Leverkusen, Germany (pta/31.05.2023/11:30 UTC+2)
Biofrontera AG (ISIN: DE0006046113), an international biopharmaceutical company, today published its results for the first three months ended March 31, 2023.
Key financials and business performance Q1 2023
|Gross profit on sales||4,548||5,455|
|Research and development costs||(1,842)||-1,601|
|General and administrative costs||(1,751)||-1,036|
|Sales and marketing costs||(1,818)||-1,665|
|Result from operations||(863)||1,152|
|Profit/loss before income tax||(3,396)||(28,100)|
|Profit/loss for the period||(3,475)||(28,100)|
"The revenues Biofrontera AG recorded by the European licensing business are very pleasing. In the first quarter an additional batch of Ameluz was delivered to the Scandinavian countries, another positive signal for the development of this promising market. However, due to a supply chain problem, there was a delay in the delivery of U.S. sales batch, which had a negative impact on quarterly sales in the United States. As a result, we had to report a 33% year-on-year decline in revenue in Q1. Now, the 4 forecasted batches have been shipped in Q2 and we have taken precautions to ensure that no new supply bottlenecks would occur in the future. So, at the end of May, we are fully on budget on the revenue side," summarizes Pilar de la Huerta, CFO of Biofrontera AG. "The German business showed a pleasing development in the first quarter, after last year's slowdown due to the parallel trades, resulting in a 36% increase on the revenue side. We also achieved a slight increase in sales in our other own sales markets, Spain and the UK. In total, we were able to achieve overall sales of EUR 5,799 thousand. Our EBITDA and EBIT amounted to a deficit of EUR 599 thousand and EUR 759 thousand, respectively, due to increased costs and the shift in sales described above. Net income was significantly impacted by Biofrontera Inc loses due to our 29,96 % stake. as well, showing a negative amount of EUR 3.396 thousand for first quarter 2023. We continue to maintain our forecast for 2023 and will consistently pursue the chosen path of cost reduction measures and market expansions."
The company's revenue for the period from January 1 to March 31, 2023, was EUR 5,799 thousand, down 12% from EUR 6,566 thousand in the same period last year.
For the U.S., the company generated revenues of EUR 3,060 thousand in the first quarter, compared to EUR 4,573 thousand in the same period last year (-33%). In Germany, product sales of EUR 1,593 thousand were achieved in the first quarter, an increase of 36% compared to EUR 1,169 thousand in the first quarter of the previous year. In the rest of Europe, sales increased by 64% to EUR 1,202 thousand, compared to EUR 624 thousand in the first quarter of 2022.
Operating costs were higher compared to the prior-year quarter. In the area of research and development and sales expenses increased slightly and due to higher expenses for legal and consulting costs general and administrative expenses increased to EUR 1,751 thousand.
Cash and cash equivalents in the Group amounted to EUR 3,293 thousand as of March 31, 2023, compared to EUR 6,376 thousand as of December 31, 2022. From today's perspective, Biofrontera AG has sufficient liquidity to implement the Group's strategy in the coming 12 months with the currently capital measure in planning and its execution scheduled for July/August.
Business development in the first quarter of 2023, apart from the delayed production and delivery of US sales batches, was in line with the expectations of the Executive Board. It therefore fully maintains its forecast for fiscal 2023 as specified on April 27, 2023. Details of the forecast can be found in the Annual Report 2022, which is published on the website of Biofrontera AG at http://www.biofrontera.de/de/investoren/finanzberichte.
An English conference call will be held for shareholders and interested investors on May 31, 2023, 2.00 pm.
Conference Call - ENGLISH
May 31, 2023, 2:00 p.m. CEST.
PARTICIPANT INTERNATIONAL DIAL IN: +1-412-858-5202
Please dial in as early as 5 minutes prior to the start of the conference call to ensure an on-time start.
Biofrontera AG's quarterly announcement is available for download on the company's website at https://www.biofrontera.com/en/investors/financial-reports.
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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|Contact Person:||Investor Relations|
|Phone:||+49 (0) 214 87 63 20|
|Stock Exchange(s):||Regulated Market in Dusseldorf, Frankfurt; Free Market in Berlin, Munich, Stuttgart, Tradegate|