Biotest AG: Biotest reaches revenues of EUR 77.5 million in the first quarter 2019
News: Biotest AG / Key word(s): Quarter Results
Biotest reaches revenues of EUR 77.5 million in the first quarter 2019
- Guidance confirmed
- Earnings after taxes in the first quarter totalled to EUR -1.2 million
EBIT from continuing operations was EUR -9.9 million in the first three months of 2019 (same period of the previous year: EUR -3.0 million). It includes expenses for the Biotest Next Level project of EUR -16.9 million (same period of the previous year: EUR -15.2 million) and income from insurance compensation in the amount of EUR 4 million. The weaker EBIT compared to the previous year is primarily due to lower sales. In addition, a 17.6 % increase in research and development costs had a negative impact on EBIT. The increase is due to the production of clinical material for the development projects IgG Next Generation and Trimodulin.
Earnings after taxes from continuing operations therefore improved to EUR -1.2 million in the first quarter of 2019 compared with EUR -8.1 million in the first quarter of the previous year.
Plasma Service Europe GmbH, Dreieich, Germany, a 100 % subsidiary of Biotest AG, acquired a plasmapheresis centre in Hanover in January 2019. Another centre was opened in Budapest in April 2019. Thus, the Group has expanded its own network of plasma collection stations in Europe to 21 to secure the long-term supply of plasma.
Furthermore, in January 2019 Biotest received the extension of the approved indications of Intratect(R) in 22 European countries to include the neurological indications chronic inflammatory demyelinating polyneuropathy (CIDP) and multifocal motor neuropathy (MMN), as well as an extension in the area of secondary immunodeficiencies (SID).
Partnering efforts are more complex and time-consuming than expected, therefore the possibility of forecasting without partnering cannot be ruled out. EBIT of EUR -15 to -35 million could then be expected, while EBIT of EUR -5 to +5 million is forecast if partnering agreements are successfully concluded.
Ordinary shares: securities' ID No. 522720; ISIN DE0005227201
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