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Home Industry News Serono misses forecasts as Rebif sales falter

Serono misses forecasts as Rebif sales falter

7th February 2006

Europe’s largest biotech firm, Serono, has missed analyst forecasts, on the back of poor sales of multiple sclerosis drug Rebif.

It said that adjusted net income rose by 28.4 per cent to $565.3 million for the whole of 2005, while net income grew by 72 per cent to $144 million. Analysts had predicted income of between $150 and $155 million for the period.

The performance of Rebif had also disappointed investors and failed to meet forecasts. Sales increased by 8.2 per cent to $335.3 million during the last three months of 2005.

Serono had appointed Goldman Sachs in November of last year to explore “strategic alternatives” for the company, but said that no definite buyer had been found for the time being.

Bob Pooler, analyst with Lombard Odier Darier Hentsch & Cie, told Bloomberg: “The major disappointment was that no deal was announced, because it reflects that it’s more difficult than the market thought, that the process may take longer or that the price won’t be as high.

“The cash cows aren’t the cash cows people expected and a buyer basically doesn’t have to have it.”

track© Adfero Ltd

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