Biotest AG: Biotest increases sales by 10% in the first half of 2021
News: Biotest AG / Key word(s): Half Year Results
- Increase in plasma collection centres to 25 in Europe
- Manufacturing authorization for expansion project Biotest Next Level granted
- Guidance confirmed
Earnings before interest and taxes (EBIT) amounted to €-8.5 million in the first six months of financial year 2021 (same period of the previous year: €0.7 million). This includes expenses of €38.0 million for the Biotest Next Level project (same period of the previous year: €40.3 million). The decline in EBIT compared to the previous year in the Therapy segment is the result of a disproportionate increase in manufacturing costs. The reasons for the higher cost of sales ratio are primarily higher prices for plasma, increased purchase prices for consumables and supplies, and a lower-margin country and product mix compared to the previous year.
For the Biotest Group, earnings before taxes (EBT) are at €-17.8 million after €-15.6 million in the same period of the previous year.
The Biotest Group's total earnings after taxes (EAT) for the first half of 2021 amounted to €-18.2 million (same period of the previous year: €-16.7 million).
Biotest was able to continue with the expansion of its plasma collection capacity in 2021. In the second quarter, the Hungarian health authority granted the operating license for the tenth plasma collection centre in Szombathely, Hungary and beginning of July 2021 the eleventh plasmapheresis centre in Sopron, Hungary. In the second quarter, Biotest received the operating license for the fifth Czech plasmapheresis centre in Budweis, Czech Republic, from the Czech health authority SUKL. As a result, Biotest had 25 plasma collection centres in Europe by the end of July 2021. The opening of additional plasma collection centres is planned for the rest of the year
In the Biotest Next Level expansion project, the next partial acceptance inspection was carried out by the Darmstadt Regional Council in March 2021, as part of the granting of the manufacturing authorisation in accordance with Section 13 of the German Medicinal Products Act. The focus of this inspection was on computer system validation and data management. The inspection was completed without any deficiencies. Production of the Process Performance Qualification (PPQ) batches began in the second quarter, which means that the IgG Next Generation development project is entering its final operational phase. These batches will also be used to produce the precursors for Albiomin, Haemoctin and Trimodulin. Based on these batches, evidence will then be provided that a product of consistent quality is reliably manufactured at the new production facility set up for the production of IgG Next Generation. In addition, the PPQ batches will be used to demonstrate that the production facilities are producing a preparation comparable to that previously produced for clinical trials. At the beginning of July 2021, the Darmstadt Regional Council completed the final approval of the Biotest Next Level production facility. Biotest was thus granted the manufacturing authorisation according to Section 13 of the German Medicinal Products Act.
For financial year 2021, the Board of Management expects revenue growth in the mid-single-digit percentage range. Earnings in 2021 will be influenced by various factors. Besides the expected expenses of €75 million to €85 million from the Biotest Next Level expansion project, including the associated research and development costs, the tense situation in the crisis regions, particularly in the Middle East and Asia, as well as the global impact of the COVID-19 pandemic, could also have an impact. Based on the aforementioned factors, the Board of Management expects EBIT to be between
The 2021 half year report is available on the company's website at: 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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