Siegfried Annual Report 2009

eaching 25% by the end of 2009. Progress was made in diversifying
and increasing sales to countries that were previously
ignored or only minimally served, but this did not fully
compensate for the sales shortfall in Germany. As part of the
revised “Transform” strategy, the Siegfried Generics Division
was already actively conducting development work in 2009
for numerous exclusive customers. The Division’s pipeline
was basically realigned, which led to depreciation of CHF 7
million in activated development costs. In the future,
Siegfried will expand development technology for finished
medications beyond tablets and capsules. To minimize risk,
projects are being carried out and financed only with external
partners since mid-2009.
Development of the PulmoJet ® inhalation device advanced
to the point that a pharmaceutical product study could be
started in October 2009. Expert reports are very optimistic
and we expect the study results by the end of March 2010.
Because of the extensive product know-how and financial
resources needed to quickly move through the next development
phases for the PulmoJet ® , the Board of Directors and
executive management are looking for a partner that can
take this device through the clinical study phase. Discussions
with numerous interested parties are already at an advanced
stage.
Since 2008, Siegfried has increasingly dedicated itself to issues
of sustainability in all aspects of our business. The integration
of our Sustainability Report in our annual report also
underlines the importance of this topic. For us, sustainability
means doing our work carefully and with a long-term view.
Carefully, because we deal with demanding substances and
need to ensure the safety of both our employees and the environment.
Long-term, because our commercial success also
secures jobs. Siegfried has performed well in the areas of
compliance and quality, safety, health & environment, and
as an employer. Compliance was spotless in 2009; even with
the numerous inspections and audits, there were no complaints.
Levels of employee safety were clearly raised, confirmed
by the decline in accidents; two sites posted perfect
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