Leverkusen, Germany (pta035/04.04.2022/18:00) - Biofrontera AG (ISIN: DE0006046113), an international biopharmaceutical company, announces the following preliminary unaudited financial figures for the financial year 2021 and provides guidance for the current financial year 2022.
Financial highlights 2021
• Total revenue decreased 5% to EUR 28.8 million, compared to EUR 30.3 million in 2020;
• Product-only revenue increased by 20% compared to 2020;
• Pro-forma EBITDA and EBIT excluding one-time effects, e.g. from de-consolidation both are within guidance provided;
• Cash and cash equivalents amounted to EUR 6.9 million on December 31, 2021, compared to EUR 16.5 million on December 31, 2020.
Biofrontera reported total sales of EUR 28.8 million in the period from January 1 to December 31, 2021, compared to EUR 30.3 million in 2020, a decrease of approximately 5%. However, total revenue in the prior year period included a one-time payment of EUR 6.0 million received by the company under a licensing agreement. Revenues from product sales generated in 2021 totaled EUR 28.7 million, which represents an increase of around 20% for the reporting year compared to the same period of the previous year, despite the pandemic.
In the U.S., product revenues of around EUR 20.2 million were generated in 2021, an increase of 22% compared to the pandemic year 2020. Sales development in Germany was more moderate in a year-on-year comparison. German product sales amounted to EUR 5.3 million compared to EUR 5.2 million in 2020, thus only a slight increase of around 2%. In the rest of Europe, Biofrontera achieved product sales of EUR 3.3 million, compared to EUR 2.1 million in 2020, again a significant increase of 55%.
Group EBITDA and EBIT include significant one-time effects, e.g. one-time effects from the settlement with DUSA Pharmaceuticals Inc. already announced in December and from the deconsolidation of Biofrontera Inc. Pro-forma EBITDA and EBIT for 2021 adjusted for one-time effects are both within the guidance of EUR -11 to -14 million for EBITDA and EUR -13 to -16 million for EBIT.
Biofrontera had a cash position of EUR 6.9 million as of December 31, 2021, compared to EUR 16.5 million as of December 31, 2020.
Financial guidance 2022
The Management Board expects that the key sales markets will continue to recover from the pandemic consequences, so that Biofrontera AG anticipates to generate sales between EUR 24 million and EUR 27 million for the 2022 fiscal year following the repositioning of the company through the independence and de-consolidation of Biofrontera Inc. This would correspond to an increase of more than 40% on an adjusted / de-consolidated basis compared to the previous year. Under the above conditions, Biofrontera AG expects EBITDA to be close to break-even in 2022 and a negative EBIT in the low single-digit million range. Furthermore, if the markets continue to recover, the Company expects increasing revenues as well as positive EBITDA and EBIT from 2023 onwards.
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