Leverkusen, Germany (pta/23.11.2022/15:00 UTC+1)
Biofrontera AG (ISIN: DE0006046113), an international biopharmaceutical company, today published its results for the first nine months ended September 30, 2022.
Financial highlights and business performance for the first nine months 2022*
|In EUR thousand||9M 2022||9M 2021||Q3 2022||Q3 2021|
|Research and development expenses||(4,944)||(4,516)||(1,809)||(1,595)|
|General and administrative expenses||(3,670)||(7,557)||(1,107)||(2,004)|
|Result from operating activities||4,712||(12,574)||1,460||(4,991)|
*Due to the deconsolidation of Biofrontera Inc. a direct comparison of the income statement with the previous year is not conclusive, as the previous year's figures include the figures of Biofrontera Inc.
The Biofrontera Group generated total revenues of EUR 21.9 million in the period from January 1 to September 30, 2022, compared to EUR 18.47 million in 2021, an increase of approximately 19%. A quarter-on-quarter comparison showed an increase in sales of 27% to EUR 6.83 million (previous year: EUR 5.38 million).
"Due to a significant business recovery in the first quarters of 2022, we look back on a positive nine-month period. Our sales markets have recovered significantly after the peak phase of the Covid-19 pandemic, and we continue to be back on the growth path as before the pandemic. The very strong development in the European business, but also the sales activities in the USA, which were pushed enormously by Biofrontera Inc. had a significant influence on this positive development," summarizes Ms. de la Huerta, CFO of Biofrontera. "The withdrawal of the price decrease in Spain, the market launch in the Scandinavian countries and the positive development of the business in the UK in the first nine months of 2022 allowed us to further expand our footprint in PDT. The German business is currently still suffering from the sell-off of reimported products and recorded a 22% decline in sales in the last nine months, but we expect a more significant upturn in the fourth quarter, as all the re-imported tubes with a low price have been sold off. The Biofrontera Group reported positive EBITDA of EUR 5 million for the nine-month period due to the relevant increase in sales as well as the restructuring of the Biofrontera Group and the associated cost reduction for Biofrontera AG."
In the USA, license revenues of EUR 15,246 thousand were generated in the reporting period January 1 to September 30, 2022. In the same period of the previous year, the sales revenue contribution from the USA amounted to EUR 12,334 thousand, thus impacting total revenues with an increase of 24%.
In contrast, revenues in Germany for the first nine months of EUR 3,083 thousand were below the previous year's level of EUR 3,931 thousand. Sales development in the third quarter was also somewhat more restrained year-on-year at EUR 1,001 thousand compared to EUR 1,213 thousand in 2021. The re-import issue, which resulted from a price decrease in the Spanish market, was still affecting German sales during Q3. In European countries outside Germany, sales increased once again by 27% from EUR 2,208 thousand in 2021 to EUR 2,804 thousand in 2022. Biofrontera's own sales organizations in Spain and UK but also Biofrontera's other European license partners showed a significant increase in sales.
Cash and cash equivalents in the Group amounted to EUR 1,177 thousand as of September 30, 2022 compared to EUR 6,908 thousand as of December 31, 2021.
Business development in the first nine months of 2021 was in line with the expectations of the Executive Board. It therefore continues to adhere to its forecast for fiscal year 2022. Thus, the Group expects sales of EUR 24 to 27 million and positive EBITDA in 2022, provided that the encouraging business performance of the first nine months will continue.
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.
Biofrontera AG's interim statement for the third quarter of 2022 is available for download on the company's website at https://www.biofrontera.com/en/investors/financial-reports.
Hemmelrather Weg 201
|Contact Person:||Investor Relations|
|Phone:||+49 (0) 214 87 63 20|
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