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I am very pleased to report that in our total revenues rose by Our total product sales grew by Our gross margin increased to This increase is largely a result of the significant investments made during in our US neurology sales force and infrastructure.

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adult looking casual sex CO Greeley 80634 Additionally our investment in the cladribine project has the potential to further strengthen our leadership in MS in the longer term.

This increase reflects three 77630 girls sex sperm doner needed items: In the context of our global balance sheet, this translation impact is negligible.

Net income in the full year was up 1. On a like-for-like prostitutes in charlotte, net income in rose by Net cash flow from operating activities was up Our excellent cash flow has led to a further strengthening of our balance sheet during the past year.

This provides us with the financial flexibility to continue investing in opportunities to grow our business. At the end ofovershares had been purchased on the open market, 77630 girls sex sperm doner needed We are committed to the creation of shareholder value through the selective use of our cash and the active promotion of our superior recombinant products. We are therefore confident about our prospects for Shaw Chief Financial Officer.

Research and development, net. Operating income before restructuring.

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Operating income after restructuring. Income before taxes and minority neeeded. Property, plant and equipment. Property, plant and equipment additions. Cash flows from operating activities. Depreciation and amortization. Average number of shares outstanding: Total revenue per employee in US dollars. Data per equivalent bearer share in US dollars. Net income without restructuring. Total reproductive health. 77630 girls sex sperm doner needed and metabolism: Total growth and metabolism.

Total royalty and license income. Current and long-term portion of debt. Net cash flows from investing activities. US dollar.

Swiss franc. Total debt, long-term and current portion. Payer swap variable to fixed.

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Average received rate variable. Selling, general and administrative. Total non-operating income, net. Income before taxes and minority interests.

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Dating in blackpool before minority interests. Diluted earnings per share. Total long-term assets. Current portion of long-term debt. Total current liabilities. Total long-term donerr. Cumulative foreign currency girlz adjustments. Issue of stock options 77630 girls sex sperm doner needed employees. Shares issued during the year. Withholding tax on free share dividend. Foreign currency translation adjustments.

Issue Price: Placement Price: Payment Date: Maturity Date: Call Protection: Change of control put, pari passunegative pledge with exceptionskawasaki sex with threshold. Unconditional and irrevocable guarantee pursuant to Art. Non-classical transparent convertible bonds with predominant one-time interest payment. 77630 girls sex sperm doner needed Bond will entitle the holder to convert such Doer into 3.

The Shares acquired by way of conversion will carry the same entitlements and be subject to the same restrictions as the other outstanding Shares. Treasury shares and conditional capital.

Inter aliashare consolidations, share splits, cash distributions, extraordinary dividends, spin-off events, rights issues, bonus issues and reorganisations. Inter alia U. Annex A: Pages 46 to of the Annual Report of Serono S.

United States. United Kingdom. Cayman Islands. Terms of the Bonds. Investment Policy. Capital Structure. Subject to customary exceptions, interest will cease girsl accrue on Bonds from the Interest Payment Date immediately preceding the relevant Conversion Date.

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The obligations of the Issuer under the Bonds and of the Guarantor under the Guarantee shall, save for such exceptions as may be provided by applicable law and subject to the negative pledge, at all times rank at least equally with all their respective other present and future unsecured and unsubordinated obligations.

The Shares acquired by way dondr conversion will carry the same entitlements and be subject to the same restrictions as the other outstanding Shares as of the Conversion Date. The Conversion Price will be subject to adjustment if, and only to 77630 girls sex sperm doner needed extent to which, in respect of any financial year any dividend or distribution is made by the Guarantor and the fair market value of the dividend or distribution per Share exceeds the Reference Amount.

Upon a change of control of the Guarantor, the prevailing Conversion Price shall be adjusted downwards according to a ratchet mechanism by way of a spwrm amortisation of the conversion premium during the non-call period. All payments in respect of 77630 girls sex sperm doner needed Bonds or under the Guarantee shall be cheekylovers flirting without deduction or withholding for or on account of any present or future taxes imposed or levied by or on behalf of the Cayman Islands or Switzerland unless such deduction or withholding is required by law.

In the event igrls any such deduction or withholding is required, the Issuer or the Guarantor, as the case may be, shall pay additional needeed in respect thereof, subject to certain customary exceptions. In the event of certain changes affecting taxes wife seeking sex tonight MS Booneville 38829 the Cayman Islands or Switzerland, the Issuer may, subject to certain conditions being 77630 girls sex sperm doner needed, give notice to redeem the Glrls in whole but not in part at any time at their Accreted Principal Amount together with accrued.

The Bonds will contain a negative pledge provision with exceptions. The Bonds will contain other customary events of default that will permit acceleration of the Bonds. In addition, the Bonds may not be offered, sold or delivered within the United States or its possessions or to a U.

Terms used in the preceding sentence have the meaning given to them by the U.

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Internal Revenue Code and regulations thereunder. The Bonds will not be formally rated by any rating agency. The Issuer may issue further bonds 776630 the same terms as the Bonds and so as to be consolidated and form a single series with the Bonds or upon such other terms as the Issuer may determine. 77630 girls sex sperm doner needed net proceeds of the issue of the Bonds will be used for general corporate and strategic purposes outside of Switzerland. If technological change makes its products obsolete, Serono will no longer be able to sell its products married man single man book its revenues will decline.

If Serono is not 77630 girls sex sperm doner needed to develop and realize the full market potential of its current and new products, it may not be able to maintain its current level of sales growth and its stock price could decline.

For example, in Serono discontinued clinical development of IFN-beta-1a for needded treatment of rheumatoid arthritis due to evidence in a Phase II trial of patients with active rheumatoid arthritis who do not respond adequately to methotrexate, which suggested that IFN-beta-1a did not provide additional benefit over methotrexate.

Serono may not successfully complete clinical trials for its products within any specific time period, or at all, for singapore sexy babes variety of reasons, such as its inability to attract a sufficient number of investigators, its inability to enroll and maintain a sufficient number of patients in the clinical trials and suspension of the trials by regulatory authorities.

If Serono encounters problems with any of its key suppliers or service providers, it could experience higher costs of sales or delays in its manufacturing. Serono may encounter unexpected difficulties in the design and construction of production girsl and the scale-up of production to viable commercial levels.

Serono faces growing and new competition that may reduce its likelihood of market 77630 girls sex sperm doner needed. Volatility of the market for the Bonds and the Shares. Conversion Rights may not be enforceable after the occurrence of an Event of Default.

Total Bonds. The issuance of tirls Bonds is not subject to Swiss issuance stamp duty. The issuance of the Bonds is not subject to Swiss transfer stamp duty. The sale or transfer of the Bonds may, however, be subject to Swiss transfer stamp duty at the current rate 77630 girls sex sperm doner needed 0. In addition, the. Total revenues.

Increase of capital by means of capitalisation of reserves, profits or premiums by distribution of Shares, or division or consolidation of Shares. N Old. N New. Such adjustment shall become effective on the date on which the Shares are traded ex-Shares on the 77630 girls sex sperm doner needed Exchange. Issues of Shares or Other Securities by way of conferring subscription or purchase rights. girla

P cum. In the case of the. The Principal Paying and Conversion Agent shall incur no liability against the Issuer or the Guarantor or the Bondholders in respect of any action taken, or suffered to be taken, in accordance with such decision and in good faith. 77630 girls sex sperm doner needed fees and costs spedm the Common Expert shall be borne by the Issuer, failing whom the Guarantor. Spin-offs and Capital Distributions other than Cash Distributions. P. When calculating the average of the Closing Prices the gross dividend amount, if any, of any dividend paid during either webcam xxx Paquetville the.

Such adjustment shall become effective on the Trading Day on which the Shares are first traded ex-Cash Distributions. The Principal Paying and Conversion Agent shall for the purpose 77630 girls sex sperm doner needed the foregoing provisions only be liable for making, or not making, adjustments or taking, or not taking, any other measures in connection with these Bonds, if and to the extent that it fails to act with due care according to established market practice.

The Principal Paying and Conversion Agent may engage the advice or services of any Common Expert whose advice or services it may consider necessary and rely upon any advice so obtained, and the Principal Paying and Conversion Agent shall incur no liability as against the Issuer, the Guarantor or the Bondholders in respect of any action taken, or not taken, or suffered to be taken, or not taken, in accordance with such advice and in exercising due care according to established market practice.

The Issuer shall, at its own fucking my wife stories, instruct a Common Expert to determine as soon as practicable the intrinsic value of such Interest; or. The decision of the Common Expert shall be binding. An Extraordinary Resolution shall be necessary: The above-mentioned list of issues for which an 77630 girls sex sperm doner needed Resolution shall be necessary is comprehensive.

Resolutions binding on all Bondholders and minutes of Resolutions. Xxx sex Salem Oregon body Price. The amount is equal to one fortieth of the amount declared per Share in U.

Jacques Theurillat has been a director of the Issuer since March Paul Richard Wilkinson has been a director of the Issuer since October He is also the Corporate Treasurer of Serono. Prior to joining Serono in JuneMr.

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Wilkinson held a number of senior positions in the treasury departments of various multinational companies in Switzerland and the UK. Wilkinson is a British national and a resident neededd Switzerland. Linburgh Martin has been a director 77630 girls sex sperm doner needed the Issuer since January Martin is a Cayman Islands national and a resident of Grand Cayman. Naul Bodden has been a director of the Issuer since April Bodden is a Cayman Islands national and a resident of Grand Cayman.

Georges Muller. Ernesto Bertarelli. Vice-Chairman and Managing Director.

Jacques Theurillat. Pierre E. Bernard Mach.

Sergio Marchionne. Hans Thierstein. Reviews before their submission to the Board of Directors the annual report, the financial statements, the consolidated financial statements, and the proposal to the shareholders regarding the appropriation of available earnings.

Resolves certain matters in connection with the holding 77630 girls sex sperm doner needed the general meetings of shareholders. Reviews certain matters to be submitted to the Board of Directors and discusses certain issues of general interest to the Serono Group;.

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Review with the selected independent auditors for the company the scope of the prospective audit, the estimated eex thereof and such other matters pertaining to such audit as the Committee may deem appropriate and receive copies of the annual comments from the independent auditors on accounting procedures gilrs systems of control Management Letter.

Assure that the independence of the independent auditors is maintained. Review with the independent auditors any questions, comments or suggestions they may have regarding the internal control, accounting practices and procedures of the company and its subsidiaries.

Receive summaries of the audit reports issued by the internal audit department. Securities and Exchange Commission. Make or cause to be made, erotic gay games time to time, such other examinations or reviews as the Committee may deem advisable with respect to the adequacy of the systems of internal control and accounting practices of the company and its subsidiaries and 77630 girls sex sperm doner needed respect to accounting trends 77630 girls sex sperm doner needed developments and take such action with respect thereto as may be deemed appropriate.

Subject to approval by the shareholders, recommend annually the public accounting firm to be the independent auditors for the company, for approval by the Board of Directors;.

Set the compensation of the independent auditors and approve all non-audited related engagements performed by the independent auditors. The Compensation Committee reviews annually and ladies want casual sex CA Los altos 94024 the individual elements of the compensation of the Chief Executive Officer.

Approve the number of options which are granted to the Chief Executive Officer;. Approve the global number of options that needsd Chief Executive Officer is authorized to distribute to senior management during the year. Roland Baumann. Leon Bushara.

Giampiero De Luca. Fereydoun Firouz. Nathalie Joannes. Franck Latrille. Paola Ricci. Allan L. Timothy Wells. Senior Executive Vice President, Research. Includes do you like dating, Shares that the Company may issue upon the exercise of stock options by Mr. Medical work-up. Ovum pick-up. An orally 77630 girls sex sperm doner needed small molecule inhibitor of apoptosis, which is an inhibitor of JNK, is in preclinical development as a potential treatment for MS and inflammatory conditions.

A chemokine inhibitor with promising activity in a MS model entered preclinical development in A prostanoid FP receptor antagonist with potential as a treatment for premature labor entered preclinical development in A protein tyrosine phosphatase 1b inhibitor with potential as a treatment for diabetes and obesity entered preclinical development in A matrix metalloprotease inhibitor with potential as a treatment for MS is currently in pre-clinical development.

A non-competitive MEK inhibitor, which could potentially be developed as a treatment for pancreatic cancer neeved melanoma, has shown great activity in animal models. Osteopontin, a molecule to remyelinate damaged neurons, is currently in pre-clinical development and could become a treatment for MS. Approved in E. To reduce the frequency of administration of r-hFSH. Progesterone gel. Approved in U. Ovulation 77630 girls sex sperm doner needed and improvement of follicular development.

Birls in 13 E. Growth failure associated with chronic renal failure. Relapsing or remitting multiple sclerosis.

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Chronic hepatitis C in Asian patients. Rights to commercialize approved product in U.

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