Medigene reports financial results for the first 6 months of 2013
(Thomson Reuters ONE) -
Medigene AG /
Medigene reports financial results for the first 6 months of 2013
. Ad hoc announcement according to § 15 WpHG. Processed and transmitted by Thomson Reuters ONE.
The issuer is solely responsible for the content of this announcement.
* Increase in revenue with reduced operating costs
* Veregen(®) in-market sales growth of 48 %
* Financial guidance 2013 improved
* Press and analysts conference call with webcast today, 9 August 2013, 10:30
a.m. (CEST)
Martinsried/Munich, 9 August 2013. In the first six months of 2013, Medigene AG
(MDG, Frankfurt, Prime Standard) reported an increase in revenue with reduced
operating costs.
Revenue from royalties for Veregen(®) increased by 46% to EUR 1.2 million (6M
2012: EUR 0.8 million) due to a significant growth of in-market sales (+48%).
Medigene's revenue increased by 13% to EUR 1.9 million in the first six months
of 2013 (6M 2012: EUR 1.7 million) whereas total revenue amounted to
EUR 3.2 million compared to EUR 3.3 million in the first six months of 2012.
Excluding a one-time effect in the previous year (compensation payment of EUR
0.4 million), total revenue in the first six months of 2013 increased by 10%.
Medigene's EBITDA result of EUR -4.3 million (6M 2012: EUR 0.8 million) was in
line with the company's forecast, with reduced operating expenses of EUR 7.1
million (6M 2012: EUR 7.5 million). Excluding the preceding year's one-time
effects (a EUR 5 million milestone payment from discontinued operations and a
compensation payment of EUR 0.4 million), Medigene's EBITDA result improved by
6% compared to last year's reporting period.
The net result for the first six months of 2013 amounted to EUR -5.7 million (6M
2012: EUR 2.2 million). The preceding year's result was positively influenced by
the above-mentioned one-time effects and by the revaluation of an investment
totaling EUR 2.2 million which was posted for the first six months of 2012.
Cash and cash equivalents at reporting date 30 June 2013 totalled EUR 15.0
million. Medigene expects cash reach to be secured at least until early 2015.
Highlights of the first six months of 2013
* Revenue from royalties for Veregen(®) increased by 46%; further market
launches, approvals, and marketing partnerships
* Global partnership agreement for EndoTAG(®)-1 concluded; phase III clinical
trial funded
* SynCore gained as strategic core investor
Peter Llewellyn-Davies, Chief Financial Officer of Medigene AG, comments: "In
addition to the positive development of revenue and costs in the first six
months of the year, we also achieved an important milestone in our portfolio
strategy. With the global partnership agreement for EndoTAG(®)-1 with SynCore,
we have financed the phase III development of this late-stage program and have
gained a strategic core investor for Medigene. Furthermore, we have made
significant progress with several market launches, approvals, and marketing
partnership agreements for Veregen(®). As a result we have improved our
financial guidance; we continue to pursue our development projects and are
focussing on activities to potentially expand our drug pipeline in order to
achieve sustainable value creation."
Financial guidance 2013
Medigene improves the financial guidance for 2013. The company expects total
revenue to increase to EUR 8 - 9 million (previous forecast: EUR 7 - 8 million),
and a loss on an EBITDA basis of EUR 8 - 10 million (previous forecast: EUR 9 -
11 million). The projected total revenue includes Veregen(®) revenue, income
from the partnership for EndoTAG(®)-1 with SynCore, and non-cash income from the
Eligard(®) deal concluded in 2012. Based on current business planning and the
respective scenarios, Medigene's management expects its cash reach to be secured
at least until the beginning of 2015.
Consolidated income statement (abbreviated)
-----------------------------------------------------------------------------
In EUR k 6M 2013 6M 2012 Change
-----------------------------------------------------------------------------
Revenue 1,877 1,654 13%
-----------------------------------------------------------------------------
thereof Veregen(®) royalties 1,243 849 46%
-----------------------------------------------------------------------------
thereof Veregen(®) revenue from supply chain 554 225 146%
-----------------------------------------------------------------------------
thereof Veregen(®) milestone payments 80 580 -86%
-----------------------------------------------------------------------------
Other operating income 1,331 1,642 -19%
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Total revenue 3,208 3,296 -3%
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Total revenue before one-time effect 3,208 2,906 10%
-----------------------------------------------------------------------------
Cost of sales -827 -414 100%
-----------------------------------------------------------------------------
Gross profit 2,381 2,882 -17%
-----------------------------------------------------------------------------
Selling, general, and administrative expenses -3,604 -3,856 -7%
-----------------------------------------------------------------------------
Research and development expenses -3,446 -3,635 -5%
-----------------------------------------------------------------------------
Operating result -4,669 -4,609 1%
-----------------------------------------------------------------------------
Income from revaluation of an investment 0 2,186 -
-----------------------------------------------------------------------------
Net result for the period -5,656 2,223 -
-----------------------------------------------------------------------------
EBITDA -4,290 818 -
-----------------------------------------------------------------------------
EBITDA before one-time effects -4,290 -4,574 -6%
-----------------------------------------------------------------------------
The detailed 6-Months Report 2013 is available at
http://www.medigene.com/reports
Press and analysts' conference call:
A press and analysts conference call (in English) will be held today at 10:30
a.m. CEST and will be webcast live. Please access the synchronized presentation
slides and a recording via Medigene's website, www.medigene.com.
Medigene AG is a publicly listed (Frankfurt: MDG, prime standard) biotechnology
company headquartered near Munich, Germany. Medigene focuses on clinical
research and development of novel drugs against cancer and autoimmune diseases.
Medigene is the first German biotech company to have revenues from marketed
products, which are distributed by partner companies. It has two drug candidates
in clinical trials, EndoTAG(®)-1 and RhuDex(®); and is developing an innovative
vaccine technology.
This press release contains forward-looking statements representing the opinion
of Medigene as of the date of this release. The actual results achieved by
Medigene may differ significantly from the forward-looking statements made
herein. Medigene is not bound to update any of these forward-looking statements.
Medigene(®), EndoTAG(®), RhuDex(®) and Veregen(®) are registered trademarks of
Medigene AG. Eligard(®) is a trademark of Tolmar Therapeutics, Inc. Polyphenon
E(®) is a trademark of Mitsui Norin Co., Ltd. These trademarks may be owned or
licensed in select locations only.
Contact
Julia Hofmann, Claudia Burmester
Investor & Public Relations
Tel.: +49 - 89 - 20 00 33 - 33 01
Email: investor(at)medigene.com
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www.medigene.com/unsubscribe.
Press release as PDF:
http://hugin.info/132073/R/1722004/573622.pdf
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originality of the information contained therein.
Source: Medigene AG via Thomson Reuters ONE
[HUG#1722004]
Unternehmensinformation / Kurzprofil:
Datum: 09.08.2013 - 07:30 Uhr
Sprache: Deutsch
News-ID 286309
Anzahl Zeichen: 9992
contact information:
Town:
Martinsried / München
Kategorie:
Business News
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