STALLERGENES: 2.5% Growth in Net Sales

Regulatory News:

STALLERGENES (Paris:GENP):

At its meeting of 3 March 2015, the Board of Directors approved the 2014 consolidated financial statements:

Strong financial performance

Current operating profit totalled €64.5 million, an increase of 3.3% compared with the previous year, and represented 25.8% of net sales, while net profit increased by 7.3% to €43.3 million.

EBITDA increased 6.1% to €75.6 million, representing 30.1% of net sales, outperforming the target set at 28% of net sales, excluding non-recurring expenses and revenues. Net cash and cash equivalents, which totalled €145.8 million in 2014, will be used to fund the Group’s future development programmes, both clinical and commercial.

2014 net sales: positive performance for all routes of administration

2014 net sales totalled €250.5 million, an increase of 2.5% compared with the previous financial year. Total revenues amounted to €251.3 million and include the recognition of a portion of a milestone payment related to the partnership for marketing Oralair^® in the US.

Stallergenes recorded growth across all routes of administration (sublingual and subcutaneous routes). For the subcutaneous route (up 8.2%), Stallergenes posted a strong performance in a number of key markets, such as Poland, Switzerland, the Czech Republic and Slovakia.

For the sublingual route in solutions, Stallergenes' flagship product Staloral^® is the world leader in its segment and performed well in several new allergy immunotherapy markets, such as Australia, Russia, the Middle East, Turkey and the UK.

Regarding the sublingual route in tablet form, Stallergenes' five grass pollen immunotherapy tablet Oralair^® continued its double-digit growth (up 15.8% in 2014) and posted sales of €25.8 million. Oralair^®'s global market share in the grass pollen tablet segment stands at 49%¹. Oralair^® continued its expansion with its recent launch in Turkey, a high potential market where Stallergenes is the clear leader in the sublingual segment.

¹ IMS data: only for countries where Oralair® and Grazax® are available, excluding the US. Sales over a rolling twelve month period (to Nov. 2014).

Growth fuelled by international immunotherapy markets (up 33.9%)

In international markets, Stallergenes recorded strong growth, particularly in Australia, the Middle East, Russia and Turkey, where the Group is helping to broaden the prescriber base and is contributing to the development of the immunotherapy market.

In the "Southern Europe" region, Oralair^® is the leader of the tablet segment in France with a market share of 52%². In "Northern and Central Europe", whilst Germany's overall performance failed to meet expectations despite strong growth in Q4 2014, several of this region's key markets (Belgium, Switzerland and Poland) did achieve notable growth.

In the US, initial sales of Oralair^® were recorded but were insignificant owing to the product's late launch in relation to treatment initiation periods, which begin very early in the year.

"In 2014, Stallergenes achieved its objectives with sales growth for all routes of administration, an excellent level of EBITDA and good control of operational costs. Our growth strategy is based on the Group's international development, marked in 2014 by the launch of Oralair^® in the US, as well as the drive to increase the penetration of immunotherapy, by continuing the development of treatments in other indications, such as asthma, and by broadening our targets," stated Christian Chavy, Stallergenes' Chief Executive Officer.

Annual targets and outlook

In 2015, Stallergenes targets a growth rate in net sales comparable to 2014, and stable EBITDA in comparison with 2014.

Dividend

The payment of a dividend of €0.75 per share will be proposed at the next Annual General Meeting, an amount unchanged from the previous year, representing a pay-out ratio of 24.1%. An option to receive the payment of the dividend in shares will be offered to shareholders.

Financial calendar

• Q1 2015 sales 23 April 2015

The Shareholders' Annual General Meeting will be held on 27 May 2015 in Paris.

Audit procedures on the consolidated financial statements have been carried out. The Statutory Auditors’ report will be issued following their review of the management report. The 2014 consolidated financial statements can be downloaded from www.stallergenes.com

² IMS data: Sales over a rolling twelve month period (to December 2014)

ABOUT STALLERGENES

STALLERGENES is a global healthcare company specialized in the diagnosis and treatment of allergies. For more than 50 years, STALLERGENES has been continuously expanding the existing frontiers of science in order to provide allergy patients with more effective long lasting therapeutic options. Thanks to its innovation strategy, fuelled by research and development investments amounting to around 20% of annual sales as well as external partnerships, STALLERGENES is able to provide targeted allergen immunotherapy-based allergy solutions that significantly improve the lives of allergy patients around the world.

STALLERGENES operates in 21 countries and employs over 1,000 people. In 2014, the Company generated total revenues of €251 million, and more than 500,000 patients were treated with STALLERGENES products.

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ISIN: FR0000065674
Reuters: GEN.PA
Bloomberg: GEN.FP

Additional information is available at www.stallergenes.com

Forward-looking statements related to Stallergenes

This press release may contain forward-looking statements, including objectives of future revenue and operating profit as well as expected business-related events. Such statements are based upon the current beliefs and expectations of Stallergenes’ management and are subject to risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements, due to various factors. Without being exhaustive, such factors include economic situations and business conditions, including legal and product evaluation issues, fluctuations in currencies and demand, changes in competitive factors and reliance on suppliers. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information or future events and except as required by law.