EQS-News: Biotest AG increases sales by 6% in financial year 2024

PRESS RELEASE
 

Biotest AG increases sales by 6% in financial year 2024

• EBIT guidance of € 94.5 million at the upper end of the forecast range achieved
• Marketing authorization application for fibrinogen submitted in key European markets and to the US Food and Drug Administration (FDA)
• Approval of Yimmugo in June 2024 by the US Food and Drug Administration (FDA), which simultaneously certified the corresponding production facility

Dreieich, March 31, 2025. The Biotest Group generated sales of € 726.2 million in the reporting year after € 684.6 million in the previous year. This corresponds to an increase in sales of 6.1 % (€ 41.6 million). The sales growth is mainly attributable to increased sales of Intratect^® and Yimmugo^®. The new intravenous immunoglobulin Yimmugo^®, sales of which rose by € 34.9 million to € 62.1 million, is the first commercial preparation to be produced in an innovative manufacturing process at the Biotest Next Level production facility.

Sales from technology disclosure and development services for Grifols, S.A. declined from € 190.1 million in the same period of the previous year to € 123.1 million in the financial year.

For the financial year 2024, EBIT amounted to € 94.5 million after € 143.5 million in the same period of the previous year and has therefore decreased. The year-on-year decline in EBIT is primarily due to the lower earnings effect from technology disclosure and development services for Grifols, S.A. amounting to € 89.3 million (same period of the previous year: € 158.2 million). Adjusted EBIT improved from € 9.8 million in the previous year to € 64.5 million. This improvement was due to higher special effects in the previous year, which weighed on the adjusted result. These effects relate to the capital gain on the sale of five Biotest subsidiaries in the amount of € 23.1 million and a higher earnings effect from technology disclosure and development services for Grifols, S.A. in the previous year.

The Biotest Group’s core business (adjusted EBIT) amounted to € 64.5 million in the past financial year. The forecast was € 65 to 85 million.

Earnings before taxes (EBT) for the Biotest Group amounted to € 46.5 million, compared to € 106.3 million in the same period of the previous year.

The Biotest Group's profit (EAT) for the 2024 financial year amounted to € 26.4 million after € 127.0 million in the same period of the previous year.

Furthermore, the Management Board expected a slightly improved return on capital employed (ROCE) for the 2024 financial year compared to the 2023 financial year. ROCE amounted to 7.9 % for the 2024 financial year after 12.3 % in 2023. This development is mainly based on the forecast decline in EBIT, while capital employed is at a similar level to the previous year.

Cash flow from operating activities was forecast to be positive at the beginning of the financial year and well above the previous year's level. With a positive cash flow from operating activities of € 60.9 million (previous year: € - 2.7 million), the forecast was confirmed in full. The main reason for this was the significantly improved cash flow from the change in working capital.

Overall, Biotest 2024 has taken another major step forward on its growth path. Following the successful market launch of Yimmugo^® in European countries, Yimmugo^® was the first product from Dreieich to be approved in the USA, the world's largest single market for plasma derivatives. In June 2024, Biotest received approval from the US Food and Drug Administration (FDA), which also certified the corresponding production facility. We then immediately began producing the quantities required for the market launch in the USA, thereby raising the capacity utilization of Biotest Next Level to a new level. For the market launch in the USA in 2025, we have concluded a long-term agreement with Kedrion Biopharma for the complete marketing and distribution of Yimmugo^® in the USA. This will generate sales of more than one billion US dollars over the next seven years and thus make a significant contribution to increasing the profitability of our company.

In 2024, Biotest successfully completed the AdFirst Phase III trial. The approval applications based on this for the new preparation Fibrinogen, which is manufactured in Dreieich, in important European markets and the USA lay the foundation for further growth. Fibrinogen will meet the high medical demand for additional fibrinogen for the treatment of acquired and congenital fibrinogen deficiency. We expect a decision on the approval applications by the end of 2025.

Outlook:

The Management Board expects a mid-single-digit percentage decline in sales for the 2025 financial year compared to 2024. Revenue in the 2024 financial year was positively influenced by technology disclosure and development services for Grifols, S.A. in the amount of € 123.1 million, which will be significantly lower due to the technology disclosure that has already fully taken place.

The Executive Board expects an operating result (EBIT) in the range of € - 55 million to € - 75 million for 2025. This results from the aforementioned sales forecast and the corresponding development of cost of sales.

The return on capital employed (ROCE) for the 2025 financial year is expected to be in the range of – 3 % to – 7 %. This development is mainly due to the expected negative operating result (EBIT).

Cash flow from operating activities is expected to be in the low negative triple-digit million range. This essentially follows the operating performance and the development of net working capital.

The 2024 Annual Report is available on the company's website. The presentation for the 2024 conference call for analysts and journalists is also available for download.

About Biotest

Biotest is a provider of biological therapeutics derived from human plasma. 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 care 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 has been a part of the Grifols Group, based in Barcelona, Spain (www.grifols.com).

Biotest AG will now also be publishing official press releases via X. 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.