Business news for the stock market
Leverkusen, Germany (pta022/31.08.2023/10:00) - Biofrontera AG (ISIN: DE0006046113), an international biopharmaceutical company, today reported results for the six months ended June 30, 2023.
Key financial figures and business performance for the first half of 2023
| In EUR thousand 6M 2023 | 6M 2023 | 6M 2022 | |
| Revenues | 17.784 | 15.076 | |
| Gross profit | 14.220 | 12.307 | |
| Research and development costs | -3.925 | -3.134 | |
| General administrative expenses | -3.443 | -2.563 | |
| Distribution costs | -3.665 | -3.357 | |
| Result from operating activities | 3.187 | 3.252 | |
| EBITDA | 3.743 | 3.367 | |
| EBIT | 3.357 | 2.990 | |
| Earnings before taxes | -2.179 | -36.061* | |
| Earnings after taxes | -3.145 | -36.745* |
*contains the impairment of the shareholding in Biofrontera Inc. shares
Biofrontera generated total revenues of EUR 17,784 thousand in the period from 1 January to 30 June 2023, compared to EUR 15,076 thousand in the first half of 2022, an increase of around 18%. US licensing income of EUR 12,562 thousand made a significant contribution of 71% to the Group's total revenue (previous year: EUR 10,515 thousand).
In Germany, turnover rose by EUR 938 thousand to EUR 3,022 thousand in the reporting period; with this 45% increase in turnover, the performance in the German market was able to significantly recover from last year's challenges caused by re-imports from Spain. Ameluz® further strengthened its position as market leader and growth driver in the German PDT (photodynamic therapy) market within a recovering segment of actinic keratosis after the end of the COVID pandemic.
In Spain, the turnover development showed a slight growth to EUR 957 thousand (EUR 943 thousand; +1.5%), whereby in-market growth was higher at 4.3% outperforming the growth of the PDT market (+3.2%).
On a smaller level the company's own sales in UK realized an 8% growth in revenues to EUR 358 thousand. Noteworthy, we won 10 additional NHS hospital formularies in the first half of this year bringing us to covering about 40% of all NHS hospitals in England.
Through European licensees, Biofrontera generated revenues of EUR 715 thousand in the first 6 months of 2023, compared to EUR 809 thousand in the same period of the previous year 2022, a decrease of 12%. This is due to a shift in the ordering pattern of the drug product. In-market unit sales with our partners for Austria, Nordics and Switzerland show a very solid growth of about +19%.
On the cost side, research and development costs increased by 25% to EUR 3,925 thousand in the reporting period compared to EUR 3,134 thousand in the previous year. The cause of the higher costs is the increase in the clinical trial activities according to the agreement the company has with its partner Biofrontera Inc. Biofrontera is currently conducting 4 clinical studies, with 2 studies already able to complete the clinical phase this year. General administrative expenses amounted to EUR 3,443 thousand in the first half of 2023 and increased by a total of EUR 880 thousand compared to the previous year (EUR 2,563 thousand). On the cost side, additional expenses were incurred in connection with consulting costs due to the restructuring of the company following the deconsolidation of the former US subsidiary Biofrontera Inc. Apart from that, legal expenses were higher than last year mainly due to the lawsuit filed against Biofrontera Inc. that was successfully closed with a settlement signed in April 2023. Sales costs amounted to EUR 3,665 thousand in the first half of 2023, compared to the previous year's figure of EUR 3,357 thousand; the increase was mainly due to preparations to intensify and expand sales in Europe.
The Group's EBITDA improved by EUR 376 thousand to EUR 3,743 thousand in the first half of 2023 compared to the same period of the previous year (EUR 3,367 thousand). EBIT also showed a positive amount of EUR 3,357 thousand (same period of the previous year: EUR 2,990 thousand). These results show that the projected positive operating business could be maintained thought the whole year.
Cash and cash equivalents in the Group amounted to EUR 4,279 thousand as of 30 June 2023 (December 31, 2022: EUR 6,376 thousand).
Forecast
Business development in the first half of 2023 is in line with the expectations of the Management Board.
The further business development and liquidity of the Group and Biofrontera AG are largely dependent on the development of the US business with Biofrontera Inc. The current planning is based on the assumption that the business development of Biofrontera Inc. in the next 12 months will at least match that of 2022 and that Biofrontera Inc. will fulfill its purchase obligations agreed for 2023 and pay them on time.
Details of the business figures as of 30 June 2023 can be found in the half-year financial report, which is published on the Biofrontera AG website at https://www.biofrontera.com/en/investors/financial-reports.
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About Biofrontera:
Biofrontera AG is a biopharmaceutical company specializing in the development and sale of dermatological drugs and medical cosmetics. The Leverkusen-based company develops and markets innovative products for the treatment, protection and care of the skin. Its key products include Ameluz®, a prescription drug for the treatment of non-melanoma skin cancer and its precursors. Ameluz® has been marketed in the EU since 2012 and in the USA since May 2016. In Europe, the company also markets the Belixos® dermocosmetic series, a specialty care product for damaged skin. Biofrontera is one of a few German pharmaceutical company to receive a centralized European and a US approval for a drug developed in-house. The Biofrontera Group was founded in 1997 and is listed on the Frankfurt Stock Exchange (Prime Standard). www.biofrontera.com
Forward-looking statements: This release contains certain forward-looking statements. These reflect the views of Biofrontera as of the date of this communication. Actual results achieved by Biofrontera may differ materially from those set forth in the forward-looking statements. Biofrontera is under no obligation to update forward-looking statements.
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emitter: Biofrontera AG
address: Hemmelrather Weg 201, 51377 Leverkusen
country: Germany
contact person: Investor Relations
phone: +49 (0) 214 87 63 20
e-mail: ir@biofrontera.com
website: www.biofrontera.com
ISIN(s): DE0006046113 (share)
stock exchanges: regulated market in Dusseldorf, Frankfurt; free market in Munich, free market in Stuttgart; open market in Berlin, Tradegate