Biotest AG: Biotest increases sales by more than 22 % in the first quarter of 2021 to 120 million EUR
News: Biotest AG / Key word(s): Quarter Results
- Strong sales growth in Eastern and Southern Europe region
- EBIT burdened by product mix, plasma costs and increased hygiene expenses
- Forecast for 2021 confirmed
In terms of revenue, Biotest closed a strong first quarter, which was characterised by a worldwide increase in demand for immunoglobulins while the pandemic situation remained difficult. In particular, sales of Intratect(R), Biotest's standard immunoglobulin, were significantly higher than in the previous year. Furthermore, sales of other products, such as Haemoctin(R) and Albumin, were also higher compared to the first quarter of 2020.
EBIT for the first quarter of 2021 amounted to € -9.3 million and was thus significantly below the previous period's figure (same period of the previous year: € 1.4 million). In the current year, this includes expenses for the Biotest Next Level project in the amount of -€ 18.5 million (same period of the previous year: -€ 18.4 million). In the previous year, a one-time compensation payment of € 5.0 million from an out-of-court settlement with a former supplier was recognised as other operating income. The decrease in EBIT compared to the first quarter of 2020 is mainly due to a lower gross profit. The increase in the cost of sales ratio resulted primarily from higher prices for plasma, higher purchasing prices for consumables and supplies as well as a low-margin country and product mix in comparison to the previous period. Additional expenses were incurred in particular in connection with the COVID-19 pandemic. Furthermore, cost of sales went up from € 8.6 million in the previous period to € 9.4 million in the reporting period in the course of the ramp-up phase of the new Biotest Next Level production facility. For the coming quarters, Biotest expects an improved product/country mix with respect to sales as well as increasing average prices for immunoglobulins.
For the Biotest Group, earnings before taxes (EBT) in the first quarter came in at € -14.4 million, compared to € -9.7 million in the same period of the previous year.
Biotest Group's earnings after taxes for the first quarter of 2021 fell to € -14.1 million after € -10.8 million in the same quarter of the previous year.
The Quarterly statement is available on the company's website at
Ordinary shares: securities' ID No. 522720; ISIN DE0005227201
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