Biotest AG: Biotest increases revenues by 16,6%
Biotest AG / Key word(s): Quarter Results / Biotest increases revenues by 16,6% - Higher Sales in the US - Capacity expansion at headquarter Dreieich in schedule Dreieich, 7 May 2015. The Biotest Group again succeeded to increase revenues in the first three months of 2015. The Group generated revenue of EUR 142.5 million in the period from January to March 2015. This represents an increase of 16.6 % compared to the same period in the previous year (EUR 122.2 million). Sales increased significantly in some areas in the Plasma & Services (+ 53.5 %) and Therapy (+ 5.7 %) segments. Substantial revenue increases were achieved in the US, Germany and the "Other Asia and Pacific" reporting region. Sales of plasma in particular increased in the US in addition to increased sales of Bivigam(R). Biotest operates plasma collection centres for long-term cooperation partners who are active in other market segments. The Biotest Group is continuing to invest considerable funds in the development of new products and further development of its existing products. Operating income (EBIT) decreased from EUR 10.7 million to EUR 0.1 million due to these increased research and development costs, costs incurred for the capacity expansion already underway, unabsorbed costs at the US subsidiary, Biotest Pharmaceuticals Corporation (BPC), as well as sustained price pressure in individual product areas and regions. This sluggish earnings performance at the beginning of the year has already been reflected in the 2015 forecast made in March this year. Increased R&D costs, the unabsorbed costs described above and continued price pressure in individual product areas and regions resulted in a negative EBIT, especially in the Therapy segment. Costs of EUR 1.1 million incurred in connection with the capacity expansion also had a negative impact on earnings, resulting in the decrease of EBIT for the Therapy segment to EUR - 6.4 million (same period in the previous year: EUR + 7.1 million). However, EBIT of the Plasma & Services segment increased significantly by 57.8 % from EUR 4.5 million to EUR 7.1 million. This is due to the increase in sales of plasma to long-time cooperation partners. The financial result amounted to EUR 4.1 million (same period in the previous year: EUR - 2.9 million). This significant increase was among others attributable to the valuation date rating of a US dollar loan to Biotest Pharmaceuticals Corp., the Group's US subsidiary, as of the reporting date. This resulted in earnings before taxes (EBT) of EUR 4.2 million for the Biotest Group compared to EUR 7.8 million in the same period in the previous year. Earnings after taxes (EAT) also decreased from EUR 5.0 million to EUR 1.5 million on a significant increase in the tax rate, which is calculated on the basis of the income of the individual company and is mainly attributable to losses of the US subsidiary. Earnings per share were EUR 0.11 compared to EUR 0.38 for the first three months of 2014. Outlook: The significant increase in costs and continued price pressure at specific product areas and regions are having a noticeable effect on earnings. In addition, the cost for the planned capacity expansion at Dreieich is having a stronger impact than in the 2014 financial year. Costs relating to the already started "Biotest Next Level" expansion project will probably be twice as high in 2015 as in 2014. 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 these projects and the resulting further decisions. However, the Board of Management expects that the Biotest Group will continue to perform positively and is aiming for EBIT in the range of some EUR 50 million. This amount could be reduced by EUR 25 - 30 million if, as an outcome of the results of the "TREAT 2b" Phase IIb study with tregalizumab (BT-061), the further development of this antibody is fully discontinued. The three-months report is available on the company's website at http://www.biotest.de/ww/de/pub/investor_relations/publikationen/quartalsberichte.cfm 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 AG, Landsteinerstr. 5, 63303 Dreieich, www.biotest.de Securities' ID No., ISIN ordinary shares: 522720, DE0005227201 2015-05-07 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.medientreff.de and www.dgap.de |
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 | |
Indices: | SDAX | |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Stuttgart | |
End of News | DGAP News-Service |
353795 2015-05-07 |