Innogenetics - Resultaten 2004

BRUSSELS (AFX) - Biopharmaceutical company Innogenetics NV posted a slight fall in full-year net losses to 13.65 mln eur, compared to 14.01 mln in 2003. The company said full-year sales including licensing and royalty revenue were up to 71.05 mln eur from 65.18 mln in 2003, at the bottom end of guidance of an increase of 10-15 pct. The results were in-line with analysts' expectations as polled by AFX News. The narrowing of losses was driven by the company's diagnostics division, which posted an 11 pct rise in sales of its products, which are used to identify tissue types during operations and for the early detection of diseases. "We will continue to focus on high margin diagnostic products and discontinue the distribution of some non-core lower margin products," said chief executive Frank Morich, who took control of the company on 1 January.In the therapeutics unit, where Innogenetics is developing vaccines to prevent infectious diseases, Morich said results from the critical 'stage 2' clinical trials of the company's hepatitus C vaccine would be known in the second and fourth quarters of 2005. Operating losses narrowed to 12.9 mln eur from 13.80 mln in 2003 with a reduction in administrative costs helping the company to achieve a better performance. The company's cash position deteriorated over the year. Cash fell to 26.1 mln eur at the year-end, from 43.5 mln eur at the same time in 2003, but the company said this was due to a one-off investments in a vaccine program. On the outlook for 2005, Innogenetics said it expected sales including licensing in its diagnostics business to increase by 5 pct with further enhanced profitability. The company also said that operating losses would fall further over the same period, despite a forecast 15 pct increase in research and development costs to fund the therapeutics pipeline. Analysts polled by AFX News had forecast net profits of 12.54-14.22 mln eur, operating profits of 12.24-13.54 mln eur, and revenues of 69.54-72.26 mln eur. "In 2004, Innogenetics delivered on its promises by achieving enhanced profitabuility in its diagnostics activities and progressing significantly in its therapeutic programs," said Morich.
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De belegger:
De resultaten van Innogenetics het voorbije jaar losten de verwachtingen in. Dankzij de sterke verkopen van diagnosticaproducten in het domein van infectieziekten steeg de productverkoop met 12% tot 59,1 mln. euro. Mede hierdoor stegen de totale opbrengsten met 9% tot 71,1 mln. euro. Door de sterke winstgevendheid van de diagnositische activiteiten daalde het verlies van 14 tot 13,6 mln. euro of 0,5 euro p.a. Door de ovename van het therapeutisch vaccin programma van Genencor in het domein van hepatitis B en C daalde de kaspositie het voorbije jaar van 43,5 tot 26,1 mln. euro. Dit moet voldoende zijn om de verliezen de komende twee jaar te dekken. Voor 2005 streeft Innogenetics naar een verdere vermindering van het operationele verlies en dat ondanks een verwachte toename met 15% van de R&D uitgaven ter ondersteuning van de uitbreiding van het therapeutische portefeuille. De totale opbrengsten van de diagnostica-activiteiten, inclusief royalties en licentievergoedingen, zullen met meer dan 5% toenemen. Advies: Gezien het enorme potentieel van de producten in ontwikkeling en het feit dat de onderneming erin slaagt om de kosten onder controle te houden zijn de aandelen te behouden.
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BRUSSELS (AFX) - Innogenetics NV chief executive Frank Morich said he sees the biotechnology company breaking even at the net level in 2006. The chief executive who started at the company on January 1 said: "It depends on the fate of the vaccine program. But it is a management goal to have a breakeven company for therapeutics and diagnostics in 2006." He said he expects revenues in the diagnostics division to double between now and 2008. "2008 should show a number which is twice as high as 2004," said Morich.Diagnostics revenues in 2004 were 70.3 mln eur. Morich said that 2005 revenues would be boosted by royalty income from a licensing deal signed with Roche. Roche is expected to launch a blood screening product using Innogenetics' technology in the third quarter of this year.