Biotest AG: Sales increase despite difficult market environment
Biotest AG / Key word(s): Final Results/Disposal
22.03.2011 / 13:02
Sales increase despite difficult market environment
Sales increased by 5.7% to EUR 412.5 million, EBIT decreased by 24.9% due
to a difficult market environment for plasma proteins
Biotest signs contract to sell its Microbiological Monitoring business
to Merck KGaA
Further R&D progress with plasma proteins and biotherapeutics
Dreieich, March,22, 2011. In 2010, the Biotest Group generated sales from
its Continuing Operations of EUR412.5 million, thus exceeding 2009 sales
(EUR390.1 million) by 5.7%. Earnings before interest and tax (EBIT),
impacted by the unfavourable market environment for the plasma protein
business and reduced by higher research and development expenses than in
2009, totalled EUR42.9 million, or 24.9% below the previous year (2009:
EUR57.1 million). Profit before tax (EBT) went down by 37.4% to EUR28.4
million (2009: EUR45.4 million).
These figures refer to Continuing Operations without the transfusion and
transplantation diagnostic activities and the activities of Microbiological
Monitoring. Biotest has sold the transfusion and transplantation diagnostic
operations to Bio-Rad Laboratories, Inc. on 6 January 2010. As announced in
the Biotest ad-hoc release on March 22, 2011, Biotest AG has signed a
contract to sell its woldwide activities of its Microbiological Monitoring
business to Merck KGaA, Darmstadt, Germany. The Group's operating business
is now consisting of two segments: Plasma Proteins and Biotherapeutics.
For the execution of the transaction Biotest was advised by @VISORY
partners and FRANZ Rechtsanwälten.
In its core business with plasma proteins Biotest reported sales of
EUR412.5 million last year, 5.7% more than in 2009 (EUR390.1 million).
The market for plasma proteins remained difficult during the financial
year, with the high availability of end products having a detrimental
effect on target prices, especially in Europe. However, around the end of
the year, a trend toward medium-term stabilisation and gradual recovery was
observed. Biotest made significant progress in its development projects.
Particularly noteworthy was the submission of the FDA approval dossier for
the polyspecific immunoglobulin BivigamTM. Approval for the sale of
BivigamTM in the US is expected at the end of 2011 and will significantly
expand Biotest's position in the world's largest market for
immunoglobulins.
Considerable progress was made in developing monoclonal antibodies in the
Biotherapeutic segment. Further data of clinical efficacy have been
reported for BT-061 and BT-062; in current trials both anitbodies have
shown good general tolerability. Biotest has started a phase IIb trial in
rheumatoid arthritis (BT-061) and has finalised a phase II study in
rheumatoid arthritis (BT-061). In a phase II study in plaque psoriasis
(BT-061) recruitment has been finalised. A further phase I/IIa Study with
BT-062 was initiated in order to gain additional data on efficacy and
tolerability in a more intense dosing scheme. The broader set of data will
increase the value of the projects. This is also relevant for the advanced
contractual negotiations on a co-development and co-promotion agreement.
The figures available so far on business and earnings developments for the
first months of the year suggest a continuingly stable development for the
year as a whole. The Board of Management is expecting sales to increase at
a low single-digit rate and EBIT should also increase in similar range.
This does not include any income from a possible licensing agreement or a
project co-operation in the Biotherapeutic segment. Also not included is
any extraordinary income from Discontinued Operation.
The full Annual Report can be downloaded from Biotest's website
(www.biotest.de).
Disclaimer
This document contains forward-looking statements on overall economic
development as well as on the business, earnings, financial and assets
position of Biotest AG and its subsidiaries. These statements are based on
current plans, estimates, forecasts and expectations of the company and are
thus subject to risks and elements of uncertainty that could result in
significant deviation of actual developments from expected developments.
The forward-looking statements are only valid at the time of publication.
Biotest does not intend to update the forward-looking statements and
assumes no obligation to do so.
About Biotest
Biotest is a provider of pharmaceutical and biotherapeutic drugs as well as
reagents and systems for microbiology. With a value added chain that
extends from pre-clinical and clinical development to worldwide sales,
Biotest has specialised primarily in the areas of application of immunology
and haematology. In its Plasma Protein segment, Biotest develops and
markets immunoglobulins, coagulation factors and albumins based on human
blood plasma. These are used for diseases of the immune and haematopoietic
systems. In the Biotherapeutic segment, Biotest researches into the
clinical development of monoclonal antibodies, including in the indications
of rheumatoid arthritis and cancer of plasma cells. The products of the
Microbiological Monitoring segment are primarily used in hygiene
monitoring. Biotest has more than 1,900 employees worldwide. The preference
shares of Biotest AG are listed in the SDAX on the Frankfurt stock
exchange.
Biotest AG, Landsteinerstr. 5, D-63303 Dreieich, www.biotest.de
Dr. Monika Buttkereit
tel.: +49 (0) 6103 801-4406,
e-mail: investor_relations@biotest.de
fax: +49 (0) 6103 801-347
Securities' ID No., ISIN ordinary shares: 522720, DE0005227201
Securities' ID No., ISIN preference shares: 522723, DE0005227235
Listing: Prime Standard
Open Market: Berlin-Bremen, Düsseldorf, Frankfurt, Hamburg, Hannover,
München, Stuttgart
End of Corporate News
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Language: English
Company: Biotest AG
Landsteinerstraße 5
63303 Dreieich
Deutschland
Phone: 0 61 03 - 8 01-0
Fax: 0 61 03 - 8 01-150
E-mail: investor_relations@biotest.de
Internet: http://www.biotest.de
ISIN: DE0005227235, DE0005227201
WKN: 522723, 522720
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Stuttgart
End of News DGAP News-Service
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