Ga naar Bindex Nu komt de kracht van Crucell naar voren 2
  [Recent Topics] Recente berichten   [Login] Inloggen  [Policy] Forumbeleid  
Berichten Aanbevelingen
Nu komt de kracht van Crucell naar voren.

Deel 2
0 0
Spinoff [Offline]
12:11 13/5/10
Transcript First Quarter Results 2010
Crucell is now also and for the first time received orders to supply the vaccine beyond GAVI-qualified countries. This is therefore
an important step as, in coming years, more countries will graduate from being eligible under the GAVI program and will then
need to procure vaccines for national immunization plans. So these countries will soon be in a position to procure vaccines for
immunization programs for themselves and giving Crucell a more sustainable opportunity to sell Quinvaxem to these additional
markets.
************
Q&A
Alan Carr - Needham & Co. - Analyst
Can you tell us a bit more about this transition that some countries are making from the GAVI program to their own vaccination
programs? How can we expect that transition -- what's the timing around that transition and the scale of that transition [that]
you guys expect to take place over the next couple years?

Cees de Jong - Crucell - COO
Well, let me explain because I think it's a very good question. Many countries today are 100% dependent upon the GAVI funding.
What is happening over time is that GAVI would expect those countries to also partly or in full start to pay for their pentavalent
vaccines or for their large immunization programs. As I have explained, we have now, for the first time, received orders from
those countries to supply our vaccine.
So you can imagine that, once you start supplying in those countries, you establish a track record of use, of service levels that
makes it more difficult for competitors to come in. This is not the simple tender with [big block] volumes; it's now also about
established relationships with individual countries. So we are very excited about being able to supply to those countries. And
from our announcement you can infer that that changeover is sort of a continuous process that is already happening.

Alan Carr - Needham & Co. - Analyst
Can you give us a sense of the scale of this, or is it -- what sort of details can you give us around that?

Cees de Jong - Crucell - COO
No; that would be too detailed that this call. MAYBY WE CAN TAKE THAT OFF-LINE. duhhh

Guillaume van Renterghem - UBS - Analyst
Based on your inventory, the current one, do you think you have enough doses to provide what you think UNICEF is going to
ask you in 2010?
Second question is, do you expect to start hedging your cost of goods sold?
And the last question is related to your last comment on the new countries starting to order directly from you guys. I was
wondering whether you could give us any indication on the pricing for those you get paid this year.

Ronald Brus - Crucell - President and CEO
Let me take the two questions, one on pricing and the other one on enough doses. I think it's good practice that we don't give
comments on individual prices and definitely not for individual countries. However, as you see, price levels have been broadly
in line for most of those shipments.
Your first question is an interesting one. Do you think you have enough doses for if and when UNICEF will ask? Well, obviously,
I don't know what UNICEF will be asking. However, their award of the additional $110 million is a clear vote of confidence on
our behalf. In addition thereto, we have shared with the supranational organizations our full ability to supply both from the
existing as well as from the new facility as well as from our stock build. That situation would, indeed, allow us to fulfill additional
awards, if and when they would come, in the next 18 months or so.
The other question, Guillaume, you asked about hedging and why not hedge the entire cost of goods sold -- first of all, we do
hedge whatever economic risk that we can reduce. So any cash flow that we can reasonably accurately predict in the future we
will hedges so it doesn't affect -- the currency fluctuation doesn't affect the result. However, to fully hedge your cost only is
dangerous without not also hedging your top line. And by doing both it would be quite unusual and it would be very expensive.
Rather, what we have chosen for is in certain countries we are planning to change the functional currency of the country to
euro. And by doing so we will basically eliminate the fluctuations in foreign currencies against the dollar and against the euro
because the entire currency of the country will be changed. And we think and expect that that will take a lot of the fluctuation
out of the results, currency fluctuation out of the results, and that should be, at least for important countries, should be effective
somewhere in the second half of the year.
****************
Ronald Brus - Crucell - President and CEO
The second question, on Shantha -- actually, I can split the question into basically two separate issues. First of all, the problems
that Shantha has to supply the market -- obviously, we are aware of that, and that's why the supranational organizations have
come to us to see if we could continue that supply but producing extra supplies on a very short notice.
Second, and it is an independent issue, is that we had a change of control on Shantha, and when Shantha would be acquired
by a foreign or western company we would have the possibility to withdraw our exclusive license to Shantha to produce
pentavalent vaccines. Obviously, that had happened, and so we are in the process of remedying that with Sanofi-Pasteur, and
as soon as we know more we will update you.
*******
John Gibbons - Oden Parsons - Analyst
I just wonder if I could get a little more clarity on the rabies which we've been following. I'm puzzled why we haven't got a Phase
III design and ready to go. What was the issue with production issues in the Philippines [with this] rabies trial?

Cees de Jong - Crucell - COO
Basically, we would've wanted our Phase II study in India to have kicked off already. But what we had to do there was change
the potency measurements of our products. It's a bit of a technical story, but what you need to recognize is that the current
products, which are polyclonals, either from horse or from human, contain more than 99% of nonspecific immunoglobulins
that do not recognize or do not neutralize rabies virus.
Our product, though, is a very pure monoclonal antibody. And in the process of designing our subsequent clinical trials, we
found that we needed to come to a different measurement of the product to be administered, that the potency measurement
needed to be different basically because our product is so good. It has caused a delay, but I think we are now well on track for
the further development of this product.

John Gibbons - Oden Parsons - Analyst
So will the Phase III start in the Philippines? Are you still -- is it going to have to wait until the Phase II start in India first?

Cees de Jong - Crucell - COO
We will do India first. We will do India this year, and the work is ongoing for the preparation of the Phase III, but that won't start
this year.

Cees de Jong - Crucell - COO
I'll take the Flavimun question. What we need to remember is that the Flavimun is a product we are working on that, as we
called it before, won't move the needle. It's a small product that we are developing. Additional questions have been asked by
Swissmedic, and we are currently studying how to best take Flavimun forward. Given the base at which registration is going,
I'm not optimistic that we will come to registration this year.

http://hugin.info/132631/R/1416443/ 367035.pdf

....and we are currently studying how to best take Flavimun forward...streep erdoor imo.
0 0
flosz [Offline]
09:21 20/5/10
BelegjeBoterham.
Vertrouwen is een van de peilers waarop de waarde van het aandeel steunt.
Regelmatig wordt er gedumpt net als gister op een
idioot lage prijs,met de bedoeling het vertrouwen onder het aandeel weg te halen.En dat leukt aardig!!
Als er nu ook nog met de presentatie van de 1e kwartaal cijfers wordt gemodderd en er ,kennelijk zonder rede,nog meer vertrouwen wegvloeit dan ben ik daar niet blij mee!
Zeker niet gezien de ontwikkelingen met Shantha die
ten minste voor een aanzienlijke koersverhoging
hadden moeten zorgen getuige de extra opdracht.
Nogmaals Brus slechte beurt.
0 0
Spinoff [Offline]
12:25 13/5/10