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Leverkusen, Germany (pta033/17.05.2022/16:20) - Biofrontera AG (ISIN: DE0006046113), an international biopharmaceutical company, today published its results for the first three months ended March 31, 2022.
Key financials and business performance Q1 2022
| in EUR thousands | 3M2022 | 3M2021 | Change | |
| Sales revenue | 6,566 | 5,479 | 20% | |
| Gross profit on sales | 5,455 | 4,578 | 19% | |
| Research and development costs | -1,601 | -1,317 | 22% | |
| General and administrative costs | -1,036 | -2,538 | -59% | |
| Sales and marketing costs | -1,665 | -4,813 | -65% | |
| Result from operations | 1,152 | -4,089 | -128% | |
| EBITDA | 1,278 | -3,158 | -140% | |
| EBIT | 1,093 | -3,971 | -128% | |
| Profit/loss before income tax | -28,100 | -4,876 | 476% | |
| Profit/loss for the period | -28,100 | -4,877 | 476% |
"The revenues Biofrontera AG generated by the licensing business are very positive. In addition to our strongest Ameluz® sales market, the U.S., the rest of Europe also developed very favorably in terms of sales, with a continuing momentum in April," summarizes Ludwig Lutter, CFO of Biofrontera AG. "The German market also performed well in the first quarter in terms of the volume of tubes sold, although this is not yet reflected on the revenue side as a result of re-imports from Spain. Following the withdrawal of the Spanish price decree, we now expect the German market to improve in terms of sales in the coming months. Overall, we were able to bring Biofrontera into the profitability with a total sales increase of 20% compared to the same period of the previous year, so that our EBITDA and EBIT were EUR 1.3 million and EUR 1.1 million, respectively. This represents a significant increase compared to the same quarter of the previous year, when both key figures were still significantly negative. With the independence of Biofrontera Inc. and the reduction of the associated costs, Biofrontera AG is now on track to become a profitable company."
The company's revenue for the period from January 1 to March 31, 2022 was TEUR 6,566, approximately 20% higher than the revenue in the prior-year period of TEUR 5,479.
In the US, the company generated sales with the former subsidiary Biofrontera Inc. in the first quarter in the amount of TEUR 4,761, compared to TEUR 3,811 in the same period of the previous year (+25%). In Germany, product sales of TEUR 1,169 were achieved in the first quarter, a decrease of 17% compared to the first quarter of the previous year with TEUR 1,404, which is mainly due to re-imports. In contrast, sales in the rest of Europe increased by 140% to TEUR 636, compared to TEUR 265 in the first quarter of 2021.
Operating costs were 50% lower than in the prior-year quarter. In particular, Marketing and sales expenses decreased by 65% compared to the first quarter of 2021 mainly resulting from the de-consolidation of Biofrontera Inc..
Cash and cash equivalents in the Group amounted to TEUR 4,918 as of March 31, 2022, compared to TEUR 6,908 as of December 31, 2021. From today's perspective, Biofrontera AG has sufficient liquidity to implement the Group's strategy in the coming 12 months.
Forecast
Business development in the first quarter of 2022 was in line with the expectations of the Management Board. It therefore fully confirms the forecast for the 2022 financial year specified on April 29, 2022. Assuming a further recovery of the markets, the Management Board thus expects annual sales of EUR 24 to 27 million as well as an almost break-even EBITDA in 2022 and a negative EBIT in the low single-digit million range. Details on the forecast can be found in the Annual Report 2021, which is published on the website of Biofrontera AG at https://www.biofrontera.com/en/investors/financial-reports.
Conference Call
The conference call for shareholders and interested investors will take place on May 19, 2022.
Conference Call - GERMAN
May 19, 2022, 10:00 a.m. CEST (4:00 a.m. ET).
Dial-in number: +49 69 201744210
Confirmation number: 50069038 #
Conference Call - ENGLISH
May 19, 2022, 2:00 p.m. CEST (8:00 a.m. ET)
Dial-in number USA: +1 8774230830
Dial-in number UK: +44 2030092470
Confirmation number: 38990475 #
Please dial in 10 minutes prior to the start of the conference call to ensure an on-time start.
start on time.
Biofrontera AG's quarterly announcement is available for download on the company's 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 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 terminology such as "anticipate", "believe", "predict", "estimate" and "intend", among others. Such forward-looking statements are based on current estimates and assumptions made by Biofrontera AG's management to the best of its knowledge and belief, which in their opinion are reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, financial condition, performance or achievements of the company or industry to be materially different from any future results, financial condition, performance or achievements expressed or implied by such forward-looking statements. No undue reliance should be placed on such statements. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any 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 Frankfurt, Dusseldorf; free market in Stuttgart, free market in Munich; open market in Berlin, Tradegate
other stock exchanges: US OTC