Intercell FY net loss down 35.9 pct to 16.1 mln eur UPDATE |
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Published
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Mon, 05 Mar 2007 11:39
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(updating with broker comment)VIENNA (AFX) - Biotech company Intercell said its net loss for 2006 narrowed 35.9 pct to 16.1 mln eur, thanks to an advance 10 mln eur payment by marketing and distribution partner Novartis for its Japanese Encephalitis vaccine in the fourth quarter.The Vienna-based vaccine company said full-year revenue increased by 176.5 pct to 23.5 mln eur versus 8.5 mln as a result of new strategic partnerships and licence agreements with larger pharmaceutical companies Merck & Co and Novartis.Research costs rose 8.8 pct to 31 mln eur in 2006.In its outlook for 2007, Intercell said the go-to-market plans for its first product, a vaccine against Japanese Encephalitis, are on track for the first half of 2008.Intercell also said it expects the first data for the phase II proof of concept study on its Hepatitis C vaccine in the first half of this year.Analysts at Merrill Lynch said Intercell's 2006 results had beaten forecasts thanks to the 10 mln eur booking from Novartis in the fourth quarter. Analysts said they do not expect this to be sustainable, but expect the company to break even in late 2008.fiona.flanagan@thomson.comff/ms1/ff/jagCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Intercell FY net loss down 35.9 pct to 16.1 mln eur 