Biotest AG: Biotest: Significant Increase in Profit after Tax
Biotest AG / Key word(s): Quarter Results
10.11.2011 / 10:00
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Biotest: Significant Increase in Profit after Tax
- Increase of Profit after tax by 31.1% (Continuing and Discontinued
Operations)
- Profit after tax contribution of EUR 22 million from sale of
Microbiological Monitoring
- Increase of Profit after tax by 14.1% (Continuing Operations)
- Revenue increase by 1.9%
Dreieich, 10 November 2011. In the first nine months of 2011 the profit
after tax of the Biotest Groupe increased significantly. The profit after
tax of the Continuing and Discontinued Operations rose by 31.1%. Including
the contribution of the Discontinued Operations, Biotest Group's earnings
after tax amount to EUR40.5 million compared with EUR30.9 million in the
same period of the previous year.
The sale of Biotest's global Microbiology Monitoring businesses to Merck
KGaA, completed on 1 August 2011 with after-tax earnings of EUR22 million
(disclosed in Discontinued Operations) contributed significantly. Earnings
after tax of the Continuing Operations increased by 14.1% from EUR12.8
million to EUR14.6 million.
In the first nine months of the financial year 2011, Biotest increased
sales in its Continuing Operations (Plasma Proteins and Biotherapeutics),
by 1.9% to EUR311.9 million compared to the same period in the previous
year (2010: EUR306.0 million). The Biotherapeutics segment was a primary
contributor to sales growth, due to revenues generated under the agreement
with Abbott for BT-061. Sales in the Plasma Proteins segment remained lower
than in the previous year, primarily due to continued pricing challenges,
whereas sales volumes increased for many product groups. The negative price
effect was particularly noticeable in business with customers located
outside the European Union.
Earnings before interest and tax (EBIT) amounted to EUR30.1 million (same
period in 2010: EUR30.6 million), and include the EUR12.0 million (2010:
EUR0.0 million) generated in the Biotherapeutics segment under the
agreement with Abbott for the global development and marketing of BT-061.
Earnings decreased in the Plasma Proteins segment due to a price-driven
decline in sales combined with a less favourable cost of sales ratio.
The financial result for the first nine months showed a slight improvement
compared to the same period of the previous year (from - EUR11.3 million to
- EUR9.9 million). The financial result includes charges relating to the
Greek interest-free bonds, which led to a cumulative loss in value of
EUR5.0 million in the first three quarters of the current year, due to
decreases in the market value as well as losses incurred on sales.
Earnings before tax for the Biotest Group amounted to EUR20.2 million for
the first nine months of the year (same period of 2010: EUR19.3 million).
Development projects for Plasma Proteins and Monoclonal Antibodies are on
track; the collaboration with Abbott for the development of BT-061 has
started successfully. New data on BT-062 in multiple myeloma will be
presented at the ASH Meeting (American Society of Haematology) in December
this year.
Sales and earnings targets for the Biotest Group last adjusted in the 2011
half-year report remain valid. We assume that sales in continued operations
will rise by a low single-digit percentage to an EBIT of around EUR40
million. Contribution to sales and earnings by the agreement with Abbott is
included in this assumption.
The nine-month report is available on the company's website
http://www.biotest.de/ww/en/pub/investor_relations/publications/quarterly_
reports.cfm.The presentation for today's conference for analysts and
journalists is also available for download from the site.
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
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
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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