Biotest increases sales in the first half of 2024 by 35% to Euro 372 million – Biotech Investments

PRESS RELEASE

Biotest increases sales in the first half of 2024 by 35% to €372 million

• EBIT increased to €78.4 million
• FDA approval of Yimmugo^® received in June 2024
• FDA certification of the BNL production facility in Dreieich

Dreieich, 06 August 2024. In the first half of the 2024 financial year, the Biotest Group generated revenue of €372.0 million. This corresponds to growth of 35.1% compared to the revenue of €275.3 million generated in the same period of the previous year. Product revenue grew by €13.4 million, or 4.8%, to €273.7 million. In addition, revenue from technology disclosure and development services for Grifols, S.A., as part of the technology transfer and licensing agreement amounted to €98.3 million.

The new intravenous immunoglobulin Yimmugo^® had a significant positive impact with revenue growing from €16.0 million to €25.6 million. Special products also contributed with €5.9 million to the revenue growth.

Compared to the prior-year period, consolidated EBIT grew to €78.4 million in the first six months of the 2024 financial year (prior-year period: €19.8 million). This growth mainly reflected the earnings effect from technology disclosure and development services as part of the technology and license agreement with Grifols, S.A., amounting to €86.0 million (prior-year period: €1.9 million).

The Biotest Group’s earnings after taxes (EAT) rose to €39.1 million in the first half of 2024 (prior year period: €1.7 million). This results in earnings per ordinary share of €0.98 after €0.03 in the first half of 2023.

In mid-June 2024, the intravenous immunoglobulin Yimmugo^® was approved by the FDA in the USA for the treatment of patients with primary immunodeficiencies (PID). At the same time as the approval of Yimmugo^®, the site in Dreieich, Germany, was certified by the FDA.

Outlook:

For the 2024 financial year, the Board of Management is aiming for upper single-digit percentage revenue growth compared to 2023, including revenue from technology disclosure and development services for Grifols, S.A. This revenue growth is enabled by the ramp-up of the Yimmugo^® production facility within Biotest Next Level. It remains the case that the Board of Management does not rule out negative revenue trends due to potential reductions in demand owing to the economic situation and country-specific savings in the healthcare sector.

Accordingly, the Board of Management expects an operating result (EBIT) in a range between €80 million and €100 million for 2024. As a consequence, the Board of Management anticipates a slight improvement in return on capital employed (ROCE) in 2024 compared to the 2023 financial year, and a positive cash flow from operating activities significantly above the previous year’s level.

The half-year report can be found on the company’s website at the following link Quarterly Reports (biotest.com).

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 2,400 employees worldwide. The ordinary and preference shares of Biotest AG are listed in the Prime Standard on the German stock exchange. Since May 2022, Biotest is part of the Grifols Group, Barcelona, Spain (www.grifols.com).

Biotest AG will also distribute official press releases via X with immediate effect. You can find us at: https://twitter.com/BiotestAG

IR contact

Dr Monika Baumann (Buttkereit)
Phone: +49-6103-801-4406
Mail: ir@biotest.com

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.