Crucell Announces Profits for Full Year 2008

Market Wire, February, 2009

--  Net profit in 2008 was EUR 14.6 million compared to a net loss of
    EUR 42.9 million in 2007.

--  Total revenue and other operating income increased by 33% to
    EUR 283.3 million compared to EUR 213.1 million in 2007.

--  Positive cash flow of EUR 7.7 million increased the year-end cash
    position to EUR 171 million.

--  Gross margin for the year improved to 45% (from 34% last year).
    

Dutch biopharmaceutical company Crucell N.V. (Euronext: CRXL) (NASDAQ: CRXL) (SWISS: CRX) today announced its financial results for the fourth quarter and full year 2008, based on International Financial Reporting Standards (IFRS). These financial results are unaudited.

Highlights:

  * Crucell achieved profitability for the fourth quarter as well as
    for the full year; net profit in 2008 was EUR 14.6 million, compared
    to a net loss of EUR 42.9 million in 2007. This amounted to EUR 0.22
    net profit per share, compared to a net loss per share of EUR 0.66
    in 2007.
  * On January 7th, 2009 Crucell announced that it was in friendly
    discussions with Wyeth regarding a potential combination of the
    two companies. On January 26th, 2009 Crucell announced that Wyeth
    withdrew from these discussions.
  * In 2008 Crucell more than doubled the production of its
    pentavalent children's vaccine Quinvaxem®. In 2008 supranational
    organizations awarded Crucell additional contracts for supplies
    of Quinvaxem® and Hepavax-Gene® for the period 2008 - 2009,
    bringing the total for the period 2007 - 2009 to $0.5 billion.
  * Crucell announced that Chinese authorities have approved
    Hepavax-Gene® for use in the private vaccine market in China.
  * Crucell announced that its monoclonal antibody (mAb) directed
    against a broad range of influenza virus strains has strongly
    outperformed oseltamivir, an anti-influenza drug, in preclinical
    tests.
  * In 2008 Crucell's human monoclonal antibody combination against
    rabies and novel vaccine against tuberculosis both entered into
    Phase II clinical testing.
  * In 2008 DSM and Crucell announced a series of important advances
    in antibody production using PER.C6® technology platform. For
    example, a PER.C6® human cell line and proprietary XD(TM)
    technology were employed to achieve a record yield of over 27
    grams per liter of IgG antibodies.
  * Crucell announced that its PER.C6® technology licensee Ark
    Therapeutics has entered a Phase III study with its product
    Trinam. Ark Therapeutics is the first licensee to enter into a
    Phase III study with a product produced on Crucell's PER.C6®
    human cell line.
  * Crucell signed new license agreements with several parties,
    including CSL Ltd. and GlaxoSmithKline, as well as a second
    exclusive license agreement with Talecris Biotherapeutics.


Financial Highlights Fourth Quarter 2008:

  * Combined total revenue and other operating income for the fourth
    quarter were EUR 93.7 million, compared to EUR 75.9 in the same quarter
    of 2007. The increase of 23% (22% in constant currencies[1]) was
    driven by strong sales of paediatric vaccines, travel and endemic
    vaccines as well as higher license revenues.
  * Milestone payments for Crucell's rabies monoclonal antibody
    combination accounted for the increase of license revenues
  * Gross margins of 50%, compared to 34% in the fourth quarter of
    2007. Gross margins were positively influenced by a large
    increase in product sales, license revenues and a positive
    currency impact as well as significant improvements in production
    performance.
  * Net profit in the fourth quarter of 2008 was EUR 19.2 million versus
    a net loss of EUR 4.0 million in the same quarter of 2007.
  * Net cash from operating activities in the fourth quarter of 2008
    was EUR 61.5 million, compared to EUR 51.5 million in the same quarter
    of 2007.
  * Overall, the net increase in cash and cash equivalents in the
    fourth quarter amounted to EUR 67.0 million, versus EUR 56.3 million in
    the fourth quarter of 2007.
  * In anticipation of the expected further growth of Quinvaxem® in
    2009, Crucell continued to build stock of Quinvaxem® in the
    fourth quarter of 2008.


Financial Highlights Full Year 2008:

  * Combined total revenue and other operating income for the full
    year 2008 of EUR 283.3 million, compared to EUR 213.1 in 2007. The
    increase of 33% (38% in constant currencies[1]) was largely
    driven by strong sales of paediatric vaccines, travel and endemic
    vaccines as well as higher license revenues.
  * Crucell achieved profitability for the full year 2008, reporting
    a net profit of EUR 14.6 million, compared to a net loss of EUR 42.9
    million reported in 2007. This amounted to EUR 0.22 net profit per
    share in 2008, compared to a net loss per share of EUR 0.66 in 2007.
  * Operating cash flow of minus EUR 0.3 million for the year, compared
    to EUR 22.2 million in 2007, due to inventory build-up of Quinvaxem®
    for sales in 2009.
  * Cash and cash equivalents increased by EUR 7.7 million during the
    year to EUR 171.0 million at year-end 2008.


Key Figures 2008:

(EUR million, except net result per share)

     Fourth
 Fourth quarter                                   Full Year 2008
 --------------                                   --------------
2008       2007                                   2008      2007
                    Change                                        Change


                               Total revenues
93.7       75.9        23%        and other       283.3    213.1     33%
                              operating income

19.2      (4.0)                   Net result       14.6    (42.9)

                                Net result per
0.29     (0.06)                  share (basic)     0.22    (0.66)

                                Cash & cash
                                  equiv.:
                              - Dec 31, 2008      171.0
                              - Dec 31, 2007      163.2