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c) Research & development• R&D objectivesThe goal of Guerbet's R&D is to propose to radiologists and patients contrast agents and effective, safe andinnovative delivery systems that respond to their needs.Guerbet's research and development is focused on the three major medical imaging segments: MRI, X-rayimaging and Interventional Radiology and Theranostics (IRT).This includes R&D activities focusing on the Life Cycle Management (LCM) of products already on themarket (ex: extension of indications, developing new formulations, registration in new geographic markets)as well as research and development for New Chemical Entities (NCEs).• Target pathologiesGuerbet's Research & Innovation is focused on major diseases where the appropriate contrast agent canimprove the initial diagnosis and monitor the effectiveness of treatments (cardiology, oncology, neurology).• Positioning in the sector of medical proceduresConstantly taking into account the input and needs of clinical practitioners, Guerbet's R&D is focused on thecritical components of modern radiology: the diagnosis of pathology, monitoring treatment and the treatmentitself (interventional radiology).Diagnostic performance is a key component of the therapeutic and surgical decision-making process. Ithas a direct and immediate impact on the quality life of the patient. It also contributes to addressingeconomic objectives for optimising public healthcare costs through earlier diagnosis and a more efficientdecision-making process for selecting therapeutic options.Interventional radiology represents one of the top priority areas of Guerbet's research and development.It is occupies a major position in the theranostic arsenal for diagnostic-based therapy specifically adaptedfor individual patients.This very dynamic discipline is defined as a set of medical procedures performed by radiologists and underthe control of radiological technologies making it possible to treat a significant number of pathologiesthrough minimally-invasive interventions.Everyday throughout the world a large number of pathologies are treated using interventional radiologytechniques. This approach is deployed in particular in the field of oncology. In this way, intra-arterial chemoembolizationhas a key role in the treatment of primary liver cancers.• New Chemical Entity (NCE)Guerbet is currently focused on developing a gadolinium chelate based NCE (P03277) for MRI applications.This particularly efficient product is adapted for high magnetic field applications. With the pre-clinical safetyprofile having been determined to be satisfactory, preparations for phase 1 trials corresponding to theevaluation in healthy volunteers are in progress.Phase I represents the first level of tests on people using volunteers in good health. They seek to evaluatethe tolerance profile, pharmacokinetics (the process by which a drug is absorbed, distributed, metabolised,and eliminated by the body) and the pharmacodynamic profile of the product.Guerbet is also conducting a "phase 0" exploratory clinical study in the field of nuclear medicine (PositronEmission Tomography or PET) for an ovarian cancer indication.15
• Product portfolio lifecycle management:Guerbet R&D is pursuing major research and optimisation projects for contrast agents already on themarket. This work has contributed to significant advances concerning: The mechanism of nephrogenic systemic fibrosis (NSF): R&D work on thepathophysiological mechanisms of this serious secondary effect of certain categories ofgadolinium compounds has led Guerbet to conduct major preclinical and clinical trials todocument the differentiated safety profile of Dotarem® and integrate this risk factor in work onthe conception of future molecules. Improving existing processes: the process optimisation programme is continuing to focus onways to improve the environmental impact of manufacturing activities and reduce productioncosts. This makes it possible to reduce raw material consumption while increasing chemicaloutput and limiting consumption with respect to both effluents and discharges. Registration in new geographic areas and/or for new indications: The drug application forDotarem® in the US was submitted to the FDA on 20 September 2012 and received a priorityreview period. On 20 March 2013, it received FDA approval for the indication of central nervoussystem lesions.• R&D spending and organisation: innovation as an ongoing Guerbet priorityThe following table presents research and development expenditures incurred by Guerbet for the last twoyears.2012 2011 ChangeR&D expenditures (thousands of euros) 39,252 42,431 -7.5%R&D expenditures (% of sales) 9.7% 11.2%The decline in R&D expenditures reflects the evolution of the portfolio of molecules under development (endof development of Dotarem USA, start up for development of a new NCE, with the early phases being lesscostly) as well as from setting of strict priorities for the R&D portfolio in 2012 according to criteria such asthe degree of innovation, the medical service provided, the product benefit/risk trade-off, developmentfeasibility, the existence of a market, etc.R&D teams are organised for ensuring optimal contributions to the four Group priorities:• Adapt our current business model for XR, MRI, NM (Nuclear Medicine) to the environment tooptimise our operating margin;• Create a new business division IRT (Interventional Radiology and Theranostics);• Reduce costs;• Build a "Best-in-Class" organisation.Brand teams have been established to spearhead the XR, MRI and IRT franchises. These consist ofmultidisciplinary teams coordinated by a team leader responsible for imagining, promoting and contributingto concrete implementation within the company of all initiatives with potential for optimising their businessmodel.16
Page 3 and 4: CONTENTSCHIEF EXECUTIVE OFFICERS’
Page 5 and 6: CHIEF EXECUTIVE OFFICERS’ MESSAGE
Page 7 and 8: THE GUERBET GROUP1) History of the
Page 9 and 10: 3) Business overview3.1 Guerbet is
Page 11 and 12: 3.4 The pathologiesIn Oncology, the
Page 13: Guerbet's offering of products is c
Page 18 and 19: • A proactive partnering strategy
Page 20 and 21: 5) Group organisation at 31 Decembe
Page 22 and 23: e) DistributionGuerbet distribute i
Page 24 and 25: DirectorsOther offices and director
Page 26 and 27: There exist no arrangements or unde
Page 28 and 29: Summary of compensation for Marie-C
Page 30 and 31: • Stock options granted to non-of
Page 32 and 33: I - 1Organisation of the work of th
Page 34 and 35: "Research and Innovation" Committee
Page 36 and 37: II - Internal control and risk mana
Page 38 and 39: 4) Statutory Auditors’ report pre
Page 40 and 41: SHAREHOLDER INFORMATION1) The Guerb
Page 42 and 43: As at 31 December 2010SHARESVOTING
Page 44 and 45: considered to have automatically re
Page 46 and 47: 10) Provisions of the Articles of A
Page 48 and 49: c) Earnings highlightsIFRS(in thous
Page 50 and 51: g) OutlookStrongly focused on the n
Page 52 and 53: 3) Risk factorsThe company conducte
Page 54 and 55: • Sourcing risksGuerbet has an ex
Page 56 and 57: • Information technology risksAn
Page 58 and 59: • Five-year summary of consolidat
Page 60 and 61: • Other information included in t
Page 62 and 63: • Recruitment and dismissalsGuerb
Page 64 and 65: and employee savings. The goal is s
Page 66 and 67:
• Measures adopted to promote emp
Page 68 and 69:
) Pollution and waste managementThe
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3) Societal informationa) Territori
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• Consolidated income statementIn
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In thousands of euros• Statement
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Changes in standards and interpreta
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g) Research and development expendi
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Held to maturity investmentsHeld-to
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creation are recorded under "Other
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III) Notes to the financial stateme
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Aged trial balance information for
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2.2 - Borrowings by currencyCurrenc
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3.3 - Analysis of the sensitivity o
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Revenue2012European companiesfor th
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In 2005, the Group acquired for ¥5
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6.2 - Analysis of property, plant a
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The change in the net value of inve
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12.2 - Accrued employee benefitsa)
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Change in net liabilities of the pe
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14.4 - Personnel by region at year-
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Note 22 - Research and development
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Note 25 - Related parties25.1 - Rel
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Note 27 - Basic earnings per share
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2) Auditors’ report on the consol
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3) Parent company financial stateme
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• Income statementIn thousands of
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• Statement of cash flowsIn milli
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c) Property, plant and equipmentPro
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Note 1 - Intangible assets1 - 1 - C
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Note 6 - Receivables by maturityCos
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Note 9 - Regulated provisionsInvest
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Note 13 - Sales by region2012 2011F
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Tax income or expense recorded in t
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Debt waiver agreements granted to a
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Capital lease commitments relative
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4) Auditors' report on the separate
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5) Auditors' special report on rela
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ORDINARY AND EXTRAORDINARY GENERAL
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RESOLUTION THREE (Special report of
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Extraordinary resolutionsRESOLUTION
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3) Report of the Board of Directors
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Application of legal provisions gov
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• Tenth draft resolution: stock s
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2) The Statutory Auditorsa) Statuto
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6) Articles of association (selecte
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7) 2013 shareholders calendarEventD
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) Annual financial reportInformatio
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