Biotest AG: First time Revenue and EBIT contribution by Biotherapeutics Segment; continuing difficult Plasma Protein Product Environment
Biotest AG / Key word(s): Half Year Results
11.08.2011 / 09:00
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First time Revenue and EBIT contribution by Biotherapeutics Segment;
continuing difficult Plasma Protein Product Environment
- Sales increased by 4,9 % in first half of 2011 in continuing operations
- Earnings situation burdened by market environment and unabsorbed costs
in the US
- Global Development and Cooperation contract with Abbott for BT 061
Dreieich, 11 August 2011. The Biotest Group has increased sales in the
first half of 2011 in it's continuing operations (Plasma Proteins and
Biotherapeutics) by 4,9 % to EUR 212,9 million compared to EUR 202.9
million in the previous year period. The increase was largely attributable
to an upfront payment under a development and cooperation agreement in the
Biotherapeutic segment recognised on a pro rata basis. Earnings before
interest and tax (EBIT) decreased to EUR 20.0 million, a 2.9% decrease
compared to the previous year's period EBIT (2010: EUR 20.6 million).
Earnings before interest, taxes, depreciation and amortisation (EBITDA)
decreased by 0.3% in comparison to the first half of 2010 (EUR 34.1
million) to EUR 34.0 million. Earnings before taxes (EBT) were at EUR14.9
million, representing a decline of 15.3% compared with the previous year's
figure (EUR 17.6 million). After deduction of income tax, the profit for
the period of the first six months of 2011 in the continuing operations was
EUR10.9 million (2010: EUR12.4 million).
In the Plasma Proteins segment the pressure on the prices continued in the
second quarter of 2011 in the relevant markets for Biotest. Contrary to
expectations, business volume in the Plasma Proteins segment remained
constant compared to the equivalent period in the previous year. Rising
sales volumes were tempered by the continued difficult pricing situation.
Prices stayed clearly below previous year's level, particularly in markets
outside the European Union and the US. While in Germany and other European
countries a stable development or growth was recorded, the Biotest business
in Asia and Eastern Europe was under pressure. The decline in segment EBIT
compared to the equivalent period in the previous year from EUR 35.8
million to EUR 28.0 million reflects the difficult pricing situation as
well as unabsorbed costs in connection with the delayed start of production
at Biotest Pharmaceuticals Corp./ Boca Raton/ USA. Significant progress was
made in the second quarter of 2011 to correct problems relating to the
automation of critical process steps. In the mean time first charges of the
Hepatitis B Hyperimmunoglobulin Nabi HB could be produced again.
In the Biotherapeutics segment the ongoing R&D projects are progressing
according to plan. The signing of an agreement with Abbott in June 2011 to
develop and market the monoclonal antibody BT-061 is an important step
forward in Biotest's biotherapeutic development efforts. The contract
provides for an upfront payment to Biotest in the amount of USD 85 million,
which has been paid already and further milestone and other sales-dependent
payments which may total up to USD 395 million. Due to this agreement with
Abbott a pro rata share will contribute to the Biotest Group's sales and
results in 2011. For work completed in the first half of 2011, Biotest
recognised EUR 9.1 million through profit or loss. The remainder of the
upfront payment will be amortised through profit or loss on a straight-line
basis over the period from 1 July 2011 to 30 June 2014 in the
Biotherapeutic segment.
The outlook for the Continuing Operations for the full year 2011 has been
adjusted. The Biotest Group anticipates low, single-digit sales growth
compared with the previous year (sales 2010: EUR 412.5 million). Including
the Abbott contribution, Biotest expects EBIT of EUR 40 million for the
entire year 2011.
The half-year report can be downloaded from Biotest's website:
http://www.biotest.de/ww/en/pub/investor_relations/publications/quarterly_
reports.cfm
Biotest will hold a conference call for journalists and analysts today at
10 a.m. CET:
Dial in numbers:
Germany: +49 (0) 69 58 999 0808
United Kingdom: +44-207-153-2027
USA: +1-480-629-9822
Conference ID: 4465506
Should you experience any difficulty during the conference, please press *0
for help desk
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/regulated market
Frankfurt, Berlin, Düsseldorf, Hamburg, Stuttgart
End of Corporate News
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Language: English
Company: Biotest AG
Landsteinerstraße 5
63303 Dreieich
Germany
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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