutes of Health (NIH) for thedevelopment of its Influenza monoclonal antibodies providing funding of up to$40.7 million, with additional options worth a further $28.4 million, bringingthe potential total amount to $69.1 million.In September 2009 JNJ, through its subsidiary Ortho-McNeil-JanssenPharmaceuticals, Inc., and Crucell entered into a strategic collaboration forthe development and commercialization of a universal monoclonal antibody product(flu-mAb) for the treatment and prevention of influenza. In addition thestrategic collaboration involves three innovative discovery programs focusing onthe development and commercialization of a universal influenza vaccine as wellas vaccines directed against three other infectious and non-infectious diseasetargets.· Rabies Human Monoclonal Antibody Combination/CL184 (Phase II):Crucell's monoclonal antibody combination against rabies is being developed incollaboration with Sanofi Pasteur using Crucell's PER.C6(®) manufacturingtechnology. CL184 is designed for the post-exposure prophylaxis against rabiesin combination with rabies vaccine. Under the terms of the collaborationagreement Crucell will be responsible for manufacturing the commercial productand has retained exclusive distribution rights in Europe, co-exclusivedistribution rights in China and the rights to sell to supranationalorganizations such as UNICEF, while Sanofi Pasteur will have exclusivedistribution rights for all other territories and co-exclusive distributionrights in China.The completion of two Phase II studies in US and Philippines respectively hastriggered milestone payments from Sanofi Pasteur as part of the total eligibleamount of EUR66.5 million.In June 2009, Crucell announced the results of the Philippines study, whichshowed that CL184 was safe and well tolerated. Neutralizing activity levels insubjects given the antibody product were similar to those in subjects givenhuman immunoglobulin (HRIG), the current standard for inducing immediate,passive immunity. All study participants reached adequate immunity levels. Thisstudy in children further broadens the potential patient population forCrucell's rabies monoclonal antibody combination. Results of this study havebeen presented at the XX Rabies in the Americas RITA conference in Quebec,Canada on 20 October 2009.Crucell is planning to start an additional Phase II study in India in the secondquarter of 2010 to collect safety and neutralizing activity data of the CL184antibody in combination with the vaccine in a simulated rabies post-exposureprophylaxis setting. * Tuberculosis Vaccine(Phase II): Development of the candidate vaccine AERAS-402/Crucell Ad35 is being carried out in collaboration with the Aeras Global TB Vaccine Foundation. Data from all AERAS-402/Crucell Ad35 trials support the immunogenicity and acceptable safety profile of the TB candidate vaccine at all dose levels evaluated.Phase II:· The first Phase II study of AERAS-402/Crucell Ad35, started in October2008, is being conducted by the University of Cape Town Lung Institute, SouthAfrica in conjunction with the South African Tuberculosis Vaccine Initiative. Inthis dose escalation study in adults who have had active TB, no evidence of anunacceptable safety issue has been found in the 72 subjects enrolled to date.Preliminary data indicate that the candidate vaccine induces CD8-cell immuneresponses in patients who have completed TB treatment.Phase I:· The US Phase I trial in healthy adults not previously immunized withthe traditional TB vaccine, Bacille Calmette-Gu?n (BCG), has been completedand demonstrated that the candidate vaccine is safe in this population.· Results of a second study with the candidate vaccine in South Africashowed CD8 T cell immune responses that are much higher than those seen inhumans in any previous TB vaccine study.· Two Phase I studies in healthy adults in St. Louis, USA, focusing onthe immunogenicity and safety of two boost doses administered at three to sixmonth intervals after BCG priming in healthy adults have been completed. Datafrom these studies showed that two injections of the candidate vaccine areimmunogenic, with an acceptable safety profile, when used in combination with aBCG-prime in healthy adults, regardless of the boosting interval. This immuneresponse is greater than that detected in the absence of BCG prime, supportingthe possible utility of AERAS-402/Crucell Ad35 as a booster vaccine. BCG primealone shows limited efficacy. A follow-up study conducted in the USA in healthyadults showed that injections with up to 10(11) vpu/ml of the candidate vaccinehad an acceptable safety profile.· In October 2008, a Phase I clinical trial to test the safety of thecandidate vaccine in BCG-vaccinated adults with or without latent tuberculosishas been completed, with ongoing analysis and no safety issues identified. Thestudy is being conducted by the KEMRI/Walter Reed Project-Kisumu at theirKombewa Clinical Trials Center near Kisumu, in western Kenya.· In April 2009, a Phase I clinical trial was started in South Africawith the main objective to test the safety of the candidate vaccine in infantspreviously vaccinated with BCG vaccine, currently the only vaccine licensed tohelp prevent TB. This first clinical trial designed to test the candidatevaccine in infants is being conducted by the South African Tuberculosis VaccineInitiative (SATVI) in the Western Cape region of South Africa. The study isfully enrolled and dosing is ongoing. No safety issues have been identified todate.· In January 2010, a Phase I clinical trial was initiated in Portland,Oregon. This trial is using a known immunogenic regimen of BCG and the candidatevaccine in healthy adults, followed by collection of large numbers of immunecells, for more detailed analysis of the immune response to AERAS-402/CrucellAd35. * Malaria Vaccine(Phase I): Crucell and its collaborator, the US National Institute of Allergy and Infectious Diseases (NIAID), part of the National Institutes of Health (NIH), are conducting a Phase I trial in the USA for a recombinant malaria vaccine, Ad35-CS, based on the company's AdVac(®) technology and PER.C6(®) manufacturing platform. In December 2009 boost vaccinations for the final group of volunteers have been completed. Ongoing safety monitoring has revealed no significant safety concerns to date. Preliminary examination of the blinded data from the first four cohorts indicated that the vaccine is immunogenic. Detailed analysis of the data is ongoing and unblinding is expected in the second quarter of 2010.In July 2009 Crucell announced a new collaboration with US-based MVI and USAIDMVDP to accelerate development of a promising new type of malaria vaccine.Through funding from the USAID MVDP, the partners will conduct studies todetermine the effectiveness of Crucell's novel prime-boost vaccine approachagainst the malaria parasite Plasmodium falciparum. Using Crucell's AdVac(®)technology with two different adenovirus vectors -Ad35 and Ad26- as deliverymechanisms, this approach seeks to elicit a protective immune response obtainedfrom delivering the circumsporozoite protein (CSP). * Multivalent Filovirus (Ebola & Marburg) Vaccine(Phase I): In October 2008 Crucell announced that it has secured a NIAID/NIH award to advance the development of Ebola and Marburg vaccines, with the ultimate aim of developing a multivalent filovirus vaccine. The award provides funding of up to $30 million, with additional options, worth a further $40 million. The Phase I study of an adenovirus 5 (Ad5) and PER.C6(®) -based Ebola vaccine that Crucell is developing in partnership with the Vaccine Research Center (VRC) of the NIAID/NIH, showed safety and immunogenicity at the doses evaluated. Based on these results, a second Phase I study of an Ebola and/or Marburg vaccine is anticipated. This will use alternative multivalent adenovirus vectors that are able to bypass pre-existing immunity against Ad5. * HIV Vaccine(Phase I): In October 2009 preliminary results of a Phase I study with a novel recombinant HIV vaccine, using adenovirus serotype 26 (rAd26) were presented at La Conf?nce AIDS Vaccine 2009 in Paris, France. The presentation was given by Dr Dan H. Barouch, MD, PhD,Associate Professor of Medicine, Division of Vaccine Research, Department of Medicine at the Beth Israel Deaconess Medical Center (BIDMC) in Boston, USA. The preliminary results of this study show that this HIV candidate vaccine is safe and immunogenic. The rAd26 vector, that Crucell is jointly developing with the Beth Israel Deaconess Medical Center, is specifically designed to avoid the pre-existing immunity to the more commonly used adenovirus serotype 5 (Ad5). The Phase I clinical study is being conducted at the Brigham and Women's Hospital in Boston, USA and is focused on assessing the safety and immunogenicity of the vaccine. * Hepatitis C Human Monoclonal Antibodies(Pre-clinical): In August 2009 Crucell obtained an exclusive license from Stanford University (Palo Alto, California) for the development of antibodies against the hepatitis C virus. A large panel of fully human monoclonal antibodies against the hepatitis C virus (HCV) is being evaluated by Crucell in a proof of concept phase.Building Development Capability:To strengthen Crucell's capabilities to deliver on its pipeline, the companyhired over 120 new employees since January 2009. With these new employeesCrucell strengthens its team with new leadership and process experts. Many ofthese new colleagues will be working in Switzerland, in the two buildings thathave been reutilized to establish new process development laboratories. Crucellwill use these laboratories to get FDA approval for Epaxal(®) in the US.Korean Production Facility:In October 2008 Crucell announced that an agreement was reached to relocateCrucell's Korean production facility from the Shingal site in Yongin City, Koreato the Incheon Free Economic Zone, Korea. Construction activities at the newsite started in December 2008 and are progressing well. First test runs areplanned for the second quarter of 2010. The new facility will enable the furthergrowth and efficient production of Quinvaxem(®) and Hepavax-Gene(®). Theinvestments in the new facility are expected to total approximately EUR50 million,with the majority of spending having been made in 2009.The Crucell Ambition:In 2008, The Crucell Ambition program was rolled out throughout the Company,focusing on four priority areas. These areas are: Organization & People, Focus,Operational Excellence, and Deliver on Promises.The Operational Excellence 'Healthy Ambition' part of the program was targetingsavings of EUR30 million by the end of 2009 compared to the 2007 cost base(excluding R&D). This has been well achieved with the program ultimatelydelivering just over EUR30 million in run-rate savings at the end of 2009. Savingswere predominantly achieved through improved yields, marketing and salesefficiency gain, and savings in overhead.Manufacturing & Licensing Agreements: * Crucell today announces an expansion of the PER.C6(®) research license agreement with Canada-based Cangene to include the development of additional antibodies by Cangene. Financial details of the agreement were not disclosed. [September 2009]. * Crucelltoday announces a patent license and a vendor network manufacturing service license agreement with US-based Vivante GMP Solutions. The patent license agreement grants Vivante a worldwide, non-exclusive license of intellectual property to conduct development and manufacture using Crucell's adenoviral-based patent portfolio. The vendor network manufacturing service license agreement grants Vivante a non-exclusive license to utilize Crucell's PER.C6(®) cell line in the manufacture of gene therapy and vaccine products for Vivante's clients through Phase 1 clinical trials. Financial details of the agreement were not disclosed. [October 2009].Patents:In Q4 2009 Crucell was granted a total of 93 patents, including patents for: * Aspects of PER.C6(®) cell lines and recombinant adenovirus technology, in Europe * Aspects of PER.C6(®) protein expression technology, in Europe and in the U.S. * Aspects of AdVac(®) technology, in Europe and in Japan * Improvements in influenza virus isolation using PER.C6(®) technology, in China * Aspects of improved adenoviral AdVac(®) vectors, in Europe * Elements of STARTM technology, in Australia * Improved methods for quantifying influenza antigens, in New Zealand and in the U.S. * Aspects of adenovirus manufacturing technology, in EuropePost Balance Sheet Events: * Crucell today announces a non-exclusive HER96 license agreement with France-based Transgene for use of this technology in the area of infectious diseases. Financial details of the agreement were not disclosed. [January 2010] * Crucell today announces a non-exclusive, worldwide PER.C6(®) license agreement with the Cancer Research UK Centre, School of Cancer Sciences, University of Birmingham to manufacture, use and develop an adenovirus-based gene therapy product for the treatment and/or prophylaxis of prostate cancer, limited to performing Phase I clinical studies. Financial details of the agreement were not disclosed. [January 2010]Financial Review Fourth Quarter 2009Total Revenues and Other Operating IncomeTotal revenues and other operating income amounted to EUR111.3 million for thefourth quarter of 2009, an increase of 19% compared to the same quarter of2008. The increase of 19% was driven by the strong sales of Quinvaxem(®) andcontract manufacturing product sales.Product sales in the fourth quarter of 2009 increased 19% over the same quarterin 2008 to EUR91.2 million and represent sales of paediatric vaccines (62%),travel and endemic vaccines (15%), respiratory vaccines (13%) and other products(10%).License revenues were EUR11.3 million in the fourth quarter, an increase of EUR2.2million compared to the fourth quarter of 2008.Service fees for the quarter were EUR2.9 million, compared to EUR4.0 million in thesame quarter of 2008. Service fees represent revenues for product developmentactivities performed under contracts with partners and licensees.Other operating income was EUR6.0 million for the quarter, compared to EUR4.1million in the fourth quarter of 2008.Cost of Goods SoldCost of goods sold for the fourth quarter of 2009 amounted to EUR56.2 million.EUR54.1 million represents product costs; and EUR2.1 million the cost of service andlicense activities.Gross margins were 47%, compared to 50% in the fourth quarter of 2008. We sawsome pressure on margins as a result of exchange rates, which affected ourproduct sales and cost of goods sold.ExpensesTotal expenses consisted of research and development (R&D) expenses, marketingand sales (M&S) and general and administrative (G&A) expenses. Total expensesfor the fourth quarter were EUR37.1 million, similar to the same period in 2008.SG&A expenses for the quarter were EUR13.8 million compared to EUR17.7 million inthe fourth quarter of 2008. This reduction was mainly due to lower sellingexpenses.Operating profit was EUR18.0 million in the fourth quarter of 2009 compared toEUR11.9 million operating profit in the same quarter of 2008. Operating profit waspositively affected by the increase of revenues and other operating income.The company recorded a EUR4.8 million income tax charge in the fourth quarter of2009, mainly due Korea. The consolidated effective income tax rate was 24% inthe fourth quarter of 2009.Net ResultNet income of EUR15.6 million was reported in the fourth quarter of 2009 versus anet income of EUR18.9 million in the same quarter of 2008. Net result per share inthe fourth quarter of 2009 is EUR0.19, compared to a net result per share of EUR0.29in the fourth quarter of 2008.Balance SheetInvestments in associates and joint ventures amounted to EUR11.4 million andmainly represent investments in AdImmune and the PERCIVIA PER.C6(®) DevelopmentCenter. Crucell's investment in Galapagos NV is classified underavailable-for-sale investments.Total equity on December 31, 2009 amounted to EUR738.3 million. A total of 81.4million ordinary shares were issued and outstanding on December 31, 2009.Cash Flow and Cash PositionCash and cash equivalents increased by EUR16.2 million in the fourth quarter toEUR327.8 million.Net cash from operating activities in the fourth quarter was EUR31.7 million, downfrom EUR61.5 million in the same quarter of 2008. This decrease was a result of ahigher accounts receivable balance resulting from higher revenues.Cash used in investing activities amounted to EUR18.9 million, which includes theinvestment in the new production facility in Korea.Net cash from financing activities in the fourth quarter was EUR1.3 million,compared to EUR9.4 million in the same quarter of 2008. In 2008 the amountincluded the flexible facility for the construction of the new site in Korea.Change in accounting policyAs of January 1, 2009, Crucell changed its accounting policy of recognizingactuarial gains and losses for its defined benefit pensions plans. The newpolicy requires that all actuarial gains and losses are recognized in 'othercomprehensive income' in the period which they occur. Prior to this change allactuarial gains and losses arising from experience-based adjustments and changesin actuarial assumptions were accounted for in line with the 'corridor' method,which allowed deferral of these results. The new policy provides more relevantand timely information as all transactions and events of a defined benefitpostretirement plan are recognized in the period in which they occur.Comparative amounts were adjusted as if the new accounting policy had alwaysbeen applied.Annual ReportCrucell N.V. is currently finalizing the financial statements for the year endedDecember 31, 2009. We expect to be able to file our 2009 Annual Report on Form20-F with the U.S. Securities and Exchange Commission as well as publish ourStatutory Annual Accounts for the year 2009 before the end of April 2010. Theconsolidated balance sheet of Crucell N.V. as of December 31, 2009, the relatedconsolidated statements of operations and consolidated statements of cash flowsfor the year ended December 31, 2009, and all quarterly information as presentedin this press release are unaudited.Forward-looking statementsThis press release contains forward-looking statements that involve inherentrisks and uncertainties. We have identified certain important factors that maycause actual results to differ materially from those contained in suchforward-looking statements. For information relating to these factors pleaserefer to our Form 20-F, as filed with the US Securities and Exchange Commissionon April 22, 2009, in the section entitled 'Risk Factors'. The Company preparesits financial statements under International Financial Reporting Standards(IFRS).Conference Call and WebcastAt 14:00 Central European Time (CET), Crucell's management will conduct aconference call, which will also be webcast. To participate in the conferencecall, please call one of the following telephone numbers 15 minutes prior to theevent: +44 203 003 2666 for the UK; +1 646 843 4608 for the US; and +3120 794 8426 for the NetherlandsFollowing a presentation of the results, the lines will be opened for a questionand answer session.The live audio webcast can be accessed via the homepage of Crucell's website atwww.crucell.com
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