Letter to our Shareholders

We made extraordinary progress in our pipeline and expanded our technology platform. Our success clearly illustrates the attractiveness of our business model.

Financial Results

Our Group operating profit of EUR 10 million exceeded expectations. The result is impressive, especially considering that it includes a 37% increase in proprietary R&D investment, to approximately EUR 27 million.

Product Pipeline

Nowhere was the Company’s progress more evident than in our pipeline of therapeutic antibodies. The number of compounds in clinical development more than doubled during 2010, from eight at the beginning of the year, to 17 by the end.