Biotest AG: Sales increase in the first quarter
Biotest AG / Key word(s): Quarter Results
10.05.2011 / 10:00
Sales increase in the first quarter
Sales in Continuing Operations grow by 3.6% compared to the same period
in the previous year to EUR106.5 million; EBIT below previous-year level
Company continues to focus on and internationalise its core business
Progress made in major development projects
Dreieich, 10 May 2011. The sales of the Biotest Group in the first quarter
of 2011 grew to EUR106.5 million, representing a 3.6% increase over the
first quarter of 2010. Significant sales growth in the core markets of
Europe and the US was offset by declining export business in other sales
regions.
Earnings before interest and taxes (EBIT), at EUR9.1 million, fell short of
the first quarter of 2010 by EUR1.6 million or 15%. There were three major
reasons for this development. First, the decline in prices for
immunoglobulins and clotting factors in the export markets outside of
Europe and North America had a negative impact on earnings performance.
Prices for immunoglobulins in Europe, however, remained largely stable.
Another factor was the increase in the mandatory discount in Germany.
Finally, unexpected unabsorbed costs were incurred in plasma protein
production in the US. These relate to problems in the automation of
individual process steps in the expanded production system. The cause of
these problems has been identified and is being corrected. On a full-year
basis, the unabsorbed overhead costs incurred will lead to a EUR7 million
to EUR8 million reduction in earnings. The Board of Management has already
adjusted its earnings targets for 2011 accordingly.
The technical difficulties have delayed marketing authorisation for the
polyspecific immunoglobulin Bivigam(R) in the US market by a few months; it
is now expected for the first half of 2012. The delay is related solely to
problems with production technology. Otherwise, the processing of the
application for marketing authorisation by the US Food and Drug
Administration continues to progress quickly and smoothly.
Progress was also made in other Biotest development projects in the areas
of plasma proteins and biotherapeutics. As part of the development of
FoveptaTM, a hepatitis B immunoglobulin for infection prophylaxis in
newborns, Biotest completed the study report for its successful Phase III
study and delivered it to the Paul Ehrlich Institute in April along with
its application for marketing authorisation.
With the contractually arranged sale in March of its activities in the
Microbiological Monitoring segment to Merck KGaA, Biotest is now focused on
segments involved in pharmaceutical products and biotherapeutic development
projects in the areas of clinical immunology, haematology and intensive
medicine. The transaction remains subject to approval by the anti-trust
authorities.
In addition to focusing on core competencies and research and development,
the third pillar of Biotest's strategy is the internalisation of the
business. In the first quarter of 2011, the company strengthened its
position in the Brazilian market by acquiring its former distributor there
and sought marketing authorisation for its plasma proteins in additional
markets.
For details on Q1 2011 performance, see the Quarterly Report published
today. It is available for download on the company's website at
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. 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 clinical immunology, haematology and intensive medicine. 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. Biotest has more than 1.600 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
Regulated unofficial market: Berlin-Bremen, Düsseldorf, Frankfurt, Hamburg,
Hanover, Munich, 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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