Biotest AG: Biotest experiences sales growth
Biotest AG / Key word(s): Quarter Results
08.11.2010 10:00
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Biotest experiences sales growth
Sales after nine months 3.5% above the previous year
Performance continues to be affected by the difficult market
environment
Board of Management confirms projections for the year as a whole
Dreieich, 8 November 2010. In the first nine months of financial year 2010,
the Biotest Group recorded sales of EUR342.3 million in its Continuing
Operations, representing a 3.5% increase over the first nine months of 2009
(EUR330.6 million).
Earnings before interest and taxes (EBIT) for Continuing Operations after
nine months were EUR35.2 million (2009: EUR47.3 million). The 25.6% decline
in EBIT was the result of the difficult situation in the market for plasma
proteins in Europe, particularly polyspecific immunoglobulins and clotting
factors.
Earnings before taxes (EBT) after nine months were EUR23.2 million (2009:
EUR38.4 million, -39.6%), with earnings after taxes (EAT) at EUR15.4
million (2009: EUR26.9 million, -42.8%). This development was caused by a
sharp decline in the Group's financial results, impacted primarily by the
effects from the exchange of existing receivables from hospitals in Greece
against still-undelivered interest-free government bonds with staggered
maturities. Cash flow from operating activities in Continuing Operations,
at EUR15.8 million, was markedly higher than in the previous year (2009:
EUR10.7 million).
Including the contribution of the Discontinued Operation (primarily the
proceeds from the sale of transfusion and transplantation diagnostic
activities), EBIT for the Biotest Group after nine months totalled EUR53.5
million (2009: EUR45.7 million).
Major research and development projects in all segments continue as
planned. Biotest submitted approval documentation for the immunoglobulin
BivigamTM to the US regulatory authority, the Food and Drug Administration
(FDA) in November. Approval for this product is expected to be granted at
the end of 2011. The market potential is approximately US$100 million.
In the Biotherapeutic segment, clinical trials with the BT-061 and BT-062
monoclonal antibodies were either successfully completed or provided
additional good indications of efficacy and tolerability.
The Board of Management confirms the sales and profit goals last adjusted
in July 2010 for the entire year 2010. For its Continuing Operations,
Biotest aims at sales growth in the low single-digit percentage range and
EBIT in the amount of EUR45 million (+/-10%). With regard to the situation
in the market for plasma proteins, Biotest expects no major changes in the
short term. The supply of blood plasma in the market will continue to
decrease during the remainder of the year. This and the decision by the
responsible authorities to withdraw the approval of a competitor's
immunoglobulin preparation in the European Union for the time being as well
as the manufacturer's temporarily recall of all batches of this preparation
from the US market are likely to restore the balance between supply and
demand for end products more quickly than previously expected.
The nine-month report is available on the company's website
(www.biotest.de). The presentation for today's conference for analysts and
journalists is also available for download from the site.
Disclaimer
This document contains forward-looking statements on overall economic
development as well as on the business, earnings, financial and assets
position of Biotest AG and its subsidiaries. These statements are based on
current plans, estimates, forecasts and expectations of the company and are
thus subject to risks and elements of uncertainty that could result in
significant deviation of actual developments from expected developments.
The forward-looking statements are only valid at the time of publication.
Biotest does not intend to update the forward-looking statements and
assumes no obligation to do so.
About Biotest
Biotest is a provider of pharmaceutical and biotherapeutic drugs as well as
reagents and systems for microbiology. With a value added chain that
extends from pre-clinical and clinical development to worldwide sales,
Biotest has specialised primarily in the areas of application of immunology
and haematology. In its Plasma Protein segment, Biotest develops and
markets immunoglobulins, coagulation factors and albumins based on human
blood plasma. These are used for diseases of the immune and haematopoietic
systems. In the Biotherapeutic segment, Biotest researches into the
clinical development of monoclonal antibodies, including in the indications
of rheumatoid arthritis and cancer of plasma cells. The products of the
Microbiological Monitoring segment are primarily used in hygiene
monitoring. Biotest has more than 1,900 employees worldwide. The preference
shares of Biotest AG are listed in the SDAX on the Frankfurt stock
exchange.
Biotest AG, Landsteinerstr. 5, D-63303 Dreieich, www.biotest.de
Dr. Monika Buttkereit
tel.: +49 (0) 6103 801-4406,
e-mail: investor_relations@biotest.de
fax: +49 (0) 6103 801-347
Securities' ID No., ISIN ordinary shares: 522720, DE0005227201
Securities' ID No., ISIN preference shares: 522723, DE0005227235
Listing: Prime Standard/regulated market
Frankfurt, Berlin, Düsseldorf, Hamburg, Stuttgart
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Language: English
Company: Biotest AG
Landsteinerstraße 5
63303 Dreieich
Deutschland
Phone: 0 61 03 - 8 01-0
Fax: 0 61 03 - 8 01-150
E-mail: investor_relations@biotest.de
Internet: http://www.biotest.de
ISIN: DE0005227235, DE0005227201
WKN: 522723, 522720
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Hamburg, Berlin, Düsseldorf, Stuttgart
End of Announcement DGAP News-Service
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