Cerep announces consolidated results for the first half 2011
Growth and return to profit of continuing activities
Paris, France, October 10, 2011 ­ press release 2011/05
Constant currency revenue growing by 1.1%.
Net result of continuing activities is EUR 0.14 million.

« We are particularly delighted to return to growth and profitability of continuing activities, six months ahead of schedule. No doubt that the performance achieved will be more noticeable in the second half of the year and in 2012, when we should see the outcome of both the new services launched in 2011 and our Chinese presence, but also of accrued commercial efforts » commented Thierry Jean, Chairman and CEO.

Revenue from continuing activities

At June 30, 2011, Cerep earned sales revenue from continuing activities of EUR 11.47 million, compared to EUR 11.64 million in 2010. Constant currency revenue growth for the first six months is 1.1%.

During the period, revenue from ADME1 activities performed by Cerep, Inc. increased 8.0%
(+11.4% at constant dollar), while sales from profiling activities slightly decreased (-3.9% and -1.5%

Code ISIN FR0004042232 at constant currency rates), mainly due to continued slowdown in subcontracting of the two ma-
Alternext Paris jor partners of Cerep, SA in North America. However, the decline was almost entirely offset by new agreements, particularly in Europe. Sales revenue in Asia remained stable despite the effect of the earthquake in Japan.

Cerep SA
The Chinese subsidiary of the Group started its service activities during the second quarter 2011;

Le Bois l’Evêque 86600 Celle l’Evescault France its contribution to Cerep’s sales revenue in the first half 2011 is insignificant. tél : +33 (0)5 49 89 30 00 fincom@cerep.fr www.cerep.com 06.30.11 06.30.10
Focussing on in vitro pharmacology and ADME-Tox, Cerep provides
Changes in H1 2011/2010 solutions allowing cost-effective drug discovery by identifying at (kEUR) Amount % Amount % Amount % early stages the most promising drug candidates and eliminating compounds likely to fail in develop- Europe 5,486 47.9% 72 1.3% 5,414 46.5% ment. Cerep’s technologies benefit of which, France 2,284 19.9% 690 43.3% 1,594 13.7% to about 500 pharmaceutical and biotechnological companies world-
North America 4,999 43.6% -229 -4.4% 5,228 44.9% wide including most of the top pharmaceutical firms.Statements
Asia 945 8.2% -1 -0.1% 946 8.1% included in this press release which are not historical
Other 34 0.3% -13 -27.7% 47 0.4% in nature are intended to be, and are hereby identified as, « forward-
Total 11,464 100.0% -171 -1.5 11,635 100.0% looking statements » for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements Group result may be identified by words.

Earnings before interests, taxes, depreciation and amortization (EBITDA) including « anticipates », « believes »,
« intends », « estimates », « expects » and Considering the uncertain economic environment and lower visibility on sales revenue of the similar expressions. The company Group, Cerep focused since 2008 on reducing operating and structure costs. These expenses cautions readers that forward- decreased by more than EUR 2.2 million at June 30, 2011, compared to June 30, 2008, excluding looking statements, including consumables. without limitation those relating to the company’s future operations

For the first six months of 2011, current operating expenses, excluding consumables, decreased and business prospects, are subject by EUR 0.88 million compared to expenses observed at June 30, 2010. For the same period, ma- to certain risks and uncertainties terial consumption decreased by approximately EUR 0.7 million, down to 19.6% of the sales rev- that could cause actual results to differ materially from those indicated enue, compared to 25.5% at June 30, 2010. in the forward-looking statements.

With these achievements, consolidated EBITDA from continuing activities was positive at
Factors that may affect future
EUR 0.84 million compared to a loss of EUR 0.52 million for the same period in 2010. operations and business prospects include, but are not limited to, scientific results and developments concerning corporate collaborations and the company’s proprietary rights and other factors described in the company’s Annual Report
ADME : Absorption, Distribution, Metabolism, Excretion 1

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