Biotest AG: Biotest increases sales by more than 22 % in the first quarter of 2021 to 120 million EUR

DGAP-News: Biotest AG / Key word(s): Quarter Results
11.05.2021 / 08:00
The issuer is solely responsible for the content of this announcement.

PRESS RELEASE

Biotest increases sales by more than 22 % in the first quarter of 2021 to 120 million EUR

- Strong sales growth in Eastern and Southern Europe region

- EBIT burdened by product mix, plasma costs and increased hygiene expenses

- Forecast for 2021 confirmed

Dreieich, 11 May, 2021. The Biotest Group recorded revenue of € 120.0 million in the first quarter of 2021. This represents an increase of 22.8 % compared to revenue of € 97.7 million in the same period of the previous year.

In terms of revenue, Biotest closed a strong first quarter, which was characterised by a worldwide increase in demand for immunoglobulins while the pandemic situation remained difficult. In particular, sales of Intratect^(R), Biotest's standard immunoglobulin, were significantly higher than in the previous year. Furthermore, sales of other products, such as Haemoctin^(R) and Albumin, were also higher compared to the first quarter of 2020.

EBIT for the first quarter of 2021 amounted to € -9.3 million and was thus significantly below the previous period's figure (same period of the previous year: € 1.4 million). In the current year, this includes expenses for the Biotest Next Level project in the amount of -€ 18.5 million (same period of the previous year: -€ 18.4 million). In the previous year, a one-time compensation payment of € 5.0 million from an out-of-court settlement with a former supplier was recognised as other operating income. The decrease in EBIT compared to the first quarter of 2020 is mainly due to a lower gross profit. The increase in the cost of sales ratio resulted primarily from higher prices for plasma, higher purchasing prices for consumables and supplies as well as a low-margin country and product mix in comparison to the previous period. Additional expenses were incurred in particular in connection with the COVID-19 pandemic. Furthermore, cost of sales went up from € 8.6 million in the previous period to € 9.4 million in the reporting period in the course of the ramp-up phase of the new Biotest Next Level production facility. For the coming quarters, Biotest expects an improved product/country mix with respect to sales as well as increasing average prices for immunoglobulins.

For the Biotest Group, earnings before taxes (EBT) in the first quarter came in at € -14.4 million, compared to € -9.7 million in the same period of the previous year.

Biotest Group's earnings after taxes for the first quarter of 2021 fell to € -14.1 million after € -10.8 million in the same quarter of the previous year.

Outlook 2021:
The Biotest Group's outlook has not changed significantly since its presentation in the 2020 Annual Report (pages 24 to 27). As described there, the Board of Management expects, among other developments, an increase in revenue in the mid-single-digit percentage range and EBIT of € -5 million to -10 million for financial year 2021. For the coming quarters, Biotest expects an improved product/country mix with respect to sales as well as increasing average prices for immunoglobulins.
The forecast for financial year 2021 was made on the assumption that the spread of the coronavirus will not have any significant negative impact on the Biotest Group's business performance. However, the high level of uncertainty currently prevailing with regard to the further spread of the coronavirus or its mutations and any economic consequences limit the certainty of the planning assumptions.

The Quarterly statement is available on the company's website at
https://www.biotest.com/de/en/investor_relations/news_and_publications/publications/quarterly_reports.cfm
The presentation for today's virtual Annual General Meeting, as well as the speech of the Management Board, will also be available on the Biotest 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
Mail: investor_relations@biotest.de

PR contact
Dirk Neumüller
Phone: +49-6103-801-269
Mail: pr@biotest.com

Biotest AG, Landsteinerstr. 5, 63303 Dreieich, Germany, www.biotest.com

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

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.

11.05.2021 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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