Press Detail





Biotest AG: Biotest increases sales by 16.2%


Biotest AG / Key word(s): Final Results

2015-03-24 / 09:15



PRESS RELEASE

Biotest increases sales by 16.2%

- Earnings before interest and tax (EBIT) at EUR 53.4 million

- Expansion project "Biotest Next level" in timeline and budget

- Share split with the relation of 1:3 to be proposed at AGM on May 7th, 2015

Dreieich, 24 March 2015. The Biotest Group generated sales of EUR 582.0 million in the 2014 financial year. This amounts to a significant increase of 16.2 % compared to the previous year, in which sales of EUR 500.8 million were achieved. The growth rate gradually increased during the course of the year. The Biotest Group was able to achieve significant sales increases in all three segments. Whilst sales in the core segment Therapy increased from EUR 386.2 million to EUR 409.8 million, the Plasma & Services segment made a substantial contribution to the sales growth with an increase of 53.2 % to EUR 157.0 million.

The internationalisation of the Biotest Group is progressing further and, despite differing challenges, the Group was able to grow in all markets. Whilst sales increased by 13.5 % in Germany, they only increased by 5.9 % in the rest of Europe, due to increased price pressure. Sales also increased significantly in Central and South America (+ 27.3 %) as well as in the Middle East and Africa (+ 26.9 %). Sales were 14 % above the previous year's level in the other Asian countries and Pacific region. Sales of plasma, which more than compensated for the lower Bivigam(R) sales, were the main reason for the26.2 % increase in sales in the US.

It was decided to accelerate the production of clinical trial material (EUR 4.0 million) due to the positive progress made in clinical studies with very good patient recruitment. Research and development costs increased to EUR 67.2 million in 2014 compared to EUR 64.6 million in the 2013 financial year.

Operating profit (EBIT) was maintained at the previous year's level despite the significant increase in costs for production, marketing, distribution and research and development, and amounted to EUR 53.4 million, 0.7 % below the previous year's amount of EUR 53.8 million
In addition, charges of EUR 2.6 million incurred in the course of the planned expansion of capacity at Dreieich as part of the "Biotest Next Level" project and had a negative impact on earnings. The biggest investment project of Biotest proceeds successfully and is in timeline and in budget.

The financial result amounted to EUR - 6.5 million compared to EUR - 7.0 million in the previous year.

This resulted in earnings before taxes (EBT) of EUR 46.9 million for the Biotest Group compared to EUR 47.8 million in the previous year. Earnings after taxes decreased from EUR 32.0 million to EUR 19.2 million due to the high write-downs of deferred taxes in the US subsidiary. Earnings per share were (also as a result of the increased average number of shares under the capital increase in the summer of 2013) EUR 1.43 in 2014 and EUR 2.54 in 2013.

Biotest AG will propose a capital increase from capital funds and a share split with the relation of one to three by means of a reclassification of the share capital to its Annual General Meeting on 7 May 2015. Biotest share prices have increased significantly in recent years. The proposed share split is intended to promote the liquidity and accessibility of the Biotest shares and to make the Biotest shares even more attractive also for a broader group of investors.

Outlook 2015:
Following very sharp increases in sales in the last two years, the Board of Management expects an increase in sales in the low single-digit percentage range in this year. The slight price pressure in the US and the somewhat stronger price pressure in Europe is affecting earnings. In addition, the situation in the crisis regions and the cost for the planned capacity expansion at Dreieich will have a stronger impact than in the 2014 financial year. As Biotest works together with partners in developing new preparations, R&D costs incurred in the financial year depend to a large extent on the progress made in the projects and the resulting further decisions. Costs relating to the already started "Biotest Next Level" expansion project will probably be twice as high in 2015 as in 2014. However, as the Board of Management expects the Biotest Group to continue to perform positively, EBIT in the range of EUR 50 million is expected.

The annual report 2014 is available on the company's website at http://www.biotest.de/ww/en/pub/investor_relations/publications/annual_reports.cfm. Also available for download from the website is the presentation for today's conference for analysts and journalists.

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 plasma proteins and biological 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 clinical immunology, haematology and intensive medicine. 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 addition Biotest develops monoclonal antibodies in the indications of rheumatoid arthritis and cancer of plasma cells, which are produced by recombinant technologies. Biotest has more than 2.100 employees worldwide. The preference shares of Biotest AG are listed in the SDAX on the Frankfurt stock exchange.

Biotest AG, Landsteinerstr. 5, 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





2015-03-24 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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