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PRESS RELEASE
Increase of guidance 2016 by more than 10%
- Positive operating cash flow of EUR 38.1 million in 2015
- Equity ratio of 42.8%
Dreieich, 23 March 2016. 2016. In the 2015 financial year, the Biotest Group generated revenues in the amount of EUR 589.6 million after EUR 582.0 million in the previous year. This corresponds to a 1.3 % increase.
In the financial year 2015, the EBIT amounts to EUR -71.8 million. This decrease in EBIT is attributable mostly to the impairment in the third quarter. This includes the write-downs due to the impairment test, which resulted in the increase of the cost of sales and research & development costs.
The financial result improved from EUR -6.5 million in the previous year to EUR -4.5 million. This resulted in earnings before taxes (EBT) of EUR -74.3 million for the Biotest Group compared with EUR 46.9 million in the previous year. Earnings after taxes (EAT) amounted to EUR -82.5 million after EUR 19.2 million in the previous year. This corresponds to earnings per share of EUR -2.10 after EUR 0.48 in the previous year. Nevertheless a dividend payment of EUR 0.02 per ordinary share and EUR 0.04 per preference share will be proposed to the annual shareholders' meeting.
The core business of the Biotest Group (adjusted EBIT) is lower compared to last year's level. However, the figure is still clearly positive reaching EUR 91.2 million in 2015.
| In EUR million | 2015 | 2014 |
| EBIT | -71.8 | 53.4 |
| Impairment and one-time effects | 77.2 | - |
| Expenses Biotest Next Level* | 23.3 | 15.4 |
| Expenses monoclonal antibodies | 50.1 | 38.2 |
| Idle capacity costs | 12.4 | 16.2 |
| EBIT (adjusted) | 91.2 | 123.2 |
* Expenses for research and development, which are allotted to products exclusively producible in the new facility, were added to the expenses for Biotest Next Level.
Focus on the plasma business
For Biotest, the depreciation and amortisation in the past year were the impetus for strategic re-orientation. With Biotest Next Level, the largest investment project in company history, the company intends to expand the product range while increasing profitability. Regarding the expansion of its products, Biotest will focus on its strengths again - on the plasma business, a market that is continuing to show significant growth and a potential.
Cooperation projects
In future, Biotest intends to focus even more strongly on partnerships. The cooperation agreement for the US sales of Bivigam(R), which was entered into with Kedrion Biopharma Inc., Fort Lee, New Jersey, USA (Kedrion Biopharma), in January 2016 is one successful project in this regard. As an established manufacturer and distributor on the US market with a well-developed marketing and distribution organisation, Kedrion Biopharma is an ideal partner for Biotest. Kedrion Biopharma will take over the exclusive distribution of Bivigam(R) in the USA from BPC until 31 December 2022.
Biotest also focuses on cooperation projects for the future development and marketing in the area of monoclonal antibodies. Until that time, the company is advancing the ongoing pre-clinical and clinical activities to the next milestone. This is intended to reduce risks and costs in the area of monoclonal antibodies in future.
Outlook
For 2016, the Board of Management expects a sales growth in the low single-digit range. Profitability will be influenced by various factors in 2016. Steadily growing quality and safety requirements will require additional expenses in this area in the amount of EUR 3 to 5 million. The costs of the Biotest Next Level expansion project, which has already been started, are estimated at EUR 10 to 15 million for 2016 (without attributable Research & development costs), and the research and development costs for monoclonal antibodies are expected to be EUR 12 million. Additional expenses in the amount of EUR 8 to 12 million arise from unabsorbed costs resulting from unused capacities. Despite these factors, the Biotest Group now expects an EBIT in the range of EUR 33 to 35 million in the 2016 financial year, which represents an increase of more than 10% compared to the guidance published in November 2015.
The annual report 2015 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.
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 cancer of plasma cells and systemic lupus erythematosus which are produced by recombinant technologies. Biotest has more than 2,200 employees worldwide. The preference shares of Biotest AG are listed in the SDAX on the Frankfurt stock exchange.
IR contact
Dr. Monika Buttkereit
phone: +49-6103-801-4406
email: investor_relations@biotest.de
PR contact
Dirk Neumüller
phone: +49-6103-801-269
email: pr@biotest.de
Biotest AG, Landsteinerstr. 5, 63303 Dreieich, www.biotest.de
Ordinary shares: securities' ID No. 522720; ISIN DE0005227201
Preference shares: securities' ID No. 522723; ISIN DE0005227235
Listing: Prime Standard
Open Market: Berlin-Bremen, Düsseldorf, Frankfurt, Hamburg, Hannover, Munich, Stuttgart
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.
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