DGAP-News: Biotest AG: Biotest increases EBT by 26%
(firmenpresse) - DGAP-News: Biotest AG / Key word(s): Quarter Results
Biotest AG: Biotest increases EBT by 26%
13.11.2012 / 09:00
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PRESS RELEASE
Biotest increases EBT by 26%
- EBIT increase by 9.0%
- BivigamTM - 'Complete Response Letter' sent to FDA
- Long term Agreement closed with ViroPharma, USA
Dreieich, 13. November 2012. During the first nine months of 2012, the
Biotest Group was able to increase its revenue by 4.2% compared with sales
from Continuing Operations in the same period of 2011. Thus, the Group
generated revenue of EUR 324.9 million compared with EUR 311.9 million in
the previous year.
The international markets were the main driving force behind the increase
in revenue of the Group. While business in Europe suffered stagnation
caused by continuing cost pressures as well as the Euro and debt crisis,
revenue outside of Europe increased substantially in some countries.
Earnings before interest and taxes (EBIT) also rose strongly in the
reporting period. EBIT of EUR 32.8 million was recorded compared with
EUR 30.1 million in the first nine months of 2011. This represents an
increase of 9.0%. The Therapy segment made the major contribution to this
development. In this area, earnings rose by 20.7% compared to the preceding
period. In line with this development, the EBIT margin rose from 9.7% to
10.1%.
The financial result was improved substantially during the first nine
months of 2012 and totalled -EUR 7.3 million after -EUR 9.9 million in the
previous year period. The financial result made a particular improvement in
the third quarter 2012, up by 56.3% year-on-year. The main reason for this
is the downward adjustment made in the previous year period to the book
value of Greek government bonds, which impacted the financial result by a
disproportionately high amount. In the first quarter 2012 Biotest had sold
all remaining Greek bonds.
For the Biotest Group, this resulted in earnings before tax (EBT) of
EUR 25.5 million. EBT were therefore 26.2% up on the figure posted in the
same period in 2011 totalling EUR 20.2 million. Due to substantially
increased tax expenses, which resulted from the non-valuation for tax
purposes of the Greek subsidiary's losses and start-up losses at the
Brazilian subsidiary, earnings after tax (EAT) rose only moderately from
EUR 14.6 million to EUR 15.6 million. Overall, earnings per share on
Continuing Operations therefore amounted to EUR 1.33. This figure was
EUR 1.25 for the first nine months of 2011.
In August, Biotest received new information regarding the authorisation of
Bivigam(TM) on the US market from the US Food and Drug Administration
(FDA). The FDA requested a new and additional validated test system for
detection of thrombogenic activity - the first time this has been requested
for an initial approval. This assay should be used for batch release
testing of BivigamTM. Here, Biotest has joined forces with a renowned lab,
which collaborates closely with the FDA. Meanwhile, the test validation has
been completed and the corresponding data was sent to the FDA in a
'Complete Response Letter' by the end of October.
Further progress was achieved for various development projects in the first
nine months of the current financial year.
After the end of the reporting period, Biotest Pharmaceuticals Corporation
(BPC), a wholly owned subsidiary of Biotest AG, expanded its contractual
cooperation with ViroPharma Biologics, Inc. (ViroPharma) in the USA. As
part of the deal, BPC will sell increasing volumes of blood plasma to
ViroPharma in the coming three years. As part of the long-term agreement
with BPC, which initially runs until the end of 2017, ViroPharma is obliged
to buy plasma with a total value of around USD 70 million over the next two
years.
In addition, as part of a European decentralised procedure (DCP), Biotest
received the approval for the 10% intravenous immunoglobulin solution
Intratect (100 g/l) at the end of October. Intratect 10% was specifically
created for patients, who are able to tolerate a 10% solution and for whom
time saving is a decisive factor.
Outlook:
There is an encouraging growth in business despite the delay in the
approval of Bivigam(TM) and caution regarding the valuation of current
debts in Greece. Biotest is therefore confirming the forecast of a 3 to 5%
rise in revenue with slightly higher operating earnings (EBIT) than the
previous year (EUR41.6 million) stated in the annual report 2011. This
assumes that economic conditions will remain stable in our target markets.
The nine-month report is available on the company's website
http://www.biotest.de/ww/en/pub/investor_relations/publications/quarterly_
reports.cfm.The presentation for today's conference for analysts and
journalists as well as an audio file is available for download from the
website.
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. In
its Plasma Protein portfolio 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 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' ID No., 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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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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192735 13.11.2012
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