Biotest AG: Biotest increases revenues in the first quarter 2018 by 34%
News: Biotest AG / Key word(s): Quarter Results
Biotest increases revenues in the first quarter 2018 by 34%
- Guidance confirmed
- Q1 EBIT totalled to EUR -3.0 million after EUR-33.2 million in Q1 2017
EBIT of continuing operations totalled to EUR -3.0 million in the first quarter of 2018 (same period of the previous year: EUR -33.2 million). This includes expenses for the Biotest Next Level project in the amount of EUR 15.2 million (same period of the previous year: EUR 12.0 million). The EBIT of the same period of the previous year was burdened by the albumin recall. In the core segment Therapy, EBIT of EUR -2.1 million was achieved in the first three months of financial year 2018 (same period of the previous year: EUR -33.4 million).
Earnings after taxes from continuing operations were EUR -8.1 million (same period of the previous year: EUR -24.9 million).
In the first quarter of 2018 no gain on disposal of the US companies was realized. As the closing of the sale agreement is still subject to the approval of the US Federal Trade Commission (FTC) and as there may still be a need for adjustments of the purchase price due to the inability to determine the net working capital on the closing date, a reliable estimate of the purchase price is not possible. Due to this uncertainty, the consideration corresponds to the surrender claim against the trust, which is recorded at the carrying value of net assets sold.
In this context Biotest Pharmaceuticals Corporation (BPC) and its former parent, Biotest AG and ADMA Biologics, Inc. (ADMA) signed a Share Transfer, Amendment and Release Agreement yesterday evening. BPC will transfer all of their ADMA's non-voting common stock to ADMA. In return and inter alia ADMA will waive its rights to repurchase two of ADMA's plasma collection centers from BPC and will release Biotest from any potential indemnification claims in connection with the original Master Purchase Agreement.
Ordinary shares: securities' ID No. 522720; ISIN DE0005227201
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