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Biotest AG: Biotest increases adjusted 9-month EBIT by over 21% to € 52 million

DGAP-News: Biotest AG / Key word(s): Quarter Results
12.11.2020 / 07:00
The issuer is solely responsible for the content of this announcement.


Biotest increases adjusted 9-month EBIT by over 21% to € 52 million

- Sales increase by over 15% to € 324 million

- Two development projects for COVID-19 therapy further advanced

- Guidance for 2020 confirmed

Dreieich, November 12, 2020. In the first nine months of the 2020 financial year, the Biotest Group recorded adjusted EBIT of € 51.6 million. Compared to € 42.6 million in the same period of the previous year, this represents an increase of 21.1 %. The adjusted EBIT does not include the costs for the Biotest Next Level expansion project in the amount of € 59.3 million (same period of the previous year: € 49.7 million). The adjusted EBIT margin rose to 15.1 % in the first nine months of the current fiscal year, compared to 14.4 % in the same period last year.

At € 341.6 million (same period in the previous year: € 294.9 million), revenues for the first nine months of 2020 were also significantly up by € 46.7 million or 15.8 % versus the same period in the previous year. The strong increase is attributable to the Therapy and Plasma & Services segments. The 14.1 %
(€ 37.6 million) increase in the Therapy segment resulted both from increased sales volumes and from higher sales prices of important products such as Intratect(R) and human albumin. Sales growth in the Plasma & Services segment of 43.8 % (€ 10.3 million) was driven by a pleasing increase in contract fractionation.

EBIT improved slightly by € 0.4 million compared to the same period of the previous year and amounted to € -7.8 million (prior year period: € -8.2 million) for the first nine months of the 2020 financial year.

Both development projects for the therapy of COVID-19 infections made good progress:
Due to the great similarity of the clinical picture to the patients treated in the CIGMA study, Biotest sees Trimodulin as having considerable potential for patients with severe pneumonia after a COVID-19 infection. A phase II study (ESsCOVID - Escape from severe COVID-19) with COVID-19 patients was approved in order to accelerate the development of Trimodulin in view of the current COVID-19 pandemic. Plans for accelerated development have been discussed with the regulatory authorities in Europe and the USA. The study design was submitted to the competent authority and the Ethics Committee in Spain, Brazil, Russia and France. The study design has already been approved in Spain, Russia and Brazil. In parallel, Biotest is expanding its planned phase III study in sCAP to include COVID-19 patients.

Biotest is also working on a new drug against COVID-19 based on plasma donations from donors previously recovered from COVID-19. The donations contain antibodies that can neutralize the coronavirus. This drug contains these antibodies in a purified form and could then be used therapeutically against COVID-19. In order to advance the development as quickly as possible, Biotest has entered into an industry-wide cooperation within the COVID-19 Plasma Alliance with companies such as CSL, LFB, Octapharma and Takeda. This alliance is developing this polyclonal hyperimmunoglobulin treatment for SARS-CoV-2.

In order to expand the product range and double production capacity, Biotest started the expansion project Biotest Next Level. In financial year 2020, further progress was made with this project. In June the second approval took place and in October 2020, another partial inspection for the commissioning of the BNL plant took place by the Darmstadt Regional Council. The main focus of the inspection was the new SAP-based software for the collection and management of the raw material plasma and plasma based intermediate products.

Despite some difficulties caused by the Corona pandemic, the commissioning of the BNL production plant is progressing. In the second quarter of 2021, the manufacturing license in according to §13 of the German Medicines Act (AMG) is to be obtained.

The Board of Management expects sales growth of around 10 % for financial year 2020. Earnings in 2020 will be influenced by various factors. Besides the expected expenses of € 80 million to € 90 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, could also have an impact. Based on the aforementioned factors, the Board of Management expects EBIT to be between € -10 million and € -5 million. In particular as consequence of the increased expenditures on the two new COVID-19 studies the Management Board expects that earnings will be at the lower end of the range given.

The nine month report is available on the company's website

About Biotest
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 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 1,900 employees worldwide. The ordinary and preference shares of Biotest AG are listed in the Prime Standard on the German stock exchange.

IR contact
Dr Monika Buttkereit
Phone: +49-6103-801-4406

PR contact
Dirk Neumüller
Phone: +49-6103-801-269

Biotest AG, Landsteinerstr. 5, 63303 Dreieich, Germany,

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

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.

12.11.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language: English
Company: Biotest AG
Landsteinerstraße 5
63303 Dreieich
Phone: 0 61 03 - 8 01-0
Fax: 0 61 03 - 8 01-150
ISIN: DE0005227235, DE0005227201
WKN: 522723, 522720
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1147438

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Last Updated: 12-Nov-2020