Biotest AG: Biotest increases sales in the first half of 2020 by over 20% to € 234.8 million
News: Biotest AG / Key word(s): Half Year Results
Biotest increases sales in the first half of 2020 by over 20% to € 234.8 million
- Adjusted EBIT increased to € 41.1 million
- Two development projects regarding a therapy for COVID-19 infection started
- Biotest Next Level expansion project running according to plan
EBIT amounted to € 0.7 million in the first six months of financial year 2020 (same period of the previous year: € -5.5 million). This includes expenses of € 40.3 million for the expansion project Biotest Next Level (same period of the previous year: € 34.5 million). The significantly stronger EBIT compared to the previous year in the Therapy segment is primarily the result of increased revenue. In particular, revenue in Biotest's new Chinese market made a positive contribution to EBIT development.
In the first half of 2020, the adjusted EBIT of the existing product business without the expenses for the expansion project Biotest Next Level (€ 40.3 million) and for monoclonal antibodies (€ 0.1 million) was € 41.1 million, compared to € 29.9 million in the previous year. The adjusted EBIT margin for the first six months of the current financial year was 17.5 %, compared to 15.3 % for the same period of the previous year.
Biotest is also working on a new drug against COVID-19 based on plasma donations from donors previously recovered from COVID-19. The donations contain antibodies that can neutralize the coronavirus. This drug contains these antibodies in a purified form and could then be used therapeutically against COVID-19. In order to advance the development as quickly as possible, Biotest has entered into an industry-wide cooperation within the COVID-19 Plasma Alliance with companies such as Bio Products Laboratory, CSL, LFB, Octapharma and Takeda.
In order to expand the product range and increase capacity, Biotest started the expansion project Biotest Next Level. In financial year 2020, further progress was made with this project. The validation of the clean rooms and media systems and their approval by the Darmstadt Regional Council in November 2019 was followed by the second approval by the Darmstadt Regional Council in mid-June 2020. Here, the validation of the process equipment and the in-process control laboratories was approved.
Despite a few bottlenecks in terms of personnel and materials due to the corona crisis, commissioning is progressing and in two further acceptance inspections by the Regional Council in the fourth quarter of 2020 and the first quarter of 2021, the manufacturing license in accordance with §13 of the German Medicines Act (AMG) is to be obtained.
The half-year report is available on the company's website https://www.biotest.com/de/en/investor_relations/news_and_publications/publications/quarterly_reports.cfm
Ordinary shares: securities' ID No. 522720; ISIN DE0005227201
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