Biotest AG: Biotest achieves an improved adjusted EBIT by 9.8% of EUR 32.4 million in the first half of 2022
News: Biotest AG / Key word(s): Half Year Results
Biotest achieves an improved adjusted EBIT by 9.8% of € 32.4 million in the first half of 2022
Dreieich, 11 August 2022. In the first half of the financial year 2022, the Biotest Group generated sales of € 253.1 million, which the company considers more than satisfactory in view of the challenging global economic situation, the coronavirus pandemic and ensuring a sustainable supply of human plasma. The decrease compared to the previous year's period of € 257.8 million amounts to 1.8 %. Characterised by a worldwide increase in demand for immunoglobulins, while the pandemic situation remained difficult, Biotest was able to increase sales, especially of Intratect® with an effective pricing policy. However, this development could not fully compensate for the slight decline in sales.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to € 8.8 million in the first half of the 2022 financial year, compared to € 5.8 million in the first half of the previous year. This corresponds to an increase of 51.7 %.
EBIT in the first half of the year 2022 mounted to € - 9.1 million and was thus below the previous year's value of € - 8.5 million. In the current half year, this includes expenses for the Biotest Next Level project in the amount of € 41.5 million (same period of the previous year: € 38.0 million).
The adjusted EBIT of the existing product business, i.e. excluding the costs for Biotest Next Level of € 41.5 million (same period of the previous year: € 38.0 million), was € 32.4 million in the first half of 2022, compared to € 29.5 million in the previous year. The expenses for Biotest Next Level mainly include the costs for the ramp-up of the production facility as well as the research and development costs for the products that will be manufactured at the new facility in the future.
For the Biotest Group, earnings before taxes amount to € -18.0 million after € -17.8 million in the same period of the previous year.
The Biotest Group's total earnings after tax in the first half of 2022 were € -19.9 million (same period of the previous year: € -18.2 million).
In the reporting period, Biotest AG was able to open four new plasma collection centres. In addition, further new plasma centres are planned in 2022 in order to place the supply of plasma on a broader basis.
Further progress was made in the Biotest Next Level expansion project. The submission of the dossier to the competent authorities for IgG Next Generation took place on 31 March 2022. Approval for this and thus marketing authorisation for IgG Next Generation is expected at the end of 2022. In addition, another study with high-dose therapy with IgG Next Generation is currently being planned for Europe and the USA in the dermatological field. The submission is planned for the end of 2022.
Biotest continues to work intensively on bringing the other product candidates Trimodulin and Fibrinogen, which are currently in phase III, to approval as quickly as possible.
The interim analysis of the phase III Fibrinogen study (AdFirst study) in acquired Fibrinogen deficiency was successful with 120 patients treated. A further interim analysis to confirm the planned number of patients will be conducted once 80% of the planned 200 patients have been treated. This further interim analysis is expected in December 2022.
With Trimodulin, the initiation of two phase III trials of COVID-19 (TRICOVID) and sCAP (ESsCAPE) is in preparation.
In addition to this submission Data on Paste V, the precursor for albumin, produced in the new facility, were also submitted. Here, the extension of the approval is also still being sought in 2022.
For the 2022 financial year, the Board of Directors aims to maintain the 2021 turnover level, but does not rule out a 5-10% lower turnover. The main reasons for this would be a general war-related slump in the national economies with corresponding shortfalls also in the health sector, production interruptions due to missing or too late availability of plasma quantities, especially from the USA, undersupply of gas, spare parts not arriving in time or Corona-related staff shortages in the course of 2022. The planned result will moreover be affected by increased R&D expenses and the expected burdens from the Biotest Next Level expansion project in the amount of € -95 to -105 million.
Without the possible impact of the Russian attack on Ukraine and the associated effects, the Executive Board would have expected EBIT of € -20 to -25 million, taking into account accelerated R&D activities. This amount could more than double to -€40 to -€60 million if there were temporary production losses due to the above-mentioned risks.
For the EBIT adjusted for burdens on earnings from the Biotest Next Level project, the Board of Management would have assumed a value of € 70 to 85 million without the possible effects of the Russian attack on Ukraine. Should there be temporary production stoppages, EBIT adjusted for charges against earnings from the Biotest Next Level project in the amount of € -100 to -110 million would be expected at € 40 to 70 million.
The Half Year Report 2022 is available on the company's website:
Biotest is a provider of plasma proteins and biological drugs. With a value added chain that extends from pre-clinical and clinical development to worldwide sales, Biotest has specialised primarily in the areas of clinical immunology, haematology and intensive care medicine. Biotest develops and markets immunoglobulins, coagulation factors and albumin based on human blood plasma. These are used for diseases of the immune and haematopoietic systems. Biotest has more than 2,100 employees worldwide. The ordinary and preference shares of Biotest AG are listed in the Prime Standard on the German stock exchange.
Dr Monika Buttkereit
Biotest AG, Landsteinerstr. 5, 63303 Dreieich, Germany, www.biotest.com
Ordinary shares: securities’ ID No. 522720; ISIN DE0005227201
Preference shares: securities’ ID No. 522723; ISIN DE0005227235
Listing: Frankfurt (Prime Standard)
Open Market: Berlin, Düsseldorf, Hamburg/ Hanover, Munich, Stuttgart, Tradegate
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