Biotest AG: Biotest increases sales by 1.8% to EUR 294.9 million
News: Biotest AG / Key word(s): Quarter Results
Biotest increases sales by 1.8% to EUR 294.9 million
- Expansion project Biotest Next Level: successful first inspection by Darmstadt Regional Council
- Phase III study of IgG Next Generation in Immunothrombocytopenia (ITP) completed
- Long-term financing of the Biotest Group
EBIT for the first nine months of financial year 2019 amounted to EUR -8.2 million (same period of the previous year: EUR 5.1 million). This includes expenses for the Biotest Next Level project of EUR 49.7 million (same period of the previous year: EUR 37.8 million) and income from insurance compensation of EUR 9.5 million. The year-on-year decline in EBIT is primarily due to higher production costs, which were caused by the increase in costs for the start-up phase of the Biotest Next Level manufacturing site. In addition, an 8.7% 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.
The financial result for the first nine months of 2019 in the amount of EUR 6.3 million improved by EUR 23.2 million year-on-year (same period of the previous year: EUR -16.9 million). The main reasons were lower financial expenses and a EUR 14.3 million increase in the valuation of ADMA Biologics Inc. shares on the balance sheet date, which are still attributable to Biotest. In the previous year, the financial expenses were burdened by prepayment penalties and waiver fees in the amount of EUR 9.3 million.
Earnings after taxes from continuing operations therefore improved to
For the first nine months of 2019, Biotest Group's total earnings after taxes (EAT) were
With regard to the ongoing clinical studies, a further milestone was reached. The IgG Next Generation Phase III study in ITP (immunotrombocytopenia) has been completed. In the study 34 patients have been treated. The evaluation of the data is currently taking place. Initial results confirm expectations regarding efficacy and safety.
In the first nine months of the year, good progress was made on the Biotest Next Level expansion project at the Dreieich site. The qualifications of the clean rooms and media systems are in progress were approved by the Darmstadt Regional Council (Regierungspräsidium Darmstadt, Germany) in November 2019. In parallel, the commissioning of the processing plants was started and their approval by the Darmstadt Regional Council is expected for 2020.
The partnering efforts are more complex and more time-consuming than expected, so that the possibility of the forecast without partnering cannot be ruled out. An EBIT of EUR -15 to -35 million would thus be expected, while an EBIT of EUR -5 to +5 million is forecasted if partnering agreements are successfully concluded.
The nine-month report and a presentation to investors are available on the company's website at https://www.biotest.com/de/en/investor_relations/news_and_publications/publications/quarterly_reports.cfm available.
Ordinary shares: securities' ID No. 522720; ISIN DE0005227201
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