Strong 13% 2006 full-year growth,2006 4th quarter sales up 13%

(1) Germany, Belgium, Italy, Spain and Portugal.
(2) Other countries

2006 4th quarter growth (13%) remained vigorous, due primarily to the continuing attraction of new patients in France.  However, growth in Germany was slow in an overall stable market.

Over the full financial year, organic growth was 13%.

France (up 15%): market development remained strong, sustained by an expanded service offer.

Subsidiaries (up 10%): growth was limited in Germany but was otherwise strong in other subsidiaries.  The integration of IPI, acquired in 2005, was successfully completed in Spain and Portugal.

Distributors (up 12%): sales recovery in North Africa and the Middle East managed to offset slower growth in Eastern Europe.

In order to enhance the efficiency of its operations in now mature markets, Stallergenes, through its Prague subsidiary, took control of sales and marketing activities in the Czech Republic and Slovakia.  Corresponding sales will be reported under "Subsidiaries" from 2007.

The good level of sales should enable the Group to report an operating profit similar to 2005, in spite of the substantial increase in R&D expenditures related to the tablet programme and the promotion costs associated with the launch of Oralair® Grasses, planned for 2007.