Business news for the stock market
Leverkusen, Germany (pta026/18.08.2022/21:20) - Biofrontera AG (FSE: B8F, US-OTC: BFAGY) (the "Company"), an international biopharmaceutical company, today reported its financial results for the six months ended June 30, 2022.
Key financial figures and business performance for the six months ended June 30, 2022
| In EUR thousands 6M 2022 6M 2021 | |||
| Revenue | 15,076 | 13,094 | |
| thereof from product sales | 3,360 | 12,211 | |
| Gross profit on sales | 12,307 | 11,082 | |
| Research and development costs | (3,134) | (2,921) | |
| General and administrative costs | (2,563) | (5,553) | |
| Sales and marketing costs | (3,357) | (10,191) | |
| Result on operations | 3,252 | (7,583) | |
| EBITDA | 3,367 | (5,768) | |
| EBIT | 2,990 | (7,391) | |
| Earnings (loss) before tax | (36,061) | (8,835) | |
| Earnings (loss) after tax | (36,745) | (8,872) |
Biofrontera looks back on a pleasing sales growth of 15% as of mid-2022 due to a significant business recovery in the European business, but mainly in the US business. After sales in Germany fell behind expectations, the European business developed very positively with a sales increase of 53%.
Biofrontera generated total sales of EUR 15,076 thousand in the period from January 1 to June 30, 2022, compared to EUR 13,094 thousand in the first half of 2021, an increase of around 15%. As a result of the deconsolidation of Biofrontera Inc., the Group's sales with Biofrontera Inc. are recognized as revenues from licensing income from this financial year onwards. As a result, license revenues increased by EUR 10,464 thousand year-on-year to EUR 11,347 thousand (previous year: EUR 883 thousand), whereas revenues from product sales decreased by EUR 8,851 thousand year-on-year to EUR 3,360 thousand (previous year: EUR 12,211 thousand).
Sales growth in Germany was subdued compared to the same period of the previous year. In the first half of 2022, sales of EUR 2,084 thousand were generated in Germany compared to EUR 2,718 thousand in the same period of the previous year 2021, thus a decrease of 23%. A generally weak market development for medications against actinic keratosis and the difficulties with Spanish re-imports were the main drivers for this development.
In the remaining European countries, Biofrontera achieved product sales of EUR 1,276 thousand in the first 6 months of 2022. EUR, compared to EUR 836 thousand in the same period of 2021, a significant increase of 53%. After Galenica AB had already started marketing Ameluz® and BF-RhodoLED® in the Scandinavian countries in mid-2021 and has already ordered a second sales batch, the marketing launch in Poland is now also pending.
On the cost side, research and development costs increased by 7% to EUR 3,134 thousand in the reporting period compared to EUR 2,921 thousand in the previous year. General and administrative expenses amounted to EUR 2,563 thousand in the first half of 2022 and decreased by a total of EUR 2,990 thousand compared to the previous year (EUR 5,553 thousand). Selling expenses amounted to EUR 3,357 thousand in the first half of 2022, compared with the prior-year figure of EUR 10,191 thousand, a significant reduction of EUR 6,834 thousand. This was mainly due to the cost share of Biofrontera Inc. of EUR 7,275 thousand included in the prior-year figure.
Group EBITDA improved by EUR 9,135 thousand to EUR 3,367 thousand in the first half of 2022 compared with the prior-year period (EUR -5,768 thousand), mainly due to the deconsolidation of Biofrontera Inc. as of December 31, 2021.
These effects also had a corresponding impact on EBIT, which improved year-on-year to EUR 2,990 thousand (prior-year period: EUR -7,391 thousand).
Cash and cash equivalents in the Group amounted to EUR 1,748 thousand as of June 30, 2022 (previous year: EUR 6,908 thousand).
Forecast
Business development in the first half of 2022 was in line with the expectations of the Executive Board. It therefore continues to adhere to the published forecast for the 2022 financial year. Thus, the Group continues to expect sales of EUR 24 to 27 million, an almost break-even EBITDA and a negative EBIT in the low single-digit million range for the financial year 2022.
Details on the business figures as of June 30, 2022 can be found in the half-year financial report, which is published on Biofrontera AG's website at http://www.biofrontera.de/de/investoren/finanzberichte.
(end)
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 by Prof. Dr. Hermann Lübbert and is listed on the Frankfurt Stock Exchange (Prime Standard) and on US OTC market (BFAGY). www.biofrontera.com
Forward-Looking Statements: Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as "will," "anticipate," "believe," "forecast," "estimate" and "intend," among others. Such forward-looking statements are based on the currently held beliefs and assumptions of the management of Biofrontera AG, which are expressed in good faith and, in their opinion, reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors, including, but not limited to, the risk that the termination of the ADS Level 1 Program or the deregistration with the SEC may not occur or may be delayed, which may cause the actual results, financial condition, performance, or achievements of the Company, or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. Given these risks, uncertainties and other factors, prospective investors are cautioned not to place undue reliance on these forward-looking statements. The Company does not undertake an obligation to update or revise any forward-looking statement.
(end)
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 Frankfurt, Dusseldorf; free market in Stuttgart, free market in Munich; open market in Berlin, Tradegate
other stock exchanges: US OTC