Made-in-Switzerland.com News

ABB files Form 20-F for 2006 with U.S. Securities and Exchange Commission

Zurich, Switzerland, April 19, 2007- ABB Ltd. has filed its annual report on Form 20-F with the United States Securities and Exchange Commission. The report is available in pdf format at www.abb.com/news or www.abb.com/investorrelations.

Shareholders may request a hard copy of the report free of charge through ABB’s Internet pages.

Lonza, the global life sciences company, announces the groundbreaking plans for the expansion of its Portsmouth, N.H. (USA) mammalian biopharmaceutical manufacturing facility.

Following the start of construction of Lonza’s second large-scale mammalian facility in Singapore which took place at the end of March 2007, the expansion continues. On May 17th 2007, the groundbreaking will take place for a 330,000 square foot facility designed to house leading edge biotherapeutics manufacturing technologies as well as offices, warehouse and support systems. The facility is being designed specifically with new high titre processes in mind.

The expansion may result in as many as 350 additional jobs in Portsmouth once fully built-out and undersigned by customers. The number of commercial and clinical biotherapeutics manufactured at the site to support Lonza’s customer base will also increase. The investment amount is anticipated to be in the region of $300 million, depending on detailed design, which is dependent upon specific customer projects.

The Portsmouth site is the largest scale mammalian cell culture plant commissioned to date by Lonza. At present, the total suite capacity amounts to 93’000 liters. Already underway is an addition of a 5’000 liter bioreactor to the existing facility. This reactor is expected to come on stream in mid-2008.

“The new facility in Portsmouth will further strengthen Lonza’s position as the leading supplier to the life-science industry. We will be able to offer our customers tailor-made solutions in manufacturing, with cutting edge fermentation technologies and new throughput-boosting downstream processing,” said Stephan Kutzer, Head of Lonza Biopharmaceuticals.

Logitech International announced it has posted its ninth consecutive year of record sales and profits. The Company closed the fiscal year with a record fourth quarter — its 34th consecutive quarter of double-digit revenue growth — and achieved its upwardly revised full-year goal for operating income while falling short of its increased target for year-over-year sales growth, due to a year-over-year decline in Q4 webcam sales.

Results for Full Fiscal Year
Sales for the fiscal year, ended March 31, 2007 were $2.1 billion, up 15 percent from $1.8 billion in FY 2006. GAAP operating income was $231 million and includes $19.5 million in costs for stock-based compensation. GAAP net income, including $14.9 million in costs for stock-based compensation (net of related tax benefit), was $230 million ($1.20 per share). GAAP gross margin was 34.3 percent.

Non-GAAP operating income for the fiscal year, which excludes stock-based compensation, was $250 million, up 26 percent from last year´s operating income of $199 million. Non-GAAP net income for FY 2007 was $245 million ($1.27 per share), up 35 percent compared with net income of $181 million ($0.92 per share) in the prior year. Non-GAAP gross margin was 34.4 percent, compared to 32 percent in the prior year, an increase of 240 basis points. (See Note 1.)

Results for Fourth Quarter
For Logitech´s fourth fiscal quarter, sales were $513 million, up 10 percent from $466 million in the same quarter last year. GAAP operating income was $55.3 million and includes $4.5 million in costs for stock-based compensation. GAAP net income, including $2.3 million in costs for stock-based compensation (net of related tax benefit), was $56.2 million ($0.29 per share). GAAP gross margin was 34.5 percent.

Non-GAAP operating income, which excludes stock-based compensation, was $59.8 million, up 9 percent from last year´s operating income of $54.8 million. Non-GAAP net income for Q4 was $58.4 million ($0.30 per share), up 14 percent compared with net income of $51 million ($0.26 per share) in the prior year. Non-GAAP gross margin was 34.5 percent, compared to 31.9 percent for the same quarter last year. (See Note 1.)

Logitech´s retail sales for Q4 grew by 9 percent year over year, increasing in the Americas by 12 percent and EMEA by 9 percent, and decreasing in Asia Pacific by 4 percent. Retail sales were driven by strong growth in cordless desktops and keyboards (up 30 percent), gaming (up 35 percent) and remote controls (up 78 percent); retail sales for Q4 were negatively impacted by a 32 percent year-over-year decline in webcams. OEM sales grew by 16 percent, driven by demand for desktops and keyboards.

“As we continued to focus on improving our webcam market position, an unexpected category slowdown led to a Q4 decline in webcam sales, which caused us to miss our 17 percent revenue growth target for the full fiscal year,” said Guerrino De Luca, Logitech president and chief executive officer. “We are confident that, over the next few quarters, we can reignite webcam market growth by targeting our marketing activities toward growing the overall category. We plan to leverage partnerships to broaden consumer awareness and increase in-store activities.

“I am pleased with our solid performance in FY 2007. The resilience of our broad product portfolio and consistent execution allowed us to achieve record-setting cash generation and 26 percent growth in operating income, in line with our upwardly revised growth goal. And our gross margin for Q4 and for the full fiscal year was well above our long-term target range of 32-34 percent, reflecting strong execution and a solid business model.”

Highlights for Logitech´s Fiscal Year 2007

* More than 150 million products shipped.
* Retail sales of cordless mice grew 25 percent, driven by demand for the Logitech® MX™ Revolution and Logitech® VX Revolution™ cordless laser mice.
* Retail sales of iPod®/MP3 speakers more than doubled year over year.
* Retail sales of Harmony remote controls increased by 60 percent compared to last year.
* Retail sales of PC gaming products increased by 63 percent compared to last year.
* Cash flow from operations doubled year over year, to $306 million.

Outlook
The Company confirmed its financial goals of 15 percent growth in sales and operating income for Fiscal Year 2008, ending March 31, 2008. FY 2008 gross margin is expected to be at the high end of the Company´s long-term target range of 32-34 percent. Logitech expects its effective tax rate for the year to be approximately 12 percent.

Earnings Teleconference
Logitech will hold an earnings teleconference on April 19, 2007 at 14:00 Central European Time/8:00 a.m. Eastern Daylight Time/5:00 a.m. Pacific Daylight Time to discuss these results as well as targets for Fiscal Year 2008. A live webcast and replay of the teleconference, including presentation slides, will be available on the Logitech corporate Web site at http://ir.logitech.com. Please visit the Web site at least 10 minutes early to register for the teleconference webcast.

Investor Meeting
Logitech will hold an investor meeting in London on May 10, 2007 at 10:00 British Summer Time/5:00 a.m. Eastern Daylight Time/2:00 a.m. Pacific Daylight Time. A live video webcast and replay of the meeting will be available on the Logitech corporate Web site at http://ir.logitech.com.

Leica Geosystems has been very successfully in the laser measuring sector for some time with the laser distance meter Leica DISTOTM. We have now used our extensive experience to develop a line-laser that sets new standards: Leica LINO™ L2. The usage of excellent optical components to proven Leica Geosystems quality standards ensures precise laser lines that are extraordinarily easy to see. Its strengths: precise and perfectly visible laser lines.

Excellent visibility and precision
The quality of the optics in the device is important for the lines to be highly visible and sharp. The Leica LINO™ L2 is equipped with proven Power Range Technology™ by Leica Geosystems to guarantee excellent visibility – even in a bright environment the lines are easy to see. And through the extremely large aperture angle of the optics the device projects amazingly long lines on to the wall, making it ideal for transferring reference points on to nearby walls or ceilings. With an accuracy of +/- 1mm in 5m the Leica LINO™ L2 is one of the most precise devices in its .

Simple, quick and self-levelling
Even someone who has never worked with a level before can project exact horizontal and vertical lines on to a wall in next to no time. With the new Leica LINO™ L2 these everyday alignment and positioning tasks are completed extremely quickly and precisely. No painstaking levelling of the device is required – it is self-levelling! And if the inclination of the supporting surface is too large then the Leica LINO™ L2 detects this for itself and does not project the line, thus saving you from error. The self-levelling feature can be switched off by locking the device. This not only protects the Leica LINO™ L2 while it is being moved; it is also useful when projecting from unusual positions. Using the Leica LINO™ L2 to project over long distances is child’s play thanks to the pulse function with its energy saving mode and detector (accessory).

Clever accessories
With the device are included a magnetic multifunctional adapter, which allows the it to be set up in a wide range of situations and a target plate – a very useful tool when a projection surface is required in a unenclosed space. The ball and socket adapter allows projections from surfaces sloping at all angles. The original Leica LINO™ bag provides a practical and safe way to transport the device to and from site.

Converium triples income from continuing operations in the first quarter of 2007 and reports significant progress in pursuing its strategic roadmap.

* Income from continuing operations of USD 150.9 million, up from USD 49.9 million in the first quarter of 2006, despite an adverse impact of USD 44.6 million from winter storm Kyrill;
* Release of a tax valuation allowance of USD 85.2 million, reflective of Converium’s future earnings capacity;
* Strong underwriting performance, with a non-life combined ratio of 104.6%, on normalized basis of 97.8%;
* Continuing reserve adequacy, supported by an independent actuarial study;
* Shareholders’ equity of USD 2,002.8 million as of March 31, 2007, up USD 156.8 million or 8.5% compared with December 31, 2006;
* Total investment result of USD 92.1 million including realized gains of USD 30.3 million or average total investment income yield of 5.7% and

Inga Beale, CEO: “In the first quarter we have produced an excellent set of financial results. This clearly demonstrates that our turnaround is sustainable. We will now focus on vigorously completing our road map for future value creation. Some of the first major steps have been taken, such as the strong profitable growth of our April renewals book of business and the recently announced capital management measures.”

Inga Beale continued: “We believe that our financial performance and the demonstrable progress in pursuing our road map add further substance to our claim that SCOR’s hostile offer undervalues Converium and its medium-term prospects. We are convinced that Converium’s standalone prospects are more promising than with SCOR. In the interest of our shareholders, we will continue to oppose SCOR’s unfriendly approach should it remain unchanged.”

Excellent 1Q 2007 results

For the first quarter of 2007, Converium reported income from continuing operations of USD 150.9 million, compared with USD 49.9 million for the same period of 2006. The results were driven by a robust underlying underwriting performance as well as positive effects from the release of a tax valuation allowance (USD 85 million) and the realization of capital gains (USD 30.3 million), partially offset by losses from winter storm Kyrill (USD 44.6 million).

Gross premiums written in the first quarter of 2007 came in at USD 711.8 million, an increase of 10.0% compared with the first quarter of 2006. Net premiums written grew by 5.5% to USD 679.1 million. Net premiums earned expanded by 8.5% to USD 460.0 million. These numbers have been favorably influenced by foreign exchange effects and do not yet include any positive impact from the financial strength ratings upgrade by Standard & Poor’s to A- on February 28, 2007.

Strong underwriting performance

The first quarter’s non-life combined ratio was 104.3%, including an administration expense ratio of 5.0%, compared with 96.5% and 4.9%, respectively, for the same period of 2006. Winter storm Kyrill added 11.8 percentage points to the combined ratio of the first quarter of 2007. The normalized combined ratio came in strong at 97.8%, calculated as non-life combined ratio adjusted for major catastrophe losses (1 Q 2007 cat loss Kyrill of USD 44.6 million), adding the average expected catastrophe losses (for 1Q 2007 USD 15 million) and deducting prior accident years impact (1Q 2007 favorable USD 5 million).

In the largest business segment, Standard Property & Casualty Reinsurance, performance was adversely affected by winter storm Kyrill, causing losses to the segment of USD 44.6 million. This major catastrophe loss is reflected in the segment’s combined ratio in the first quarter of 104.6%, compared with 86.9% in the same period of 2006. In the first three months of 2007, gross premiums written, net premiums written and net premiums earned increased by 24.9%, 17.7% and 33.5%, respectively to USD 425.8 million, USD 406.8 million and USD 203.0 million, respectively. The increase in business was primarily attributable to additional property business written in the European markets as well as in the Middle East.

In Specialty Lines, in the first three months of 2007, gross premiums written, net premiums written and net premiums earned decreased by 22.7%, 26.9% and 8.9%, respectively to USD 154.4 million, USD 141.7 million and USD 174.6 million, respectively. This decline partially reflects a reduction in aviation business as pricing in this line of business became increasingly unattractive.

The Life & Health Reinsurance segment posted a technical result of USD 8.2 million in the first three months of 2007, as compared with USD 6.2 million a year earlier. Gross premiums written, net premiums written and net premiums earned increased by 23.6%, 25.2% and 2.5%, respectively to USD 131.6 million, USD 130.6 million and USD 82.4 million, respectively. The positive development of both the segment’s bottom and top line is attributable to gaining new clients and additional business from existing clients.

Reserve adequacy confirmed

In the first quarter of 2007, Converium recorded a net positive impact of prior accident years on the technical result of USD 5.0 million. For two years now Converium has reported positive net developments quarter after quarter. This demonstrates the adequacy of the Company’s prior-year loss reserves and quality of earnings.

Converium recently commissioned a reserve study by a major independent actuarial firm to analyze December 31, 2006 non-life loss and allocated adjustment expense reserves in depth, and the conclusions of this reserve study support the total level of corresponding booked gross and net reserves.

Release of tax valuation allowance

Based on Converium’s ratings upgrade and other positive factors in the first quarter, as well as the strong future earnings power, the Company was able to release a tax valuation allowance resulting in an increase of shareholders’ equity of USD 85.2 million, equaling roughly CHF 0.70 per share.

Further significant improvement of capital strength

In the first quarter of 2007 Converium’s shareholders’ equity increased by 8.5% to USD 2,002.8 million. This increase was driven by net income, with other minor effects generally offsetting each other. Accordingly, book value per share increased by CHF 1.31 to CHF 16.70.

First steps towards higher investment yield

In the first quarter of 2007, Converium reported net investment income of USD 61.8 million, compared with USD 60.3 million for the same period of 2006.

Taking into account net realized capital gains of USD 30.3 million, primarily from divesting equity securities, the total investment result was USD 92.1 million which compares with USD 59.3 million for the same period of 2006. Total investment income yield was 5.7%, compared with 4.0% in the same period of 2006.

Converium and a consortium of seven major banks have agreed in a club style on the terms and conditions for an unsecured USD 1.5 billion Letter of Credit facility, replacing the previous USD 1.6 billion secured facility. A mandate letter has been signed with final closing of the transaction expected to take place around the beginning of May. The Facility will have a tenor of three years and will be used by Converium AG and certain subsidiaries to issue letters of credit to support reinsurance business.

By redeploying previously pledged assets Converium expects to improve investment yield, making a first step towards completing the asset management section of the Company’s road map.

Optimization of capital structure to maximise shareholder value

As announced, following the ratings upgrade by Standard & Poor’s, Converium has initiated measures to optimize its capital structure. The Company is preparing to issue approximately USD 500 million in new hybrid debt, appropriately leveraging its balance sheet. This step will provide the financing of the proposed par value reduction from CHF 5 to CHF 2.50 per share, resulting in the remittance of approximately USD 300 million to Converium’s shareholders. Assuming shareholder approval at the Annual General Meeting on May 10, 2007 the respective pay-out to shareholders would be expected by mid-July 2007.

Operational excellence initiatives on track

In the first quarter of 2007, administration expenses have developed in line with management’s objectives. Corporate Center costs, adjusted for non-recurring expenses of USD 7.2 million related to defending against SCOR’s hostile bid, came in at USD 12.0 million, against a full-year target of USD 48 million. The first quarter non-life administration expense ratio was 5.0%, slightly better than the full-year target of 5.2%.

Converium expects a positive effect from the recently initiated global SAP project. This is scheduled to go live in early 2009 and is expected to streamline operations, improve data quality and promote a customer service culture.

Outlook for 2007

Based on Converium’s excellent first quarter financial performance and significant progress in completing its strategic road map the Company gives a positive outlook for 2007. Converium expects gross premiums written to reach at least USD 2.2 billion, at a non-life combined ratio of 98.5%. The return on equity (excluding the impact of the tax valuation allowance) is projected at around 11% for the full year 2007, with a potential upside. Invested assets are expected at around USD 6.0 to 6.2 billion, also offering some upside. Corporate Center expenses, excluding non-recurring defence costs, are projected at USD 48 million. Finally, for the remaining quarters of 2007, Converium expects a tax rate of 14-16%.

Chugai, a member of the Roche Group, announced that marketing approval has been granted for the use of the breakthrough cancer drug Avastin (bevacizumab) in patients with inoperable advanced or recurrent colorectal cancer in Japan.

The Japanese Ministry of Health, Labour and Welfare (MHLW) has granted this approval following the recommendation made in July 2005 by the Investigational Committee for Usage of Unapproved Drugs that an early filing be made for Avastin. This process enables faster submission of certain medicines with proven efficacy which are approved in the US and/or Europe but are not yet available in Japan.

“Today’s approval represents a significant milestone for doctors and patients in Japan, especially given the high incidence of colorectal cancer in this country.” said Williams M. Burns, CEO Division Roche Pharmaceuticals “We will now work to ensure that Avastin is made available to Japanese patients suffering from colorectal cancer as quickly as possible.”

This approval is based on Japanese Phase I and Safety Confirmation Study data, along with supporting US and European Phase II and pivotal Phase III data which demonstrated Avastin’s improvement of overall and/or progression-free survival in metastatic colorectal cancer.1,2,3,4

In Japan, the incidence of colorectal cancer has increased significantly in the last 50 years and research interest in this cancer has grown rapidly among Japanese clinicians and pathologists5. In 2005, colorectal cancer was one of the most commonly reported cancer with an estimated incidence of 115,000 people in Japan6.

Avastin is the first and only anti-angiogenic agent which has been shown to consistently deliver improved overall and/or progression-free survival benefit for colorectal, lung, breast and renal cell cancer patients.

In Europe, Avastin was approved in January 2005 and in the US in February 2004 for first-line treatment of patients with metastatic colorectal cancer. It received another approval in the US in June 2006 as a second-line treatment for patients with metastatic colorectal cancer. In October 2006, following priority review, the world’s first angiogenesis inhibitor was approved by the FDA for the treatment of non-small cell lung cancer (NSCLC); a filing for the same indication was submitted to EU authorities in August 2006. Most recently in April 2007, Avastin was approved in Europe for the first line treatment of women with metastatic breast cancer.

Roche Group

* Group sales grew 17% in local currencies and 16% in Swiss francs to 11.4 billion Swiss francs
* Outlook upgraded: Core Earnings per Share now expected to grow above Group sales growth

Pharmaceuticals Division

* Pharmaceutical sales up 20% in local currencies and 18% in Swiss francs, growth three times faster than the global market
* Roche Pharma, Genentech and Chugai all achieve double-digit sales growth
* All key medicines in oncology, virology, transplantation, osteoporosis and rheumatoid arthritis contribute to strong growth
* Approval of Avastin for the treatment of metastatic breast cancer in Europe and of metastatic colorectal cancer in Japan
* European approvals for Tarceva in the treatment of metastatic pancreatic cancer and Xeloda in gastric cancer – rollout initiated
* Copegus launched in Japan to treat HCV in combination with Pegasys
* Positive results for first international phase III trial of Actemra in rheumatoid arthritis
* Acquisition of THP and collaboration agreement with Transgene expand technology platform and market potential

Diagnostics Division

* Sales grew 6% in local currencies and Swiss francs, outpacing the global in-vitro diagnostics market
* Amplicor HPV test and Linear Array HPV genotyping test filed in the US
* Acquisitions of 454 Life Sciences and BioVeris will expand market opportunities

Unless otherwise stated, all growth rates are based on local currencies.

Commenting on the Group’s sales performance in the first quarter of 2007, Roche Chairman and CEO Franz B. Humer said: ‘Roche began 2007 with an impressive growth far ahead of the industry, continuing the trend established in 2006. The Pharmaceuticals Division maintained its strong performance. The expanding range of indications for our leading cancer drugs Avastin, Herceptin, Xeloda and MabThera establishes these innovative drugs as the gold standard in their therapy fields. Roche Diagnostics, led by Diabetes Care, is clearly gaining momentum and outgrowing the market.
We continue to strengthen our future growth potential through targeted acquisitions, alliances and in-licensing deals in addition to the development of our strong internal new product pipeline. Based on the successful first three months we raise the outlook for 2007 and expect Core Earnings per Share to grow above Group sales.’

Roche posted sales of 11.4 billion Swiss francs in the first quarter of 2007, an increase of 17% in local currencies and 16% in Swiss francs (+21% in US dollars) over the same period last year. This continued the strong double-digit growth reported for the full-year 2006. The Pharmaceuticals Division grew by 20% in local currencies (+18% in Swiss francs), with Roche Pharma (+18%), Genentech (+30%) and Chugai (+11%) all contributing double-digit sales growth. The Diagnostics Division grew by 6% in local currencies (+6% in Swiss francs), further expanding its leading market position.

Upgraded outlook for 2007
For the full year 2007, Roche anticipates continued strong growth. The company confirms the sales outlook announced at its annual media conference and upgrades its Core Earnings per Share outlook: Roche expects the Group’s and the Pharmaceuticals Division’s sales to grow at double-digit rates in local currencies. In both the Pharmaceuticals Division and the Diagnostics Division, Roche anticipates continued above-market sales growth. Roche’s upgraded target is for Core Earnings per Share to grow above Group sales.

Pharmaceuticals Division
Strong above-market performance

Sales in the Pharmaceuticals Division rose 20% in local currencies (+18% in Swiss francs), to 9,142 million Swiss francs continuing to grow three times ahead of the overall market. All key medicines in oncology, virology, transplantation, osteoporosis and rheumatoid arthritis contributed to the strong sales performance. The oncology portfolio, which accounts for nearly half of all Pharma sales, grew 22%. This excellent performance was driven by significant sales increases of all its key products. Additionally, further pandemic stockpiling by governments of the anti-influenza drug Tamiflu continued to contribute to growth.

Oncology – strong growth underlines Roche’s market leadership
MabThera/Rituxan for non-Hodgkin’s lymphoma (NHL) delivered strong sales growth of 17%. Sales increased in all major regions, and in particular emerging markets such as Central and Eastern Europe as well as Latin America, contributed to this development. Sales were further bolstered by the continuing rollout within Europe of maintenance treatment for relapsed follicular lymphoma, as well as further growth in first-line indications of MabThera/Rituxan for indolent and aggressive NHL and the rheumatoid arthritis indication.

Worldwide sales of Herceptin, the only targeted treatment approved for use in both early-stage and advanced HER2-positive breast cancer, grew 36%. Strong growth was achieved in all major markets, driven by data demonstrating Herceptin’s benefits in HER2-positive early breast cancer. These data formed the basis for EU and US approvals for the use of Herceptin in early breast cancer, granted in 2006. In March this year the EU authorities recommended the approval of the combination of Herceptin with hormonal therapy to treat advanced (metastatic) breast cancer that is both hormone receptor-positive and HER2-positive.

Avastin, the first anti-angiogenic therapy to consistently demonstrate overall and/or progression-free survival benefits in metastatic colorectal, breast, lung and renal cell cancer, achieved a sales increase of 41%. In March Avastin received an approval from the EU authorities for the treatment of metastatic breast cancer in Europe. Results of the phase III Avastin in Lung study again confirmed the efficacy of Avastin in advanced lung cancer and showed that both doses investigated in the trial significantly improved progression-free survival. In Japan, the use of Avastin in metastatic colorectal cancer was approved. In Europe, a label extension of Avastin to include combination with fluoropyrimidine-based chemotherapy (FOLFOX and XELOX) in patients with metastatic carcinoma of the colon or rectum was filed, and a filing of Avastin for use in renal cell carcinoma is planned for the second quarter.

Tarceva sales grew by 44%, reflecting increased usage in second-line, non-small cell lung cancer (NSCLC) in existing markets as well as the launch in new markets for this indication. In January, the European Health Authorities approved Tarceva for the treatment of metastatic pancreatic cancer and launch will continue throughout 2007.

Robust sales growth of Xeloda (+14%) is the result of further prescriptions in the area of post-surgical (adjuvant) use in colon cancer patients, as well as use in first-line treatment of advanced colorectal cancer and late-stage breast cancer. Approval in the European Union for Xeloda in the treatment of gastric cancer was granted at the end of March. In the US and the European Union, Roche has filed Xeloda in combination with oxaliplatin with or without Avastin in first-line metastatic colorectal cancer as well as Xeloda in combination with oxaliplatin in second-line metastatic colorectal cancer.

Anaemia – sustaining growth in a highly competitive market
Sales of NeoRecormon grew by 3% despite a highly competitive environment. Sales of Epogin in Japan declined by 17% due to the impact of government-mandated price cuts as of 1 April 2006 and changes in the reimbursement system for dialysis patients.

Virology – Strong Tamiflu sales, Pegasys growth continues
Worldwide sales of Tamiflu increased by 47%, driven mainly by pandemic stockpiling. Seasonal Tamiflu sales were lower than in the first quarter of last year due to an exceptionally mild 2006/2007 influenza season particularly in Japan. Orders for pandemic stocking of Tamiflu have been received from more than 80 countries and are continuing to be filled on schedule. Roche successfully established and tested a supply capacity capable of annually producing 400 million treatment courses, well in excess of government orders received to date. An application was submitted to regulatory authorities in Europe and the US for the approval of smaller, lower strength capsules largely for paediatric use.

Roche’s hepatitis C franchise started the year well with sales growth of 15% for Pegasys, coupled with approval and launch of companion antiviral Copegus in Japan. This latest approval allows Japanese patients with hepatitis C access to the gold standard treatment. In addition, Pegasys received European approval allowing for shorter treatment duration (24 weeks) in genotype 1 and 4 hepatitis C patients who achieve a rapid response to therapy.

Sales of the HIV medicine Fuzeon increased by 12%, and Invirase/Fortovase by 23%.

Transplantation – CellCept continues its leading position
CellCept sales rose by 7% and remained the top-selling branded immunosuppressant in the US. Robust sales growth of 15% was also seen with Valctye/Cymevene for the treatment of CMV disease.

Autoimmune Disease – steady uptake of MabThera/Rituxan
MabThera/Rituxan for rheumatoid arthritis (RA) shows a steady medical adoption following last year’s launch. MabThera/Rituxan is currently licensed for use in patients with active RA who have an inadequate response to or are unable to tolerate TNF inhibitor therapy. Recently, data was added to the European label that illustrates MabThera’s ability to significantly slow progression of joint damage in this patient population. Further Phase III development of MabThera/Rituxan in patients with earlier RA disease is ongoing with recruitment in the signs and symptoms studies now complete. Furthermore, a study assessing MabThera/Rituxan’s effect on the prevention of structural damage in earlier RA disease is progressing, with recruitment due to be completed this year.

Metabolic Diseases – growth and new opportunities
Sales of Bonviva/Boniva for the treatment of postmenopausal osteoporosis grew to 170 million Swiss francs. While the majority of sales were recorded in the US, the key European launches of once-monthly oral Bonviva in France and Spain have started well.

Xenical, Roche’s treatment for weight-loss, declined by 10%. While sales in Latin America showed double-digit growth, sales slowed particularly in the US. In February Roche has granted GlaxoSmithKline Consumer Healthcare (GSK) an exclusive license for the non-prescription rights to orlistat in non-US countries excluding Japan. The transaction follows the agreement in July 2004 where Roche already out-licensed the US non-prescription rights to orlistat 60 mg to GSK.

Major development activities on track
As of March 31 Roche had 51 new molecular entities (NME’s) and 52 additional indications (AI) in its R&D pipeline (phase I to III/Registration). During the first quarter of 2007, the following major changes in the pipeline occurred: Phase II – 3 projects were newly entered and 2 projects were discontinued and for Phase III – 1 project was newly entered and 2 projects received regulatory approval. There were no discontinuations in phase III during the period.

In 2007 Roche anticipates the approval of its new continuous erythropoietin receptor activator, Mircera, for the treatment of renal anaemia in patients with chronic kidney disease. An application for marketing authorization has been filed in the US, EU, Switzerland and Canada. Mircera differs from existing erythropoiesis stimulating agents by its mechanism of action. With up to 20 times longer half-life, Mircera is the first new anti-anaemia agent specifically designed to provide longer, more convenient dosing intervals of up to once a month. Roche is also fully committed to the development of Mircera in oncology. As reported previously, the US Food and Drug Administration (FDA) will hold an oncology advisory committee meeting in May on the entire class of erythropoiesis stimulating agents. This review of all data available, together with a review of the phase II Mircera data generated to date, will contribute to a decision on how to progress Mircera in the oncology setting.

Actemra, a humanised monoclonal antibody in development as a treatment for RA, reached a significant milestone in January. An international phase III study met its primary endpoint in RA patients who had an inadequate response to methotrexate. Three further Actemra studies are expected to be reported in 2007, and US and EU regulatory filings are planned for late 2007.

Ocrelizumab, an anti-CD20 humanised monoclonal antibody, has recently entered phase III development for moderate to severe rheumatoid arthritis. The compound also provides an opportunity to treat other autoimmune diseases such as lupus and multiple sclerosis. The respective phase III program is to be initiated in late 2007/early 2008.

Development of Omnitarg, a HER2 dimerisation inhibitor for the treatment of ovarian and breast cancer, is progressing according to plan. Promising phase II results were achieved in ovarian cancer and in HER-2 positive breast cancer. Additional results expected later this year will contribute to the phase III development approach of this molecule.

Due to portfolio reprioritization, the rights for the R1558 antibiotic in phase II, developed in collaboration with Sankyo, have been returned to Sankyo. The second-generation epothilone R1645 (KOS-1584) has been selected to advance into phase II in 2007 while the development of the first-generation compound R1492 (KOS-862) has been discontinued. Furthermore, in early 2007 the first patient entered into a phase II trial examining R1583 (Glp-1, sustained release formulation) in type 2 diabetes and the review of data of the progression of Roche’s cholesteryl ester transfer protein (CETP) inhibitor (R-1658) will reach a conclusion for entry into phase III later this year.

Roche plans the first full data presentations of several key phase III and II trials at upcoming medical congresses. The phase II trial of MabThera in Relapsing Remitting Multiple Sclerosis (RRMS), HERMES, will be presented at the American Association of Neurology (AAN) meeting in April. At the American Society of Clinical Oncology (ASCO) meeting in June 2007, clinical trials AVOREN (Avastin in renal cell carcinoma), Avastin in Lung (Avastin in NSCLC), NO16966 (Avastin and Xeloda in 1st line advanced colorectal cancer), NO16967 (Xeloda in second-line advanced colorectal cancer), as well as Omnitarg in ovarian and HER2 positive breast cancer trials will be presented. Also in June, presentations on the OPTION trial (Actemra in rheumatoid arthritis) are being planned for the EULAR Congress.

To expand its therapeutic antibody research, Roche acquired Therapeutic Human Polyclonals (THP), a privately-owned biotechnology company based in California and Germany. With its focus on innovative antibody research, THP will be a valuable addition to Roche’s research organisation. Roche also announced an exclusive worldwide collaboration agreement with Transgene to develop and commercialise products against Human Papilloma Virus-mediated diseases. The agreement includes Transgene’s lead therapeutic vaccine candidate TG 4001 (MVA-HPV-IL2), currently in clinical development to treat high grade cervical intraepithelial neoplasia (CIN2/3), a precancerous cervical abnormality which can lead to cervical cancer.

Diagnostics Division
Roche, the world’s largest in-vitro diagnostics supplier, strengthens market leadership

In the first three months of 2007 Roche Diagnostics recorded sales of 2,216 million Swiss francs, achieving an above-market growth rate of 6% in local currencies (+6% in Swiss francs). The division’s Diabetes Care business showed a double-digit sales increase, while Professional Diagnostics (former Centralized Diagnostics and Near Patient Testing) and Applied Science grew strongly in the single-digit range. Molecular Diagnostics, however, faced a slight downturn but reported a single-digit growth when excluding the declining industrial business. All regions except Japan contributed to the solid sales growth of the division, with North America, Latin America and Asia-Pacific posting double-digit increases in sales. With the acquisitions of 454 Life Sciences and BioVeris the division will significantly strengthen its business base in both Applied Sciences and Professional Diagnostics.

Diabetes Care – double-digit growth
The business unit Diabetes Care further strengthened its leading market position as quarterly sales growth accelerated to 11%. The rebound of sales development started in the second half of 2006 and continued during the first quarter, leading to this double-digit growth. The main contributors were the blood glucose monitoring systems Accu-Chek Aviva, Accu-Chek Go and Accu-Chek Compact. North America returned to above market growth, leveraging the benefit of the rejuvenated Accu-Chek product portfolio. The Accu-Chek Spirit insulin pump, launched in the US during the fourth quarter 2006, also contributed to the significantly stronger sales performance. The launch of the new blood glucose monitoring meter, Accu-Chek Performa, commenced in the first markets. Accu-Chek Performa further improves our product offering with testing times of five seconds, extensive quality checks and advanced data management features. The global rollout will continue throughout 2007.

Professional Diagnostics – continued strong quarter for immunochemistry
Sales by Professional Diagnostics (combining the former business areas CD and NPT) increased by 5%. The immunochemistry business continued to be the main growth driver, growing twice as fast as its respective market with 10% local growth. Immunochemistry sales were approximately 300 million Swiss Francs for the quarter, driven by leading markers in the thyroid and cardiac disease areas and a strong demand for the cobas 6000 platform. The launch of the cobas e 411 system for immunochemistry tests in the first quarter started the rollout of the analyzer series for laboratories with small-volume throughput. Clinical Chemistry growth returned to a level in line with the market.

In April Roche and BioVeris Corporation signed a definitive merger agreement under which Roche will acquire 100% ownership in BioVeris. This acquisition will allow Roche to expand its immunochemistry business from the human diagnostics field into new market segments such as life science research, life science development, patient self-testing, veterinary testing, drug discovery, drug development and clinical trials.

CoaguChek XS received FDA approval for patient self-testing and alternate site testing, paving the way for introduction of this meter for coagulation monitoring into the US market. The rollout of the new cobas h 232 system, a portable instrument for bedside or fixed-location cardiac testing, commenced with excellent market acceptance.

Molecular Diagnostics – automated platforms drive sales
The Molecular Diagnostics business declined by 2%, primarily due to lower sales in the industrial business. Excluding this segment, molecular diagnostics had a local growth of 6%. Virology and Blood Screening, the largest segments, grew by 9% and 3% respectively. This growth was mainly driven by continued placements of the automated Cobas AmpliPrep/Cobas TaqMan virology platform in Europe and Asia-Pacific and the automated cobas s 201 blood screening system in Europe. Filings for two diagnostics tests for Human Papillomavirus (HPV) – one for qualitative detection of 13 high-risk genotypes and one for individual identification of the 13 HPV genotypes – have been accepted by the FDA for review. The FDA has also accepted for review the Hepatitis C test for the automated COBAS AmpliPrep/COBAS TaqMan virology platform, as well as applications for both the cobas TaqScreen West Nile Virus test and the cobas TaqScreen MPX test, a single multiplex test designed to detect human immunodeficiency virus (HIV types 1 and 2), hepatitis C and hepatitis B infections in donated blood and plasma.

Applied Science – continued solid sales growth in life science research
With sales advancing by 7%, Applied Science showed solid growth, based on sales of the Light Cycler 480 system, the Genome Sequencer 20 System and research reagents. The innovative and fast Genome Sequencer 20 system and its recently launched successor, the Genome Sequencer FLX, both developed by 454 Life Sciences, continue to expand into additional applications in the life science research arena.

The proposed acquisition of 454 Life Sciences announced in March will give Roche Diagnostics full access to 454 Life Sciences’ future generations of sequencing products, along with the ability to use this technology in in-vitro diagnostic applications, thus further strengthening Roche’s position as an important provider in the ultra-fast gene sequencing market.

For Emmi, 2006 was distinguished by rapid growth, stronger market positions and reinforced competitiveness. Net sales rose to CHF 2,335 million, corresponding to growth of 15.2%. Despite dilution due to acquisitions, Emmi posted net profit of CHF 54.0 million, up CHF 2.6 million on the previous year, and a net profit margin of 2.3%. The integration of Aargauer Zentralmolkerei (AZM) operations into Mittelland Molkerei led to a growth spurt in Switzerland, and Emmi substantially expanded its market position in Italy by acquiring the northern Italian yoghurt producer Trentinalatte as its first production facility outside Switzerland. Organic growth was boosted in particular by innovative brand concepts and speciality cheeses.

For the Shareholders’ Meeting on 16 May 2007, the Board of Directors proposes, as in the previous year, the distribution of a gross dividend of CHF 2.60 per registered share.

“Despite high price pressure in a fiercely competitive international market, Emmi succeeded in achieving a growth rate of 15.2% and a net profit margin of 2.3%", says Walter Huber, CEO of the Emmi Group, in reference to the Group’s performance in 2006. He adds that “in 2006, Emmi considerably strengthened its market position in key international markets through investments in distribution structures, acquisitions and partnerships.” Walter Huber is convinced that “with Mittelland Molkerei in Switzerland, we have established a good basis for securing our success in the ongoing process of European market liberalization.”

Significant growth spurt
Despite ongoing intense price pressure in its domestic market and an extremely competitive international environment, Emmi achieved net sales of CHF 2,335 million in 2006, corresponding to growth of 15.2%. This rapid growth is due primarily to the integration of the AZM facility and the acquisition of the Italian yoghurt producer Trentinalatte. Organic growth was achieved with innovative brand concepts and speciality cheeses, as well as classic dairy products within Switzerland. Cheese sales fell slightly by 1.9% overall due to consumer behaviour in the mild months of November and December, the periodically limited availability of Emmentaler and increasing import pressure resulting from market liberalization.

On target
While gross profit rose by 13.8% to CHF 723.9 million, the gross profit margin declined slightly from 31.4% to 31.0% as a result of the lower margins on Mittelland Molkerei products. Operating expenses rose by 14.3% to CHF 585.7 million due to the integration of Mittelland Molkerei, the acquisition of Trentinalatte and production expansion. The increase includes a rise of CHF 36 million (+14.3%) in personnel costs and CHF 37.2 million (+14.3%) in other operating expenses. Investments in marketing and advertising, aimed primarily at strengthening international market positions, were up 11.4% to CHF 94.8 million, and logistics costs increased by 27.0% due to the fresh service offered by Mittelland Molkerei and international expansion.

Earnings before interest, taxes, depreciation and amortization (EBITDA) were up 9.7% to CHF 141.3 million (prior year CHF 128.8 million), while the EBITDA margin fell slightly from 6.4% to 6.1% as a result of acquisitions. Mittelland Molkerei generates slightly lower margins, and the anticipated synergy effects will only be fully realized from 2008. Earnings before interest and taxes (EBIT) rose to CHF 66.5 million (prior year CHF 62.3 million), while the EBIT margin fell slightly from 3.1% to 2.9% due to higher depreciation and amortization in respect of acquisitions and earlier investments. Net profit increased to CHF 54.0 million (prior year CHF 51.4 million). Despite dilution due to acquisitions, Emmi’s 2006 net profit margin of 2.3% was on target (prior year 2.5%).

The number of employees increased from 2,765 to 3,300 (on a full-time equivalent basis) due to acquisitions and the further development of international markets.

Growth spurt in Switzerland with Mittelland Molkerei
Emmi posted sales of CHF 1,826 million in its home market of Switzerland (prior year CHF 1,583 million). The marked increase of 15.4% was due in particular to Mittelland Molkerei, which contributed 15.4% or around CHF 243 million to sales growth within Switzerland. Without Mittelland Molkerei, sales of classic dairy products rose by 1.5% and fresh products by 2.3%.

Cheese sales, by contrast, fell by 3.3%, impacted by the mild start to the winter, temporarily limited availability of Emmentaler and increasing import pressure due to market liberalization. Emmi’s innovative concepts such as Kaltbach and SwissAlp were a hit with consumers, however, and saw rapid rates of growth.

At 5.1%, the growth in sales of fresh cheese was well above the Swiss market rate, and the 5.9% increase in sales of powder/concentrates was attributable primarily to Mittelland Molkerei. Sales of other products and services were more or less stable, falling by 1.1%.

Focus on international expansion
Outside Switzerland, Emmi increased its sales by 14.6% to CHF 509 million (prior year CHF 444 million). This equates to around 22% of Emmi’s overall sales. The northern Italian yoghurt producer Trentinalatte, acquired on 1 July 2006, contributed 6.3% or CHF 28 million to overall growth which, adjusted for acquisitions, amounted to 8.3%. In fresh products, Emmi posted international organic growth of 17.1%. In addition to Trentinalatte, growth drivers included in particular lifestyle and health products such as Caffè Latte and Benecol. Despite the periodically limited availability of Emmentaler, organic growth of 0.9% in the export sales of cheese was achieved thanks to the success of brand concepts. Concepts and specialities such as Kaltbach, Tête-de-Moine AOC and Le Gruyère AOC did extremely well, and sales of processed cheese rose by an impressive 3.7% in an intensely competitive market.

Systematic expansion of international business
Outside Switzerland, the focus was on expanding international markets and strengthening market positions, with the acquisition of Trentinalatte also enabling Emmi to expand its position in the fresh products segment of the key Italian market.

Through the collaboration with the US cheese specialist Roth Käse, the first measures were taken to further expand Emmi’s position in the speciality cheese segment of the US food service business. Emmi now aims to further strengthen its position in the US fresh products market. Following the production partnership with the milk processor Upstate Farms Cooperative in Buffalo (New York), which produces yoghurt for Emmi, Emmi acquired a minority stake in CASP (Contract Aseptic & Speciality Packaging) LLC in Penn Yan (New York) retroactively as of 1 February 2007. The company specializes in the production of aseptic milk products and is to manufacture selected fresh products on behalf of Emmi for the US market.

In Spain, Emmi acquired a minority stake in its cooperation partner Kaiku, the number two in the innovative fresh products segment. The collaboration with Kaiku involves the development and marketing of fresh products in Spain and Latin America. With the founding of its subsidiary in Sweden (Emmi Nordic AB), Emmi has established a basis for developing the Scandinavian markets, which have a high purchasing power.

Competitiveness also strengthened within Switzerland
The focus in 2006 was on investments in competitiveness. Mittelland Molkerei AG, in which Emmi holds a majority interest of 60%, was founded on 1 April 2006 following approval from the Swiss Federal Competition Commission. The relocation of the liquid products line (milk, cream and juices) from Lucerne to Suhr had already been completed by the middle of last year, and butter production will also be moved to Suhr by the end of 2007. The amalgamation of the Lucerne and Suhr operations will enable Emmi to secure competitive structures and the critical mass required to succeed as the European market becomes increasingly liberalized.

In view of the complete liberalization of the cheese market, and with the aim of securing international competitiveness and the Group’s leading position in the fondue sector over the long term, the Langnau production facility will be expanded significantly by 2010, with production in Thun being gradually relocated to Langnau from 2008 onwards. Emmi has also invested extensively in expanding cheese production in Landquart and the cheese ageing facility in Moudon.

Emmi’s rapid growth in recent years has led not least to a heterogeneous environment with regard to systems and processes. In 2005, Emmi began to update the structures and systems across the entire Group. A major implementation step was completed in 2006 with the introduction of a new standardized order processing system. Thanks to simplified, integrated processes and a reduced level of complexity, Emmi expects to achieve cost synergies in the medium to long term while simultaneously enhancing quality and flexibility in processing.

Business performance in the first quarter and outlook for 2007 as a whole
Emmi got off to a good start in 2007, and will continue throughout the year to pursue its strategic growth and development targets and actively exploit the opportunities arising from market liberalization. In Switzerland, high pressure on prices due to ongoing market liberalization is expected to lead to a slight fall in sales of standard products overall, while growth potential is anticipated from brand concepts and specialities. Outside Switzerland, Emmi aims to systematically expand its market position by means of innovative concepts, strategic partners and acquisitions. Emmi expects to see above-average growth in international markets over the course of the year, due not least to the effect of the Trentinalatte acquisition.

The Swiss manufacturer presents its solutions for the pharmaceutical packaging industry

BOBST recently organized an open house at its Mex factory, near Lausanne (Switzerland), which focused on solutions for pharmaceutical packaging converting. Over two days, more than 170 visitors from 90 companies had the opportunity to see in detail the latest developments from the manufacturer for this industry, which calls for short runs, and a high percentage of repeat work. The star of the show was the brand new ACCUBRAILLE module designed to emboss Braille characters on boxes during the folding and gluing process.

Other BOBST products specially designed for this industry were presented including the brand new LEMANIC DELTA which integrates printing, diecutting and quality control, as well as the SPANTHERA 106 LER diecutter with print-to-cut register and an Angle Lock Blanking System. Live demonstrations showed the MISTRAL 80 A1 folder-gluer incorporating the ACCUBRAILLE module, which was working in-line with the new CARTONPACK GT with full speed sampling device, a unit especially suited to products that require inspection checks. Demonstrations were also held at the Prilly factory including that of the highly successful COMMERCIAL 106 diecutter, of the brand new high speed FOILMASTER 104 hot foil stamping machine, as well as the new HANDYPACK GT semi automatic packing device for folder-gluers. The event was supported by MARBACH, KURZ, BAUMER HHS and LASERCOMB. Each showed their specific solutions for the pharma packaging industry.

Several reasons have driven BOBST to develop a solution for Braille embossing. First, Braille is now mandatory in the EU on pharmaceutical packaging. Second, this process creates various production challenges with existing methods and, according to a BOBST market study, converters feel that embossing of Braille is more cost efficient on the folder-gluer. This was enough for BOBST to dedicate a team of 5 people for 18 months to develop an in-line solution to BOBST’s exacting quality standards. The result is the ACCUBRAILLE, a revolutionary module which can be mounted after the accufeed of new ALPINA II and MISTRAL folder-gluers or installed as a retro-fit. The decision to apply Braille embossing in the folder-gluer brings several benefits: the run-ability of the gluer is improved as the Braille is applied after the feeder, the set-up of tools takes less than 5 minutes and no additional staffing is required. Further, it brings with it the possibility of applying embossing very close to cut or folded edges.

The device is made up of a rotary embossing unit including an embossing depth control system. The ACCUBRAILLE is able to run at up to 75,000 boxes per hour or a speed of 240 meters per minute, depending on the blank pitch. This in itself presented several challenges, since the gap between each box is always different. The system works according to the Marburg Medium standard, with a maximum of 4 lines and will handle materials ranging from 200 to 500 gsm. In addition, the tolerance is +/- 1 mm in all directions.

There is evidence that Braille will also soon need to be embossed on high quality food packaging (chocolate/biscuits) as well as onto wine labels. One visitor also spoke about Braille on cereal packaging, with several orders per week.

BOBST has developed this superb solution to enable its customer to face such future challenges.

The Adecco Institute for the first time presents the Demographic Fitness Index for Swiss companies; Switzerland only ranks 7th among 8 countries

Swiss companies are less prepared for their ageing workforce than the average of selected European Union member states. In the comparison with 7 EU countries (UK, France, Italy, Spain, Germany, Belgium and the Netherlands), Switzerland only ranks second last, according to the results of the most comprehensive study on Swiss companies’ “demographic fitness” presented today by the Adecco Institute and Adecco Switzerland.

By 2020, compared to the year 2000, there will be over one third more Swiss workers aged 50 to 64 years, and one fifth less workers aged 30 to 44 years. The group of the workers aged 60 to 64 years, will even rise by 50 %. Furthermore, there will be a 16% drop in the total number of Swiss from birth to nineteen years of age compared to the year 2000. Meanwhile, the “over-40s” will, as early as 2010, account for 55% of all workers.

Swiss companies’ awareness about these demographic changes is extraordinarily high. One interesting detail is that the average of European businesses in the eight selected countries, regard “demographic change” as the second most important challenge after globalisation, whereas the 500 participating Swiss firms named it first, ahead of globalisation and technological shifts.

Nevertheless, Swiss firms are among the least prepared in Europe, with almost half of all firms putting no thought at all into this and not taking measures in order to react. Moreover, they are even less aware of their company age structure (nearly 60% have done no analysis).

In an overall context, Switzerland’s performance is quite disappointing: second last in the survey. The basis of this evaluation was the Demographic Fitness Index DFX which has been developed by the Adecco Institute. It is an instrument to measure firm’s readiness to tackle their ageing workforce.

The Demographic Fitness Index DFX: Switzerland scores 174 out of 400 points

The index measures firms’ readiness for the onset of an ageing workforce in 5 key areas and scores them from 100 (minimum) to 400 (maximum). The 5 analysed dimensions are: Career Management, Life-long Learning, Health and Knowledge Management, and Age Diversity Management.

The Adecco Institute’s DFX study analysed 500 companies of different size and active in various sectors in 8 countries (UK, France, Italy, Spain, Germany, Belgium, the Netherlands and Switzerland), i.e. a total of 4000 firms. The individual company results allow to calculate country indexes. Switzerland scores 174 out of 400 possible points, ranking 7th among the eight countries, ahead only of France with 172 points. The eight countries’ average score is 182. The best results have been obtained by the United Kingdom with 189 points, followed by Italy with 186 points, Belgium and Spain with respectively 185 points and the Netherlands with 181 points.

The good news for Switzerland is that 5% of its firms are already above the 300-point level (UK: 4 %), which means that a sensible number of Swiss firms has already reached world-class-level. Swiss firms also score above average when it comes to knowledge management and the planning of their needs in specialised workers and managers (planning 23 months ahead against an average of less than 18 months).

The studies’ cross-national results

European companies across the 8 countries average just 182 index points, indicating great room to improve their readiness for change, in order to be able to meet the challenges of the demographic change in Europe.
The overall conclusions are that:

* Only few European firms offer their staff a sufficient range of career management tools used only by a little share of employees and especially neglected by those over 45 years.

* Companies offer advanced training possibilities used by only around 50 % of their workforce. They mainly consist in standardized trainings, leaving the individual needs and key qualifications largely unconsidered.

* In the field of knowledge management, there is a significant lack of structured information on the concentration of business-critical information, i.e. on which employee holds which kind of specific information.

* Health management is ripe for improvement in the whole of Europe. Few firms go beyond the basic compulsory programs (like check ups), to offer longer term health tools like stress reduction, lifestyle and dietary advice.

* While an overwhelming majority of firms respect the legal requirements on age diversity, and formally treat all age groups equally, most do little to promote a dynamic culture of mutual esteem, mentorship and skill transfers.

This study shows that all these measures do not serve to salve consciences, but that they have real economic consequences. A higher DFX helps a company to improve its competitiveness innovative force and its productivity by up to 20 %, which means that an improved demographic fitness has a direct and positive impact on the corporate success.

Ageing societies are a reality in the whole of Europe, bringing up new challenges, but also opportunities. In the long run, those European companies will stand in the forefront who rise to the challenges and who seize the opportunities of demographic change.

The Institute will aim to publish its DFX index periodically, thus giving firms and policymakers a tool to measure European progress on demographic fitness.

Fur further information on the Adecco Institute see: www.adeccoinstitute.com

About the Adecco Institute:
The Adecco Institute is think tank on the future of work. Its chairman is Wolfgang Clement, former German Minister of Economics and Labor (2002-2005). The Institute is based in London, its Managing Director is Peter Siderman. The Adecco Institute is committed to facilitating discussions on the topic of work. Through primary and secondary research as well as white papers and forums for discussion, the Institute provides forward-looking approaches to help companies and economies raise employability, productivity and employee satisfaction at work.

SWISS today named one of its Airbus A340 aircraft “Zürich”. The naming ceremony was performed by Zurich mayor Elmar Ledergerber and SWISS CEO Christoph Franz . The Airbus A340 with registration HB-JMB then took off for Tokyo punctually at 13:00. Home to SWISS’s operating hub, Zurich is also important as a major business and tourism location in Switzerland.

The Airbus A340 named “Zürich“ is the second SWISS aircraft to be named after a Swiss city. Zurich is the home of SWISS’s operational hub and, thanks in part to the airport, plays an important role in the nation’s economy. “We are pleased that from today a SWISS aircraft will carry the name of Zurich around the world,“ commented SWISS CEO Christoph Franz at the ceremony. “Zurich Airport is an important generator of jobs for Zurich and the entire region. This year alone will see SWISS will create more than 500 jobs for flying staff at its Zurich base.”

Zurich mayor Elmar Ledergerber also expressed his pleasure at having an aircraft named after the city. “Our city has strong appeal for business people and tourists from all over the world,” he said. “SWISS is a key factor in our success in competing against other locations. Good air transport links to other parts of Europe and global destinations is an important pre-requisite for a strong economy and, by extension, the region’s economy.” With Zurich tourism director Frank Bumann and CEO of Greater Zurich Area, Willi Meier, looking on, Elmar Ledergerber then conducted the naming ceremony.

The city name appears on the exterior of the aircraft. Inside the cabin, the city’s coat of arms is on display for passengers to see.

Reclast® receives US approval as a highly effective treatment for patients with Paget’s disease of the bone

# Reclast (Aclasta® in some countries) is the first new treatment in nearly a decade for Paget’s disease of the bone, which affects about one million people in the US[1]

# Clinical data show Reclast is more effective and longer lasting than the current standard of treatment

# Aclasta/Reclast currently under review for EU and US approval as a once-yearly treatment for women with postmenopausal osteoporosis

Reclast® (zoledronic acid) has received US regulatory approval as the first new treatment in nearly a decade for patients with a bone condition known as Paget’s disease, estimated to affect about one million people in the US alone[1].

Reclast, which is marketed as Aclasta® in other countries, is the first approved treatment for Paget’s disease patients to be given as a single-dose infusion compared to current oral therapies that must to be taken daily for up to six months. This medicine was first launched in Germany in May 2005 for Paget’s disease and is now approved in more than 50 countries.

Paget’s disease is a chronic, long-lasting and often painful bone disorder that causes abnormal bone growth due to a malfunction in the body’s regular bone-building process[2]. An outcome can be weak and brittle bones, causing them to break more easily. Approximately four million people worldwide have the condition[3].

“The fact that Reclast is both highly effective and can last for several years in most patients could make this the new standard of care for Paget’s patients,” said Frederick R. Singer, MD, Director of the Endocrine/Bone Disease Program at John Wayne Cancer Institute in Santa Monica, California. “Current bisphosphonate therapy, while generally effective, does not induce similar long-term remissions.”

Clinical studies show Aclasta/Reclast is more effective[4], starts working faster[5] and offers a longer period of remission than Actonel® (risedronate sodium)*, the current treatment standard for patients with Paget’s disease. Aclasta/Reclast is administered as a single 5 mg, 15-minute intravenous infusion by a healthcare professional.

“We believe Aclasta/Reclast provides a critical new treatment option for people who suffer from Paget’s disease,” said James Shannon, MD, Global Head of Development at Novartis Pharma AG. “Furthermore, we are exploring the full clinical potential of this agent in treating other metabolic bone diseases, including postmenopausal osteoporosis.”

The approval by the US Food and Drug Administration (FDA) was based on efficacy and safety data comparing a single dose of Aclasta/Reclast with Actonel (30 mg risedronate) taken daily for 60 days in two identically designed six month trials. Results combined from both trials showed 96 percent of patients taking Aclasta/Reclast responded to treatment compared to 74 percent of patients taking Actonel at six months. Results of these head-to-head studies were published in the September 1, 2005 issue of the New England Journal of Medicine[6].

These studies also demonstrated that Aclasta/Reclast starts working faster, showing a significant difference as early as two months. Patients who took Aclasta/Reclast responded to treatment after an average of 64 days versus 89 days for those taking Actonel. Overall, the number of patients with adverse events was similar in the Aclasta/Reclast and Actonel groups.

About Paget’s disease
In Paget’s disease, the normal cycle of new bone replacing broken-down bone is disrupted: too much bone breaks down and the replacement bone is structurally weak. Patients may experience bone pain, skeletal deformity, pathological fractures, secondary arthritis, neurological complications and deafness that can impede their ability to perform routine activities such as walking and prolonged standing[7]. Paget’s disease can be difficult to diagnose and may often be left untreated as not all patients experience noticeable symptoms[7].

“Paget’s disease is a serious and commonly overlooked condition that can be very debilitating for some patients,” said Charlene Waldman, executive director, The Paget Foundation. “This approval is an important milestone for people with Paget’s disease because it has been more than nine years since a new treatment option has been made available.”

About Aclasta/Reclast
HORIZON, the ongoing clinical program of Aclasta/Reclast, is one of the most comprehensive drug evaluation programs ever undertaken in the area of metabolic bone diseases. Approximately 13,000 patients worldwide have participated in the program in more than 400 centers. It is the first program to study a once-yearly dosing regimen for the prevention and treatment of postmenopausal osteoporosis. Other studies involved in the program include prevention of fractures following a hip fracture in men and women, and treatment of corticosteroid-induced osteoporosis and male osteoporosis.

The European Medicines Agency (EMEA) and FDA are currently reviewing submissions for the approval of Aclasta/Reclast as a once-yearly treatment for postmenopausal osteoporosis. Zoledronic acid, the active ingredient of Aclasta/Reclast, is also available under the brand name Zometa® for use in other indications.

The US regulatory approval of Reclast in treating patients with Paget’s disease comes after Novartis supplied responses to “approvable letters", which are issued when the FDA is prepared to approve an investigational medicine and contain conditions that must be met prior to final US approval.

IsoTis, Inc. (NASDAQ: ISOT), the orthobiologics company, announced it has appointed James (Jim) P. Abraham as Senior Vice President of Sales.

Mr. Abraham successfully served the company in the same capacity from November 2004 until early 2006. He has a 24 year track record in the orthopaedic industry, and as an executive played a key role in growing sales at Sulzer Orthopedics from 1991 to 1994, Encore Medical Corp. from 1994 to 1998, Regeneration Technologies, Inc. from 1998 to 2002, and at IsoTis from 2004 to 2006. Jim Abraham left IsoTis to set up his own consultancy firm that primarily focused on advising a private equity group on M&A and investments in the orthobiology industry. Mr. Abraham replaces Alan Donze who left IsoTis on April 5.

Pieter Wolters, President and CEO of IsoTis said: “We are very pleased at having succeeded in attracting Jim Abraham to once again take up the responsibility as our Senior Vice President of Sales. Based on our close collaboration in the past and his successful work with our sales team, I am confident that he will provide the leadership to continue to execute our strategy successfully and to help us attain our goals. “

About IsoTis, Inc.
IsoTis is a leading orthobiologics company that develops, manufactures and markets proprietary products for the treatment of musculoskeletal diseases and disorders. IsoTis’ current orthobiologics products are bone graft substitutes that promote the regeneration of bone and are used to repair natural, trauma-related and surgically-created defects common in orthopedic procedures, including spinal fusions. IsoTis’ current commercial business is highlighted by its Accell line of products, which the company believes represents the next generation in bone graft substitution.

sunrise has named Alexandra Reich as the new Chief Operating Officer (COO) for the residential customers segment. She has many years of international experience in the telecommunications industry and will take up her post on June 1, 2007.

With Alexandra Reich (born 1963) sunrise is gaining a personality with an outstanding track record as its new Chief Operating Officer for the residential customers segment.

Sound knowledge of the telecommunications business
Following her entry into the telecommunications business at VIAG Interkom in Germany (1998), she went on to make a career at T-Online Austria (2001) and UTA Telekom AG (2004). She moved to 3G Hutchison Austria in June 2005, holding the posts of Chief Commercial Officer and member of the executive board. Her main areas of responsibility were marketing, sales and customer care.

Day Software is releasing a new, standalone digital asset management solution. Part of Communiqué, Day’s enterprise content management suite, Communiqué Digital Asset Management (CQ DAM) is the first to fully leverage a Java Content Repository (JCR) that is JSR 170-based, the industry standard for content access. The only native JCR-standard-compliant DAM solution available, CQ DAM is expected to distribute in mid-2007.

Delivering unparalleled global asset distribution and sharing through a centralized storage system, Day’s CQ DAM provides global, enterprise-wide access to digital assets via the web. The new solution includes essential DAM services such as a powerful metadata management engine, comprehensive version control, user and workgroup management, as well as integration with relevant third-party tools.

“Companies worldwide have witnessed a rich-media revolution, whereby Web content, images, audio and video have all become business-relevant media types,” said Michael Moppert, Chairman and CEO. “Day’s new CQ DAM solution easily connects organizations with their critical information, enabling them to streamline the way they manage digital assets of all types, while delivering the brand control and consistency that our blue-chip customers require.”

Day’s CQ DAM also provides intellectual property protection by creating dynamic rules for each asset or asset class, in order to control access and user rights. The system includes the ability to watermark and track digital information, and control the use of individual components. The product also offers a powerful workflow engine that enables the implementation of cross—organizational processes for content creation, editing, approval processing, quality control, metadata management, distribution and archival.

Key Features

Browser-based User Interface
CQ DAM provides an easy-to-use and intuitive user interface, delivering the power of a desktop application (including extensive drag & drop support), through the flexibility of a Web browser.

Graphics Support
Thumbnails are automatically generated from embedded images. CQ DAM allows the conversion and recompression of images, supporting image filters, scaling, cropping and watermarks.

Video Support
Allows importing and exporting of Final Cut Pro EDL. Scene sequences and clips can be produced in the system and keyframes can be extracted. Annotations and attachments can be added to all video assets.

Audio Support
Allows importing of an extensive variety of audio formats. ID3 tags are extracted and organized into an appropriate metadata structure. Embedded images are extracted for thumbnail generation.

Document Support
Compatible with an extensive variety of document formats, including Adobe PDF, MS Office and Quark Express. Documents are indexed when imported. Metadata is automatically extracted, enabling full text search in documents, as well as keyword search in metadata or taxonomy. In addition, documents can have any number of labels so that they can be put into any number of ‘virtual’ folders, keeping only one physical copy.

Process Support
CQ DAM provides a workflow and notifications functionality. The grouping of assets from various locations in trays allows joint processing and downloading of any set of assets. Access control on repository level allows to easily managing access rights.

Metadata support
Metadata from all digital assets is extracted and indexed during the import stage, and can be managed and extended on a fine, granular level. Additional Metadata information can be added at any stage. These metadata are consistently versioned together with the corresponding asset. Information about digital rights connected to the assets is maintained as a specific type of metadata.

Import & Export
CQ DAM supports the WebDAV protocol. Using a WebDAV folder facilitates the mass import and export of digital assets. XML import and export is also provided.

Versioning & Logging
CQ DAM uses the powerful JCR versioning functionality for consistent versioning of all digital assets. All relevant activities on the system are logged for later reference.

Applications developed that leverage the industry standard API can run on any JSR 170-compliant repository, which represents a revolutionary shift in the content management industry. Previously, companies found their content locked away in proprietary legacy repositories. This new standard, which Day spearheaded with the support of industry leaders, is focused on the customer by allowing them to access and use their most valuable information.

Converium recorded a very successful April 1 renewal of open-market non-life treaties. The Company wrote and bound non-life contracts of USD 142 million, an increase of 35%. New and restructured business amounts to USD 52 million, while increases due to share or price increases resulted in a growth of USD 8 million. Business of USD 23 million was not renewed as it did not meet Converium’s profitability standards.

This excellent result reflects Converium’s success in regaining business and establishing new client relationships following the recent ratings upgrade by Standard & Poor’s to “A-” ("strong"). The April 1 renewals primarily included business written in Asia-Pacific. Compared with last year the profitability of the renewed business has slightly improved even though overall market conditions have continued to soften. As anticipated, Converium has clearly benefited from access to more attractive business as a result of the ratings upgrade.

In addition to the open-market business, Converium agreed on the pricing for the medical malpractice insurance policies of the members of the Medical Defence Union (MDU) in the UK with whom the Company has a long-standing strategic alliance. Business from this key relationship is expected to reach USD 198 million in 2007. This brings the total of renewed business to USD 340 million, an increase of 25% compared with last year’s April renewals. Overall, the April renewals account for roughly 15% of Converium’s business that is expected to reach USD 2.2 billion in 2007.

Inga Beale, Chief Executive Officer: “I am very pleased with the April 1 renewals. The great results demonstrate that we deliver on our promises: Converium has taken a powerful first step towards restoring its market position and improving profitability following the ratings upgrade.”

Inga Beale continued: “We believe that the renewals are an unequivocal indication of our clients’ desire to maintain and rebuild strong business relationships with Converium as a stand-alone entity. We are very encouraged by our clients’ support.”

Standard Property & Casualty Reinsurance: Dynamic expansion in Asia-Pacific and Latin America

In Asia-Pacific, Converium wrote and bound non-life business of USD 57 million, an increase of 15%. In the Japanese market, which accounts for two thirds of the renewed Asia-Pacific book of business, premium volume grew by 12%. This success was achieved despite a softening pricing environment and a continuing trend towards increasing retentions among direct insurers. In India, the Company’s book of business almost doubled through the establishment of new client relationships in a very dynamic market environment. Converium’s Latin American business also recorded strong growth of 21%, with USD 14 million written and bound. In the Middle East, Converium grew by 38%. Finally, in North America, Converium managed to win smaller property books of business.

Köbi Eugster, Executive Vice President for Standard Property & Casualty Reinsurance, comments: “These strong results clearly demonstrate how successful we are in restoring and expanding our position in the emerging insurance markets, one of Converium’s core strategic areas.”

Specialty Lines: Strong recovery following ratings upgrade and new business from Brazilian deal

In global Specialty Lines, another core area for Converium, the Company wrote and bound business of USD 52 million, an increase of 70% compared to last year’s April renewals. Business expansion was particularly pronounced in the agribusiness and credit & surety lines of business, with increases of 305% (from USD 3 to 13 million) and 212% (from 3 to 8 million), respectively. The strong growth in agribusiness reflects Converium’s success in further expanding an innovative insurance program in the Brazilian market targeted at local farmers and landowners.

The excellent renewal results in Standard Property & Casualty and Specialty Lines are testament to the Company’s strong franchise which was successfully maintained after the downgrades in 2004 and now, as anticipated, proves to be a promising basis for significant profitable growth going forward.

Benjamin Gentsch, Executive Vice President for Specialty Lines and Life & Health Reinsurance: “I am very pleased with this year’s April renewals. We have taken a first important step towards returning Converium to a leading specialty reinsurer.”

Reiteration of overall premium target for 2007

Following the results of the April renewals, Converium reiterates its expectation of writing gross premiums for the 2007 calendar year of USD 2.2 billion, including Life & Health business. The Company also re-affirms its commitment to adhere to strict underwriting standards in order to achieve its core target of growing the book of business at an improved profitability.

Converium Files Lawsuit Against SCOR S.A. and Patinex AG Alleging Violations of United States Securities Laws.

On April 16, 2007, Converium filed a complaint in the United States District Court for the Southern District of New York against SCOR and Patinex. The complaint alleges that the defendants violated Sections 13(d), 14(d), and 14(e) of the Securities Exchange Act of 1934, as amended, because, among other things, (i) SCOR has unlawfully and unfairly excluded Converium’s United States shareholders, a group which we believe represents approximately 22% of Converium’s outstanding shares, from participating in SCOR’s unsolicited tender offer, and (ii) defendants failed to make proper disclosures in connection with their purchase and ownership of Converium securities.

Converium is seeking an expedited discovery and briefing schedule so as to permit a hearing on a motion for preliminary injunction prior May 22, 2007, which (unless extended) is currently the last date on which Converium shareholders may tender shares in connection with SCOR’s unsolicited tender offer.

Among other things, Converium is seeking an order enjoining SCOR from consummating the offer until SCOR and Patinex have complied with their obligations under the Williams Act, including SCOR extending the offer to Converium’s United States shareholders and ADS holders.

The Annual General Meeting of the Shareholders of Ascom Holding AG reelected Juhani Anttila as a member of the Board of Directors by a large majority of votes. All other proposals submitted by the Board of Directors were also approved by the shareholders. Therefore no dividend will be paid for the fiscal year 2006.

The Annual General Meeting of Ascom Holding AG, which was held on April 16, 2007 in Berne, Switzerland, was attended by 283 shareholders representing 3’525’500 votes or approximately 9,8% of the share capital.

The General Meeting of Shareholders approved all proposals submitted by the Board of Directors and granted discharge to the Board of Directors. Juhani Anttila was reelected as a member of the Board of Directors for another term of office by a large majority of the votes represented. The General Meeting of Shareholders also concluded to forego a dividend for fiscal year 2006.

Chairman of the Board of Directors Juhani Anttila confirmed the implementation of the strategy for accelerated growth, decided in autumn of 2006, in his statements. The goal is to accelerate organic growth through targeted acquisitions and strategic alliances, while increasing Ascom’s profitability in a sustainable way. Juhani Anttila pointed out that, in order to achieve these goals, Ascom’s commercialization capabilities needed to be improved and more efficient and clearer leadership structures needed to be created in the Security Solutions division.

MANNO, Switzerland - NemeriX, a leading fabless semiconductor company specializing in ultra low power semiconductors and solutions for GPS and location-based services, announces that CEO Ron Torten will deliver a keynote address at the IET & FSA International Semiconductor Forum (May 14-15 2007, Le Palais de Congres de Paris, France).
The speech, which will address “Winning the Supply Chain Challenges ina Fabless Model", will be given at 2:00pm CEST on Tuesday May 15th. Torten will be speaking alongside Visionary Keynote Speakers from ARM, Xilinx, Inc., Cadence Design Systems, Inc. and Chipnuts.

Now in its fourth year, the IET & FSA International Semiconductor Forum brings together high-tech industry leaders from across Europe and beyond to examine the most pressing issues surrounding today’s semiconductor industry. The programme features an Executive/Business track and this year the programme will also include a technical track.

As part of NemeriX’s industry speaking programme, later this month, NemeriX CTO Lionel Garin will deliver a paper at the 63rd Annual Meeting of the Institute of Navigation (April 23-25 2007, Royal Sonesta Hotel, Cambridge, Massachusetts). Garin will be presenting as part of the Urban and Indoor Navigation track, on the theme of “Silicon Valley’s Role in the GPS Revolution” (8:30am EDT, Wednesday April 25th). The presentation will discuss the role that Silicon Valley plays in developing the latest Assisted-GPS services, and the issues that handset manufacturers and carriers are addressing in order to deliver these next-generation location-based services to consumers.

For further information about the IET & FSA International Semiconductor Forum and ION events,
please visit:

http://www.ietfsasemiconductorforum.com
http://www.ion.org/meetings/am2007program.cfm

Genedata have developed a novel analysis workflow to exploit cell based assays in early drug discovery. The company will present the workflow at the forthcoming Annual Society for Biomolecular Screening conference in Montreal, Canada.

Compared to conventional screening technologies, cell based assays provide a more complete picture about the biological effects of chemical compounds. But to exploit these assays in drug discovery, scientists must find efficient ways to extract discovery-relevant information from thousands of high resolution images of cells.

Swiss-based computational firm Genedata is collaborating with imaging technology providers to enhance automation and standardization for the analysis of cell based assays. So far, it has created a robust data exchange format for two-way communication between standard image data formats and Genedata’s analysis system.

Genedata has also produced a web browser based review workflow for accessing microscopy image data at any point during data processing and analysis. The workflow makes it vastly more practical to go back and validate screening results against the original data. This means biologically important information obtained from cell based assays can be identified with greater efficiency.

The presentation at the forthcoming SBS conference shows how this can improve the accuracy and reliability of high content screens of compounds or of so-called small inhibitory RNA’s. Improvements such as this make it more practical and efficient to screen for complex biological effects in a high throughput industrial setting. “This is a software-driven collaboration with technology providers that is bringing added value to cell based screening approaches to drug discovery”, explained Dr. Stephan Heyse, Head of Genedata Screener.

Genedata specializes in discovery informatics for biotech, pharmaceuticals and the life sciences. The Company offers expertise in research informatics combined with open and scalable computational solutions. Our solutions include Genedata Phylosopher® for integrating, structuring, and analyzing research data. Genedata Screener® for high throughput screening analysis. And Genedata Expressionist® for omics data integration, processing and analysis. Founded in 1997 as a privately held spin off from Novartis, Genedata is headquartered in Basel, Switzerland and has branches in Tokyo (Japan), Munich (Germany), Boston (USA) and San Francisco (USA). The Company is also represented in Taiwan and Singapore. For more information about Genedata, please visit: www.genedata.com.