Biotest AG: Biotest exceeds sales guidance in fiscal year 2021
News: Biotest AG / Key word(s): Annual Results
Biotest exceeds sales guidance in fiscal year 2021
Despite the ongoing Corona crisis, Biotest's sales in the Therapy segment developed positively with a growth rate of 7.2 % compared to the previous year. This result is a consequence of growth in key sales markets due to the positive sales development of the main product Intratect(R).
EBIT amounted to € - 47.1 million in fiscal 2021, compared to € - 1.3 million in the previous year. At the beginning of 2021, the Executive Board had forecast EBIT of € - 5 to - 10 million. This forecast was adjusted in December 2021 to EBIT of € - 43 to - 55 million. The reason for the adjustment was the necessary write-down of plasma derived coagulation factor VIII due to the sales market situation. Without the one-time effect of the write-down on factor VIII inventories in the amount of € 40.1 million, earnings before interest and taxes (EBIT) would have amounted to € - 7.0 million.
The Biotest Group's core business (adjusted EBIT) was clearly positive at € 29.4 million (previous year: € 78.4 million).
For the Biotest Group, the overall loss before tax (EBT) amounted to € - 62.6 million after € - 30.0 million in the same period of the previous year.
The Biotest Group's loss (EAT) for the financial year 2021 was € - 63.4 million, compared to € - 31.4 million in 2020.
Following the agreement reached by Spanish Grifols, S.A. in September 2021 with the current majority shareholder Tiancheng International Holdings on the acquisition of Biotest's block of shares, under the voluntary tender offer, Biotest shareholders tendered an additional 6.22 % of the ordinary shares and 42.24 % of the preference shares to Grifols, S.A.. Biotest expects that all necessary antitrust approvals will be obtained in the near future and that the share transfer can then be legally completed. Grifols S.A. will then hold 96.2 % of all ordinary shares and 43.2 % of all preference shares and thus a 69.7 % share of the total share capital. With this change in the shareholder structure, business opportunities in the USA will again increase significantly. Grifols and Biotest will also be able to pool existing resources in the field of blood plasma in order, among other things, to achieve a wider product range and thus create the conditions for sustainable corporate success.
Further good progress was made in the area of research and development. Based on the positive and medically relevant results of the ESsCOVID study (Escape from severe COVID-19), the Paul-Ehrlich-Institut has suggested to continue the clinical development of Trimodulin in a phase III study in the selected target population of patients with COVID-19 receiving oxygen support. In this context, the German Federal Ministry of Education and Research and the German Federal Ministry of Health have pledged funding of up to €29 million to accelerate Phase III clinical development.
Biotest has also set the course for positive corporate development with the new production facilities of the Biotest Next Level expansion project. At the beginning of July 2021, the facilities were successfully approved by the Darmstadt Regional Council and the Paul Ehrlich Institute and the manufacturing authorization was granted in accordance with Section 13 of the German Medicines Act. The focus is currently on completing the dossier for the marketing authorization of the new immunoglobulin "IgG Next Generation".
With the opening of five additional plasma collection centers in the Czech Republic and Hungary, Biotest was able to broaden the basis for obtaining the important raw material plasma in 2021. The Biotest Group now has 29 plasma collection centers in Europe.
For the fiscal year 2022, the Executive Board aims to maintain the sales level of 2021, but due to current developments, which are difficult to forecast, does not rule out sales being 5 - 10 % lower.
Excluding the possible impact of the Russian attack on Ukraine, the Executive Board would have expected EBIT of € - 20 to - 25 million, taking into account accelerated R&D activities. This EBIT amount could more than double to - €40 to - €60 million if there were temporary production interruptions due to the above-mentioned risks.
If the operating result (EBIT) is adjusted for the earnings burdens from the Biotest Next Level project, Biotest expects an adjusted EBIT of € 70 to 85 million, which may also be reduced to € 40 to 70 million due to the effects of the war in Ukraine.
The 2021 Annual Report is available on the company's website at Presentations and analyst calls (biotest.com). The presentation for the conference call for analysts and journalists will be available for download on March 24, 2022.
Ordinary shares: securities' ID No. 522720; ISIN DE0005227201
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