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span two levels in the pipeline. Active pharmaceutical ingredientsstill in development and not yet registered (no DrugMaster File submitted) are stage 2 projects; projects in theregistration phase and ready for market launch are stage 3in the pipeline.Business Unit Siegfried Generics: Generics projects arestage 2 if the dossier has not yet been submitted to the regulatoryauthorities; after submission it is a stage 3 project.The Siegfried Division pipeline in 2006: There are54 projects in the Siegfried Division pipeline, an increaseof 15 projects compared to 2005.Siegfried Division pipelineNumber of projects35Due to strong growth in custom synthesis projects, stage 2developed very well. In addition, four new projects for controlledsubstances were added in USA. These projects willcome to market in 3 to 5 years. Stage 3 declined because ofvarious cancelled generics projects; the total of 20 projectsmeets our goals. Stage 1 projects tend to be high risk, withonly a 10% probability that they will survive to marketlaunch. These projects are usually done for establishedcustomers that prefer to implement an advanced chemicalprocess already at this early stage.302520151050stage 1 stage 2 stage 32005 2006Annual Report15
The Sidroga DivisionThe Sidroga Division develops and distributes high quality herbalmedications and health products, including medicinal and wellnessteas and, under the Valverde brand, natural medications in alternativedosage forms. Key markets are Germany, Switzerland and Austria.In 2006, Sidroga increased revenues by 8.40% toCHF 39.1 million; operating profits increased by 31.6%to CHF 2.1 million.After many years of managing the Austrian market throughan agency, Sidroga established a daughter company inVienna to handle this market directly. Our new companyenables us to handle Austria more intensively, and especiallyto prepare for the launch of the Valverde products.Revenues for our teas grew noticeably in Germany andremained at a high level in Switzerland. Austria also showeda growth trend that will accelerate over the coming years.Our Valverde line continued to grow in Switzerland and twonew products were successfully launched in the Germanmarket (adding to the three existing products). These productlaunches were a test run for further introductions toultimately harmonize the Valverde product offer range inGermany and Austria with Switzerland.Promising contacts were made and initial deliveries alreadycarried out to new markets (Eastern Europe and Asia) duringthe year under review. During 2007 we will gain more experiencein these markets to ensure our continued growth.Big changes are taking hold in Sidroga’s established saleschannels, pharmacies and (in Switzerland) drug stores,over the past years. Many pharmacies are joining togetherto collaborate in marketing. Germany is expected toadapt its pharmacy regulations in the near future to allowforeign ownership and chains. Sidroga has supplementedits pharmacy support organization by adding a Key Account16 Annual Report
Page 1 and 2: Siegfried - when substance mattersA
Page 3 and 4: OverviewFor 2006, the Siegfried Gro
Page 6 and 7: Sabrina BaumannChemical Lab Apprent
Page 8 and 9: custom synthesis and shorten projec
Page 10: we are obligated to maintain our in
Page 13 and 14: Annual ReportThe Siegfried Division
Page 15 and 16: apid change as significant price er
Page 17: The Siegfried Division PipelineThe
Page 21 and 22: OutlookThe revenues for active phar
Page 23 and 24: Board of Directors and Corporate Of
Page 26 and 27: Adrian AzzopardiQuality Control Man
Page 28 and 29: 2. Foreword and general frameworkRe
Page 30 and 31: 3.2 Participation structure of Sieg
Page 32 and 33: 4.2 CrossholdingsThe Siegfried Grou
Page 34 and 35: 6.2 ProfilesDr Markus Altwegg, Chai
Page 36 and 37: Prof Dr med Felix GutzwillerFelix G
Page 38 and 39: 6.3 Linking directorates6.3.1 Corpo
Page 40 and 41: Excerpt from the company regulation
Page 42 and 43: 7.2 ProfilesDouglas C. Günthardt,
Page 44 and 45: 7.3 Management ContractsSiegfried H
Page 46 and 47: 9.3 Calling a General Meeting of Sh
Page 48: 12. Information policyThe Siegfried
Page 51 and 52: Report on“Safety - Health - Envir
Page 53 and 54: Overview 2002-2006Key corporate fig
Page 55 and 56: Resources2002-2006 overviewUnit 200
Page 57 and 58: Workplace accidentsComparison: 2002
Page 60 and 61: Paul GauvreauProcess Development Ch
Page 62 and 63: Net profits declined from CHF 36.5
Page 64 and 65: Consolidated Income Statementfor th
Page 66 and 67: Consolidated Statement of Recognize
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Restated Recognized Income and Expe
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asset in question is reviewed and,
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Research and development Research a
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Financial Statements Siegfried Grou
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2. Property, plant and equipmentIn
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The recoverability of capitalized G
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8. Other current assetsIn 1000 CHF
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The financial liabilities are denom
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The following amounts are recognize
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Contingent liabilities for addition
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Report of the Group auditorsto the
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Financial Statements Siegfried Grou
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Financial Statements Siegfried Hold
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Securities are stated at the lower
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Stock market data2006 2005 2004 200
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Cautionary statement regarding forw
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