STALLERGENES: 2008: Strong Performance

ANTONY, France - Strong Growth in Results Sales up 16%, net Profit up 17%

- Sound Financial Position

- Proposed Increase in Dividend

ANTONY, France, March 24 /PRNewswire/ –

The Board of Directors, meeting on 23 March 2009 under the
chairmanship of Albert SAPORTA, approved the 2008 consolidated financial
statements:

EUR millions 2007 07/06 2008 08/07
as % of % as % of %
sales change sales change

Sales 147.1 100.0 16 170.9 100.0 16
Cost of goods sold (32.9) (22.3) 11 (39.8) (23.3) 21
SG&A (65.1) (44.3) 17 (72.9) (42.7) 12
R&D net (23.8) (16.2) 32 (30.0) (17.5) 26
EBIT 25.3 17.2 9 28.1 16.5 11
Net profit, group share 16.3 11.1 12 19.0 11.1 17
EBITDA 30.0 20.4 9 34.3 20.1 14
Capital expenditure (16.2) (11.0) 68 (18.3) (10.7) 12
Free cash flow 6.5 4.4 (19) 4.7 2.8 (28)
Net financial debt 10.4 (14) 9.6 (8)
Equity 66.4 26 82.6 24
EPS, diluted 1.22 EUR 10 1.43 EUR 17
Proposed dividend 0.40 EUR 14 0.45 EUR 13

2008 sales grew by 16% to EUR 171 million, in line with the
growth of previous financial years since 2000 (15% average annual growth).
The sublingual route remained the main driver of this growth with an 18%
increase over the financial year.

Operating profit totalled EUR 28.1 million, along with an
operating margin of 16.5%. This performance was all the more remarkable that
it was achieved against the background of a significant investment phase
relating to the rollout of the Stalair(R) program (the Stalair(R) program is
the new umbrella marketing name of the range of sublingual desensitization
tablets). Net R&D expenditure thus increased by 26% and represent 17.5% of
sales.

Net profit increased by 17% to EUR 19.0 million and
represented an 11.1% net profit margin.

The financial independence of the Group was maintained. EBITDA
(gross cash surplus) grew by 14% to EUR 34.3 million, which was largely
sufficient to cover investments (EUR 18.3 million), while at the same time
generating, for the eighth year in a row, a positive free cash flow of EUR
4.7 million.

Stallergenes strengthened its already sound balance sheet and as a result
looks forward to its expansion with confidence. The net financial debt
further declined to EUR 9.6 million and only represents 0.3 times EBITDA and
12% of equity.

The Group’s 2008 consolidated financial statements are
available from the Group’s website: www.stallergenes.com .

2009 outlook

As regards the Stalair(R) program, five major phase II/III
clinical study results are pending. Three of these are “pivotal” studies that
will lead to registrations.

The Group remains prudent to date on providing a sales
guidance and expects sales growth of between 8% and 10%.

Investments will remain at a high level, without however
calling into question Stallergenes’ objective of maintaining an operating
profitability in excess of 15% of sales and a positive free cash flow.

Significant recent transactions and events

The marketing authorization of Oralair(R) (grass pollen
tablets) in its paediatric indication was delivered on 19 January 2009 by the
German agency. Oralair(R) is thus marketed in its two indications in Germany
for the 2009 pollen season and the European mutual recognition procedure for
registration of the product has been set in motion.

In anticipation of the impending marketing of Oralair(R) in
these countries, Stallergenes established a subsidiary to run its operations
in Austria and took over its current distributor in Switzerland, TRIMEDAL, on
17 February 2009. However, this acquisition is not very significant given the
size of the Group.

The Group decided today to increase the par value of each
share from EUR 0.95 to EUR 1.00 through the capitalization of reserves. This
transaction was only of a technical nature.

Dividend

In order to demonstrate its confidence in the Group’s
development outlook, the Board of Directors will propose to the General
Meeting to be held on 29 May 2009, the distribution of a dividend of EUR 0.45
per share, reflecting a 12,5% increase over the previous year.

ABOUT STALLERGENES

Stallergenes is a European biopharmaceutical company dedicated
to desensitization therapies for the prevention and treatment of
allergy-related respiratory diseases, e.g. rhinoconjunctivitis and allergic
asthma. A pioneer and leader in sublingual desensitization treatments,
Stallergenes devotes 21% (gross) of its sales to Research and Development and
is actively involved in the development of a new therapeutic class:
sublingual desensitization tablets.

In 2008, Stallergenes had sales of EUR 171 million and
provided desensitization treatments to more than 500,000 patients.

Euronext Paris (Compartment B)
SBF 120.
ISIN Code: FR0000065674
Reuters Code: GEN.PA
Bloomberg Code: GEN.FP

Additional financial information is available at
www.stallergenes.com

Source: Stallergenes

Contacts: Albert Saporta -Chairman and CEO, Tel: +33-1-55-59-20-04; Christian Thiry- Chief Financial Officer, Tel: +33-1-55-59-20-95 - e-mail: investorrelations at stallergenes.fr; Stallergenes Press Relations: Lise Lemonnier - Communication Manager, Tel: +33-1-55-59-20-96 - e-mail: llemonnier at stallergenes.fr; Investor and Analyst Relations: Pavie Finance, Lucile de Fraguier, - Tel: +33-1-42-15-04-39, - e-mail: contact at pavie-finance.com.