UPDATE 2-Crucell stops short of raising outlook, shares down

* Q1 total revenues 65.7 million euros, vs forecast 79 mln

* Q1 net loss 2.3 million euros, vs forecast 2 mln profit

* Missed forecast reflects shipment timing issues

* Very confident on overall outlook for 2010 vaccine sales

* Shares down 3 percent after hitting two-month low

(Adds detail, CEO, analyst comment, shares, background)

By Harro ten Wolde

AMSTERDAM, May 11 (BestGrowthStock) – Dutch biotech company Crucell
(CRCL.AS: ) disappointed investors on Tuesday by sticking with its
full-year outlook rather than raising it after winning a big new
order, sending shares to a two-month low.

It expects a good year on a new $110 million UNICEF order
for its paediatric vaccine Quinvaxem, which contains a mix of
vaccines treating five childhood diseases, it was still
expecting 2010 revenues and other operating income to be broadly
in line with 2009.

Crucell shares were down 3 percent at 14.83 euros by 0756
GMT, after dropping as much as 8 percent and touching a 2-month
low of 14.03 euros.

“Disappointingly, management reiterated its guidance,
despite the recent award of a new UNICEF tender,” said analyst
Peter Welford at Jefferies Research, adding that he and the
market were expecting an upgrade of the outlook.

Crucell Chief Executive Ronald Brus told reporters that it
was too early in the year to upgrade the 2010 forecast.

“There are a lot of uncertainties. That is why we decided to
stay on the safe side with our guidance,” he said.

Crucell reported a net loss of 2.3 million euros ($3.1
million) for the first quarter, down from the surprise 0.2
million euro profit it reported in the 2009 period and missing
the average forecast of 2 million euro profit in a Reuters poll.

The company said the loss only reflected shipment timing
issues, as sales and other income fell 11 percent to 65.7
million euros, missing analysts’ expectations for 79 million

“Although timing of shipments influenced first quarter
revenues, this new order and the acceleration of sales we
already see in the second quarter, makes us very confident on
the overall outlook for our vaccine sales for the year,” Brus
said in a statement.

Emerging rivals India’s Panacea Biotech (PNCA.BO: ) and
Sanofi-Aventis’s (SASY.PA: ) Shantha Biotechnics had started to
dent the growth potential for Crucell’s paediatric vaccines, but
the company regained ground with the UNICEF pact.

The order came after the World Health Organisation and
UNICEF said in April they were recommending the recall and
destruction of Shantha’s childhood vaccines due to sediment
build-up, though no side-effects had been reported.

Crucell said since the launch of Quinvaxem at the end of
2006 $910 million worth of orders had been placed for the
vaccine cocktail.

Last September, Crucell sold a 300 million euro equity stake
to U.S. healthcare company Johnson & Johnson (JNJ.N: ), and
Crucell reiterated on Tuesday it would use the cash to develop
its product line.

Analysts have previously said the company’s strong cash
position places it in a good position, but that acquisition risk
concerns are hanging over the stock.


(Editing by Louise Heavens and Andrew Callus)
($1=.7453 Euro)

UPDATE 2-Crucell stops short of raising outlook, shares down