Stallergenes Greer Reports Continued Sales Growth in the First Quarter 2019

  • Q1-19 Group’s net sales up 11% to €84.7 million (+9% in constant
  • Positive performance in Southern Europe (+11%) and in Northern &
    Central Europe (+14%)
  • Continued growth in the sublingual category (+13%) driven by Staloral®
  • FY 2019 outlook confirmed: Net sales in the range of €290 million and
    €300 million; EBITDA in the range of €50 million and €60 million1


Stallergenes Greer (Paris:STAGR), a biopharmaceutical company
specialising in treatments for respiratory allergies, today published
its unaudited net sales for the three-month period ended 31 March 2019.

Q1-19 unaudited net sales up 11% as a result of positive performance
across main products and several regions

Unaudited   Reported Currency         Constant Currency  
FY-18 (3m)   FY-19 (3m)

Var %

FY-19 (3m)

Var %

In € million  



% Sales




% Sales




% Sales

Southern Europe   40.3   53%   44.8   53%   11% 44.9   54%   11%
Northern & Central Europe   10.9   14%   12.4   15%   14% 12.3   15%   13%
International markets   3.9   5%   5   6%   28% 5.1   6%   28%
United States   21.1   28%   22.5   26%   7% 20.8   25%   -1%
Net sales   76.2   100%   84.7   100%   11% 83   100%   9%
Sublingual products   52   68%   59   70%   13%
Subcutaneous products   16.3   21%   18   21%   10%
Veterinary   2   3%   2.4   3%   20%
Other products   5.9   8%   5.3   6%   -10%
Net sales   76.2   100%   84.7   100%   11%

Net sales by region: Positive performance in Southern Europe (+11%)
and in Northern & Central Europe (+14%) while net sales were slightly
down in the United States at constant currency (-1% or +7% at reported

The 11% increase year-over-year in Q1-19 net sales
reflects positive growth in Southern Europe and in Northern & Central
Europe. U.S. revenue was positively impacted by the foreign currency
exchange rate in Q1-19. Net sales in the United States were slightly
down (-1%) for the first quarter in local currency (US$).

Europe & International: Stallergenes Greer sales growth was
primarily driven by France, for both Staloral and Oralair®.
The company also increased its sales in Italy, Spain, Germany, Poland
and Slovakia. Net sales increase in International markets (+28%) was
primarily driven by Russia and Australia.

United States: In the United States, Stallergenes Greer net sales
increased 7% in reported currency, delivering €22.5m in Q1-19, while
being slightly down (-1%) at constant currency. The Group continued to
strengthen its leadership position in the bulk allergen segment in this
geography, while some of the adjacent businesses had a slower start to
the year.

Net sales by category: Continued growth in the sublingual segment

Staloral was Stallergenes Greer’s main growth driver in
Q1-19, in particular in the French market. Additionally, Oralair net
sales increased across all its major markets in Europe and International
region, but had a slow start in the United States.

Sublingual products: in Q1-19, sublingual product sales increased
by 13%, reaching €59.0 million, primarily driven by Staloral as a result
of market share gains in priority markets, such as France. In parallel,
in the tablet segment, the decline of the grass tablet market in the
United States impacted Oralair’s performance in this geography.

Subcutaneous products: in the subcutaneous product category, the
company reported Q1-19 net sales of €18.0 million, a 10% increase
compared to Q1-18 thanks to a favorable US$ / Euro exchange rate, and
despite a temporary shortage of injectable products in the Europe and
International region as the Group pursued investments in major
renovations and upgrades at its Antony facility.

Veterinary products: Q1-19 veterinary net sales grew 20% to €2.4
million compared to Q1-18, despite an increasingly competitive
environment, through volume gains but also supported by a stronger US$ versus
Euro foreign exchange rate.

Other products: net sales in the Other product line, which
includes diagnostics and devices, declined by 10% quarter-over-quarter
to €5.3 million in Q1-19, mostly due to a slower start of the adjacent
businesses in the United States.

The Company confirms its full year
outlook for 2019 disclosed on 21 March 2019 for net sales to be in the
range of €290 million to €300 million and EBITDA2 to be in
the range of €50 million to €60 million.

Recommended cash acquisition of
Stallergenes Greer plc by Ares Life Sciences I S.À.R.L.:
Meeting: 13 May 2019 at 2.00pm C.E.S.T. | General Meeting: 13 May 2019
at 2.15pm C.E.S.T.
Location: Maison de la Recherche, 54 rue de
Varenne, 75 007 Paris, France

Annual General Meeting: 13 June 2019 at 2.00pm C.E.S.T.
Maison de la Recherche, 54 rue de Varenne, 75 007 Paris, France

1H 2019 results: 29 August 2019

Headquartered in London (UK),
Stallergenes Greer plc is a global healthcare company specialising in
the diagnosis and treatment of allergies through the development and
commercialisation of allergy immunotherapy products and services.
Stallergenes Greer plc is the parent company of GREER Laboratories, Inc.
(whose registered office is in the USA) and Stallergenes SAS (whose
registered office is in France).

Name: Stallergenes Greer
GB00BZ21RF93 1 – Ticker: STAGR
ICB Classification: 4577
Market: Euronext Paris regulated market

Additional information is available at

The financial information set out above does not constitute the Group’s
financial statements for the period ended 31 March 2018 (unaudited) and
2019 (unaudited).

This document (including information incorporated by reference in this
document), oral statements made and other information published by the
Company contain statements that are or may be forward-looking or that
express management’s beliefs, expectations or estimates with respect to
the financial condition and/or results of operations and businesses of
the Company. These statements can be identified by the use of
forward-looking terminology such as “anticipate”, “target”, “believe,”
“expects,” “project,” “estimated,” “forecast,” “should,” “plan,” “may,”
“will,” or the negative of any of these, or other variations thereof, or
comparable terminology indicating expectations or beliefs concerning
future events, or by the fact that such statements do not relate
strictly to historical or current facts. These forward-looking
statements are based on current expectations and are subject to risks
and uncertainties because they relate to events and depend on
circumstances that will occur in the future. Without being exhaustive,
such factors include economic situations and business conditions,
including legal and product evaluation issues, fluctuations in
currencies and demand, changes in regulation, government or intellectual
property protection, changes in competitive factors and other risks
inherent to the industries in which the Company operates. These and
other factors are more fully described in the Company’s 2018 annual
report published on 21 March 2019 on the Company’s website
Actual results may differ materially from those set forth in the
forward-looking statements, due to these and other various factors.
Nothing in this statement should be construed as a profit forecast. Save
as required by applicable law (including under the Market Abuse
Regulation, the UK Listing Rules and the Disclosure and Transparency
Rules of the Financial Conduct Authority), neither the Company nor any
other person assumes any obligation to update these forward-looking
statements or to notify any person of any such update. The reader
should, however, consult any additional disclosures that the Group may
make in any documents which it publishes and/or files. All readers,
wherever located, should take note of these disclosures. Accordingly, no
assurance can be given that any particular expectation will be met, and
investors are cautioned not to place undue reliance on the
forward-looking statements.

This announcement does not constitute an invitation to underwrite,
subscribe for or otherwise acquire or dispose of any shares in the
Company, in the UK or in the US, or under the US Securities Act 1933 or
in any jurisdiction.

1 Excluding one-off costs

2 Excluding one-off costs


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