2011 Year end letter

Dear Shareholder:


The Road Ahead

  We are immensely proud of all we have accomplished during the past year and the past decade. The capabilities we have built in R&D and across the Company are delivering innovative products to save and improve lives. We hope our work on Meningitis conjugate vaccine, TIA / Stroke and Alzheimer's disease biomarkers and therapeutics will make a difference for the patients and families who suffer. We believe that as NmVac-4DT (serogroups A, C, Y & W135) will be introduced in several countries in 2012-2013, the lives of hundreds of thousands of adults and children eventually will be saved.


We know that NmVac-2 comprising serogroups A&C already has made an extraordinary difference in the lives of people in sub-Saharan Africa and India who have benefited from its use.  To continue and expand this record of achievement, we will remain flexible and resilient in seeking better ways to deliver accessible and affordable health care.


" Nmvac-4 DT is among the most complex biotech or biologic products ever made, it's a combination vaccine that contains 4 glycoconjugates or 4 different vaccines in one. It combines, or conjugates, the seven different polysaccharides or sugars found on the cell coats of each of seven different bacterial strains in the vaccine with a carrier protein that enhances their effect."


As we do all this, we will be guided by five principles: Our values. Science and innovation. Leadership. Sound financial decisions and belief in our noble cause improving the lives of people through medical advances and putting the patient at the center of everything we do. We thank our colleagues at JN for their innumerable contributions and for their dedication to reshaping our Company in order to make it stronger. As we look to the future, we believe that the support and hard work of our people will help us to grow, to prosper and to lead as we build the most trusted and respected health care company in the world.


Thank you so much for your continuous support, patience and encouragement.



Dr. Jeeri R Reddy

Chairman of the Board President

and Chief Executive Officer

November 17, 2011



Cautionary statement regarding forward-looking statements: This page contains projections and other forward-looking statements that are not historical facts. Although the management of JN believes that these projections and forward-looking statements, and their underlying assumptions, are reasonable as of the date of publication, investors are cautioned that such projections, assumptions, intentions and forward-looking statements are subject to various risks and uncertainties and many of which are difficult to predict and generally beyond the control of JN that could cause actual results and developments to differ materially from those expressed or implied.

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