Crucell's losses increase despite higher sales

Dutch biotechnology company Crucell NV says that its losses for the fourth quarter of 2006 were 24.9 million euros ($33.4 million), up from the 2.9 million euro deficit it recorded in the equivalent period in 2005. The firm went on to say that the reported shortfall had been exacerbated by a charge of 33.5 million euros relating to its restructuring and asset impairment activities, and added that, excluding these costs, it would have achieved a 1.9 million euro profit.

Crucell also reported revenues of 76.0 million euros, up 533% for the quarter, identifying its seasonal influenza product, and its new pediatric vaccine Quinvaxem, which protects against diphtheria, tetanus, pertussis, hepatitis B and Haemophilus influenzae, as the key growth drivers.

Despite the increase, Crucell's sales were still short of analysts estimates of between 76.9 million euros and 83.4 million euros. As a result, the firm's share price fell 6.8% to 20.03 euros in trading on the Amsterdam Stock Exchange on the day of the news, February 13.