* Q2 net loss 1.8 million euros, vs forecast 3.7 mln profit
* Reiterates full-year outlook
* Expects announcement soon on paediatric vaccine contracts
* Some Quinvaxem shipments phased into H2
* Shares down 2.6 percent, hit lowest in 2 months
(Adds CEO, CFO, analyst comments, shares)
By Aaron Gray-Block
AMSTERDAM, Aug 11 (Reuters) - Dutch biotech firm Crucell NV missed estimates on Tuesday as it reported a second-quarter net loss due to delayed vaccine shipments, sending its shares to a two-month low.
Chief Executive Ronald Brus said the delays in shipments were due to storage and refrigeration capacity problems in various countries and Crucell had to wait until these issues have been resolved prior to shipping.
"We can only book these shipments when they are in their possession," Brus told reporters.
Shares in Crucell fell in morning trade and at 0929 GMT were down 2.6 percent at 16.95 euros, underperforming the Amsterdam midcap index, which was flat. The stock touched a low of 16.26 euros, its lowest since mid June.
"We may have been too high in terms of our expectations of Quinvaxem but even versus consensus, sales were disappointing," SNS Securities analyst Ilja Zaanen said in a note.
But Brus reiterated Crucell still expects about $250 million in 2009 sales from its paediatric vaccine Quinvaxem, which prevents five childhood illnesses and is a strong driver of sales growth. The vaccine is supplied to international groups such as UNICEF.
"Looking forward, Quinvaxem is well positioned for the award of new tenders for the period 2010-2012, the first tranche of which is expected to be announced soon," Brus said in a statement. Crucell's net loss of 1.8 million euros ($2.6 million) missed the average forecast of a 3.7 million euro profit from a Reuters poll of eight analysts, and the lowest estimate of a 400,000 euros loss amid higher financing costs and taxes.
The firm made a restated loss of 7.4 million euros in the same period last year.
REITERATED OUTLOOK
Crucell, which booked its first-ever full-year profit in 2008, reiterated its forecast of a 20 percent increase in revenue in constant currencies this year and a significant improvement in operating profit compared with 2008.
Total revenue at the firm, one of the world's largest independent vaccine companies, rose 29 percent to 72.4 million euros, driven by continued growth in Quinvaxem sales and double-digit growth in travel vaccines.
Sales missed the average forecast of 80 million euros, however, because some Quinvaxem shipments were phased into the second half of the year, Crucell said.
Crucell is targeting 30 million euros in cost savings by the end of 2009 through improved yields, sales efficiency gains and lower overhead costs and despite only booking 10 million in savings by the end of the quarter, Chief Financial Officer Leon Kruimer said he was still confident of meeting the target.
Crucell's PER.C6 gene technology uses human cells as a platform to produce drugs. The group is co-operating with Sanofi-Aventis to develop a vaccine against the flu virus. Researchers are also using the cell-based technology to develop a vaccine against HIV.
The company said it had signed two new non-exclusive PER.C6 research license agreements with Japan's Momotaro-Gene Inc and Australian-based Patrys Ltd. without disclosing financial details. (Editing by Rupert Winchester and David Holmes)