Biotest AG: Biotest increases sales by 9% in the first nine months 2021
News: Biotest AG / Key word(s): Quarter Results
- Increase in plasma collection centres to 26 in Europe
- Final manufacturing authorization for expansion project Biotest Next Level granted
- Guidance confirmed
Earnings before interest and taxes (EBIT) for the first nine months of the financial year 2021 amounted to € -11.2 million (same period of the previous year: € - 7.8 million). This includes expenses for the Biotest Next Level project in the amount of € 57.5 million (same period of the previous year: € 59.3 million). The decline in EBIT compared to the previous year is the result of a disproportionate increase in manufacturing costs, especially with regard to plasma sourcing costs, and a low-margin country and product mix compared to the previous year.
Adjusted for expenses for the Biotest Next Level expansion project, adjusted EBIT in the first nine months of 2021 was € 46.3 million and thus, as in the previous year, clearly positive (same period of the previous year: € 51.6 million).
The Biotest Group's earnings after taxes (EAT) improved to € -28.3 million in the first three quarters of financial year 2021, compared to € -31.8 million in the same period of the previous year.
In the third quarter of 2021, Biotest continued with the expansion of its plasma collection capacity. In July 2021, the Hungarian health authority approved Biotest's eleventh plasmapheresis centre in Hungary. The centre is located in Sopron. Since mid-August 2021, all official approvals for Biotest's sixth plasmapheresis centre in the Czech Republic, located in Brno, have also been obtained. The Company is thus further increasing its plasma production capacities. In total, Biotest had 26 plasma collection centres in Europe at the end of the first nine months of 2021. The company plans to open additional centres in the future.
A partial acceptance inspection was carried out by the Darmstadt Regional Council in March 2021 in the Biotest Next Level expansion project, as part of the granting of the manufacturing authorisation in accordance with Section 13 of the German Medicinal Products Act. Final acceptance by the Darmstadt Regional Council took place at the beginning of July 2021. The focus was on the Process Performance Qualification (PPQ) batches, whose production was inspected on site by the Darmstadt Regional Council. The inspection was passed without any critical or serious deficiencies and in the course of this, the manufacturing authorisation was granted in accordance with Section 13 of the German Medicinal Products Act. The last of the Process Performance Qualification (PPQ) batches was successfully manufactured at the beginning of August 2021. With the achievement of this milestone, all data on production has been collected and is now being compiled as part of preparing the dossier.
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 €-5 million and €-10 million.
The 2021 nine month 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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