Performance highlights
Financials
Revenues and other operating income
Outlook for 2010
| Use continued strong operating cash flow to accelerate product development. |
| Research & development spending to increase by over one-third, while maintaining a healthy operating profit. |
| Revenues and other operating income broadly in line with 2009.1 |
- 1
- In guidance currency = EUR/USD rate of 1.41.
Selected financial data
Our consolidated financial statements and Company financial statements (hereinafter referred to as the ‘financial statements’), and the notes thereto, have been prepared in accordance with International Financial Reporting Standards (IFRS) as endorsed by the European Union (EU) and as issued by the International Accounting Standards Board (IASB). No differences resulted in our financial statements as a result of the preparation in accordance with IFRS as endorsed by the EU and IFRS as issued by IASB as applied to Crucell.
Prior to 2006, we prepared our financial statements, as included in Form 20-F, in accordance with accounting principles generally accepted in the US (US GAAP), which differs in certain significant respects from, and is not comparable with, IFRS. On December 21, 2007, the SEC approved rule amendments under which Form 20-F, as prepared by Foreign Private Issuers (FPIs), will no longer require reconciliation to US GAAP if the financial statements are prepared in accordance with IFRS as issued by the IASB. This rule is applicable for the 2008 financial year. As a result, we do not provide reconciliation to US GAAP.
The selected financial data should be read in conjunction with ‘Operating and financial review and prospects’ and our financial statements and accompanying notes thereto, included elsewhere in this Annual Report.
The following table shows the selected financial data under IFRS for the years ended December 31, 2005 through 2009.
IFRS selected financial data
| Year ended December 31, (in thousands of Euro, except share data) | 2009 | 20081 | 20071 | 20061 | 20051 |
|---|---|---|---|---|---|
| Consolidated statement of income data: | |||||
| Revenues: | |||||
| Product sales | 304,439 | 226,055 | 177,569 | 103,918 | — |
| License revenues | 23,049 | 30,202 | 12,211 | 16,955 | 20,848 |
| Service fees | 10,675 | 10,900 | 14,006 | 10,694 | 11,881 |
| Total revenues | 338,163 | 267,157 | 203,786 | 131,567 | 32,729 |
| Total cost of sales | (194,613) | (145,755) | (134,884) | (90,489) | (7,156) |
| Gross margin2 | 143,550 | 121,402 | 68,902 | 41,078 | 25,573 |
| Total other operating income | 19,839 | 16,152 | 9,330 | 9,356 | 4,840 |
| Operating expenses: | |||||
| Research & development | (70,176) | (70,229) | (63,995) | (67,606) | (34,048) |
| Selling, general and administrative | (61,400) | (64,778) | (63,566) | (47,478) | (13,689) |
| Restructuring | — | — | — | (3,120) | — |
| (Reversal of) impairment | 7,199 | 4,888 | (171) | (30,416) | — |
| Total other operating expenses | (124,377) | (130,119) | (127,732) | (148,620) | (47,737) |
| Operating profit/(loss) | 39,012 | 7,435 | (49,500) | (98,186) | (17,324) |
| Financial income & expenses | (3,193) | (2,662) | 1,378 | 1,747 | 2,201 |
| Results non-consolidated companies | 2,147 | 1,442 | 1,190 | (1,956) | (455) |
| Disposal of subsidiaries | — | (367) | — | — | — |
| Profit/(loss) before tax | 37,966 | 5,848 | (46,932) | (98,395) | (15,578) |
| Income tax | (14,028) | 8,402 | 2,598 | 10,611 | — |
| Profit/(loss) for the year | 23,938 | 14,250 | (44,334) | (87,784) | (15,578) |
| Net profit/(loss) per share–basic | 0.34 | 0.22 | (0.68) | (1.54) | (0.39) |
| Net profit/(loss) per share–diluted | 0.33 | 0.21 | (0.68) | (1.54) | (0.39) |
| Weighted average shares outstanding–basic | 70,266 | 65,593 | 65,103 | 57,064 | 39,852 |
| Consolidated statement of financial position data: Assets: |
|||||
| Cash and cash equivalents | 327,837 | 170,969 | 163,248 | 157,837 | 111,734 |
| Total current assets | 655,071 | 322,318 | 303,262 | 317,071 | 131,038 |
| Total assets | 1,011,131 | 636,297 | 629,838 | 653,961 | 169,737 |
| Liabilities and shareholders’ equity: | |||||
| Total shareholders’ equity | 738,265 | 452,534 | 440,913 | 497,683 | 137,609 |
| Total non-current liabilities | 114,700 | 65,462 | 74,183 | 66,026 | 9,380 |
| Total current liabilities | 158,166 | 118,301 | 114,742 | 90,252 | 22,748 |
| Total liabilities and shareholders’ equity | 1,011,131 | 636,297 | 629,838 | 653,961 | 169,737 |
| Number of employees | 1,248 | 1,126 | 1,126 | 1,073 | 282 |
- 1
- Prior year numbers have been adjusted retrospectively, following the change in accounting policy to recognize actual gains and losses in other comprehensive income.
- 2
- Gross margin = total revenues less cost of sales.