Serono annual revenues pass $1.5bn

Published: 5-Feb-2003


Serono, the world's largest biotechnology company, has increased total revenues by 12.4% to US$1,546.5m (€1,422m) in the full year 2002, and by 20.9% to $442.1m (€401m) in the fourth quarter.

'2002 was a very successful year for our company. We broke through the $1.5bn revenue mark and achieved sales growth of 13.9%," said Ernesto Bertarelli, ceo of Serono. 'I am particularly pleased with the excellent performance of Rebif in the US, and the significant investments we have made, which position us very well for future growth.'

Full year sales of Rebif (interferon beta 1-a) in multiple sclerosis were up 44.6% to $548.8m (€505m) making it the company's top selling product in 2002.

Building on the excellent US launch of the product in March last year, Serono successfully started a co-promotion with Pfizer and initiated a direct to consumer marketing campaign. Sales in the US were $71.2m (€65.7m) for the full year.

At the end of the fourth quarter, over 13,000 patients were being treated with the product in the US, and Rebif is the market leader outside the US with 2002 sales increasing by 25.8% to $477.6m (€440.8m) in the rest of the world, within which European sales increased by 29.9% to $314.1m (€289.9).

In the fourth quarter of 2002 Serono successfully concluded a licensing agreement with Amgen to market Novantrone in the US. Novantrone, for worsening forms of MS is complementary to Rebif and makes Serono the only MS company to offer a portfolio of products to neurologists and patients.

In 2002, worldwide reproductive health sales also grew by 8.3% to $621.9m (€573.9). Sales of Gonal-F (recombinant human FSH) increased by 9.7% in the full year and by 10.6% in the fourth quarter.

Given the demonstrated benefits of recombinant products in infertility, Serono's strategy for some time now has been to replace old-generation urine-derived products as the recombinant products are registered and become available around the world.

Given the strong outlook for Rebif, the performance of reproductive health, and taking into account the business developments of 2002, Serono expects dollar growth in 2003 of 15%-20% in both total revenues and net income growth.

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