Dear Shareholders Your company posted
impressive results for the first half of 2007, continuing the robust growth of previous years. Interim
sales rose 15%, resulting in additional market share gains, particularly for the Pharmaceuticals Division.
Sales were 3 billion Swiss francs higher than a year ago, all of it organic growth. Because sales grew
faster than costs, there was another significant improvement in the Group’s profitability. At the same
time we have positioned ourselves even more strongly for future growth through strategic acquisitions.
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Letter
from the
Chairman
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