EANS-Adhoc: Intercell AG / Intercell AG announces Q4 and preliminary full year 2011 financial results

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quarterly report

06.03.2012

2011 marked by significant financial performance and successful
strategic resetting

» Strong year-on-year IXIARO®/JESPECT® sales growth of 68% rounded up
by solid Q4 product sales of EUR 6.1m compared to 3.4m in Q4 2010

» Better than expected net loss of EUR 29.3m for the full year 2011;
further significant loss reduction expected for 2012 - striving
towards profitability in 2014

» R&D pipeline prioritization completed - focus on advancement of key
clinical candidates and most promising pre-clinical activities

Preliminary FY 2011 financial results

» Total revenues of EUR 32.9m in 2011 compared to EUR 34.2m in 2010,
due to lower collaboration revenues » Reduction of R&D expenses by
60.0% to EUR 29.9m and reduction of SG&A expenses by 20.1% to EUR
15.8m » Net loss of EUR 29.3m in the year 2011, compared to EUR
255.2m in 2010 » Cash position of EUR 50.9m at year-end

Key Financial Figures

Key Financial Information (EUR in thousands)

Year ended December 31, 2011 2010

Revenues 32,884 34,215

Net profit/(loss) (29,265) (255,182)

Net operating cash flow (42,858) (65,120)

Cash, short-term deposits,
and marketable securities,
end of the year 50,859 86,182

Financial outlook 2012

» Intercell expects an additional EUR 8-10m sales growth of
IXIARO®/JESPECT® for 2012 » Driven by a lower cost base and
significant revenue growth, the Company is aiming for a reduction of
its net loss from approximately EUR 30m in 2011 to EUR 15-20m in
2012, and is striving towards profitability in 2014 » Cash
conservation to secure funding into financial self-sustainability
remains a key management focus - Several funding opportunities have
been progressed over the last months - A decision and implementation
is expected mid 2012

Strong IXIARO®/JESPECT® sales growth performance

IXIARO®/JESPECT® product sales increased by EUR 8.8m to EUR 21.6m in
2011. This is a growth of 68.4% compared to the prior year and
additional strong sales growth is expected for 2012.

Following the approval of a vaccine to protect small children and
adults from Japanese Encephalitis (JE) by the Drugs Controller
General of India (DCGI) market introduction in India by Intercell´s
partner Biological E. Ltd.is expected in H1 2012.

The submission of applications to major regulatory agencies for the
approval of the IXIARO®/JESPECT® pediatric label extension in the
travel markets is expected in Q2 2012.

R&D pipeline prioritization completed - focus on advancement of key
clinical candidates and most promising pre-clinical activities

Pseudomonas aeruginosa vaccine candidate - The forthcoming Phase
II/III efficacy trial initiation is expected for March 2012. First
interim data are expected mid 2013.

Clostridium difficile vaccine candidate - On March 1, Intercell
announced the start of the second part of a Phase I clinical trial
(Phase Ib), which will enroll 80 healthy elderly subjects above 65
years of age. Results are expected in Q2 2013.

Tuberculosis: Intercell and Statens Serum Institut (SSI) started the
first Phase II study within their collaboration to develop vaccines
against Tuberculosis (TB). First results are expected in 2013.

Pandemic Influenza Vaccine Enhancement Patch (VEP): Enrollment for
the confirmatory Phase I trial is completed. Final data are expected
by mid 2012.

IC31® adjuvant: Intercell has entered into further research
collaborations to evaluate IC31® in new vaccine formulations with
different partners.

Hepatitis C: In the absence of timely receipt of regulatory clearance
for study initiation by Intercell´s partner Romark, the planned
clinical trial to investigate a combination therapy of a vaccine and
an antiviral drug against Hepatitis C will not proceed. The program
has thus been removed from Intercell´s clinical pipeline However, the
Company will continue to evaluate the possibility of partnering its
therapeutic vaccine approach in the rapidly changing field of
Hepatitis C therapies.

Pre-clinical activities consolidated: Focus on lead candidate against
Borrelia, antibody platform eMAB® and patch technology.

CORPORATE/OTHER Thomas Szucs was elected chairman of Intercell´s
Supervisory Board effective as of January 1, 2012. He takes over the
function from Michel Gréco, who resigned as chairman but still
remains a member of the Supervisory Board.

After six years with Intercell, as a member of the Supervisory Board
and, more recently, as Chief Business Officer, Staph Leavenworth
Bakali has expressed his intent to leave the Company and to join the
Clinton Health Access Initiative as President and COO within a two
months transition period. Continuing its efforts to create a most
cost efficient and lean organization, the Company will not refill the
position for the time being. Intercell´s well established
relationships with its distribution partners and the US military for
IXIARO®/JESPECT® will continue to be handled by an experienced
marketing and sales team, led by Jeff Hackman, President and CEO of
Intercell´s US subsidiary.

The report can be downloaded at http://www.intercell.com/main/forinve
stors/downloads/quarterly-reports/

Further inquiry note:
Intercell AG
Nina Waibel
Corporate Communications
Tel. +43 1 20620-1222
communications@intercell.com

end of announcement euro adhoc
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issuer: Intercell AG
Campus Vienna Biocenter 3
A-1030 Wien
phone: +43 1 20620-0
FAX: +43 1 20620-800
mail: investors@intercell.com
WWW: www.intercell.com
sector: Biotechnology
ISIN: AT0000612601
indexes: ATX Prime
stockmarkets: official market: Wien
language: English