DGAP-News: Biotest AG: Biotest Group with double digit EBIT growth
(firmenpresse) - DGAP-News: Biotest AG / Key word(s): Half Year Results
Biotest AG: Biotest Group with double digit EBIT growth
13.08.2012 / 10:00
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PRESS RELEASE
Biotest Group with double digit EBIT growth
- Sales increase to EUR 220.2 mio.
- EBIT increase by 14.5% to EUR 22.9 EUR mio.
- Management confirms guidance 2012
Dreieich, 13 August 2012. The Biotest Group was once again able to increase
revenues in the first half of 2012 compared with sales from continuing
operations in the same period of 2011. Revenues in the first six months of
the year amounted to EUR 220.2 million, a rise of around 3.4% on the
previous year's figure of EUR 212.9 million. This amount also contains EUR
8.3 million of scheduled and proportionally booked payments from Abbott in
connection with the Tregalizumab (BT-061) agreement (previous year EUR 9.1
million).
The higher revenue was mainly attributable to increased volumes, with
international markets acting as the principal growth drivers. In addition,
further technical optimisation in the production process led to even better
results in production.
Earnings before interest and taxes (EBIT) also advanced strongly in the
first six months. Biotest Group reported half year EBIT of EUR 22.9 million
(previous year's period: EUR 20.0 million). This represents a growth of
approximately 14.5%. The core business in the Therapy area made a decisive
contribution to the positive earnings growth with an increase of almost
36%.
The financial result was almost unchanged at -EUR 5.2 million (previous
year's period: -EUR 5.1 million). Biotest Group reported total earnings
before taxes (EBT) on Continuing Operations of EUR 17.7 million in the
first half of 2011 (a rise of 18.8 % on the previous year figure of EUR
14.9 million). Earnings after tax (EAT) on the other hand fell from
EUR 10.9 million to EUR 9.9 million. The higher tax rate primarily
reflected the non-valuation for tax purposes of the Greek subsidiary's
losses and the Brazilian subsidiary's start-up losses. Overall the earnings
per share on Continuing Operations amounted to EUR 0.84.
Major progress was achieved for various development projects in the first
half of 2012. These included the submission of the documentation for an
additional, new, higher concentrated version of the immunoglobulin
Intratect(R) to the Paul-Ehrlich- Institut. The target is to register
Intratect(R) 10% in Germany and 18 other EU countries. This is expected to
take place in the fourth quarter of 2012 in Germany and in 2013 in the EU.
The preparation is to be mainly marketed as an outpatient treatment with
higher infusion volumes per therapy session.
The further development of the monoclonal antibody Tregalizumab (BT-061),
which is being conducted in cooperation with Abbott, is being continued as
planned. Also, BT-062, an immunoconjugate for use in haematology therapy,
made progress during the period under review, as e.g. the start of a
combination study in the US.
After the end of the reporting period, Biotest received new information
concerning the approval of the immunoglobulin Bivigam(TM) by the United
States Food and Drug Administration (FDA). In an official statement no
questions were raised on the clinical efficacy and safety of the newly
developed investigational polyspecific immunoglobulin preparation by
Biotest Pharmaceuticals Corporation, Boca Raton, Florida, USA. Moreover the
quality of the already produced batches was accepted by the FDA. However,
the letter did not grant the preparation's approval in the USA because FDA
requests a new and additional validated test system for detection of
thrombogenic activity. Such a test system has not been historically
incorporated in the routine batch release process of immunoglobulins, but
is now required by the FDA for the approval of our newly developed
preparation. An elevated content of thrombogenic factors led to the
temporary withdrawal of a competitor's product in Europe and the USA. As
consequence, new test methods have been developed over the past months,
which still show a large variability. In three renowned international
laboratories and within the own quality assurance lab, Biotest could
document that Bivigam(TM) did not show any abnormalities regarding this
parameter. That means that no higher thrombogenic activity could be
detected. In cooperation with a renowned laboratory which is working
closely together with FDA, Biotest is currently working on the validation
of such a test. The development will presumably need several months.
Biotest then expects the FDA marketing approval for Bivigam(TM) in the USA.
Despite the delay, Biotest confirms its given guidance for sales and profit
in 2012.
There is an encouraging growth in business despite the delay in the
approval process of Bivigam(TM) and the precaution regarding the valuation
of current receivables in Greece. Biotest therefore confirms its guidance
provided in the annual report 2011 of a 3-5% rise in revenues and slightly
higher operating earnings (EBIT) than in the previous year (EUR 41.6
million). The guidance presupposes that overall economic conditions will
continue to be stable in our target markets.
The half-year report can be downloaded from Biotest's website:
http://www.biotest.de/ww/en/pub/investor_relations/publications/quarterly_
reports.cfm
Biotest will hold a conference call for journalists and analysts today at 2
p.m. CET:
Please find below the dial-in details :
Conference ID Biotest 4552378
Germany: + 49 (0) 6103 485 3001
United Kingdom + 44 207 153 2027
USA + 1 480 629 9673
IMPORTANT: Should you experience any difficulty during the conference,
please press *0 on your phone to signal a specialist.
The call will available for download on our webpage: www.biotest.de after
the conference call.
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. 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 clinical immunology, haematology and intensive medicine.
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. Biotest also researches into the
clinical development of monoclonal antibodies, including in the indications
of rheumatoid arthritis and cancer of plasma cells. Biotest has more than
1.600 employees worldwide. The preference shares of Biotest AG are listed
in the SDAX on the Frankfurt stock exchange.
Biotest AG, Landsteinerstr. 5, 63303 Dreieich, www.biotest.de
Dr. Monika Buttkereit
tel.: +49 (0) 6103 801-4406,
e-mail: investor_relations(at)biotest.de
fax: +49 (0) 6103 801-347
Securities' ID No., ISIN ordinary shares: 522720, DE0005227201
Securities' IDNo., ISIN preference shares: 522723, DE0005227235
Listing: Prime Standard
Open Market: Berlin-Bremen, Düsseldorf, Frankfurt, Hamburg, Hannover,
München, Stuttgart
End of Corporate News
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13.08.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory 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
Germany
Phone: 0 61 03 - 8 01-0
Fax: 0 61 03 - 8 01-150
E-mail: investor_relations(at)biotest.de
Internet: http://www.biotest.de
ISIN: DE0005227235, DE0005227201
WKN: 522723, 522720
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Stuttgart
End of News DGAP News-Service
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181370 13.08.2012
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