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26.02.2006

Successful financial year 2005: Biotest increases sales, doubles the result and reduces

DREIEICH, Germany - Significant increase in sales, above average improvement in the result, strengthening of the equity base and a drastic cutback in debt – the pharmaceutical and diagnostics company Biotest met all of its major targets in financial year 2005. Through investment in the promising biotherapeutic business area and in international distribution, the course is set for a further enhancement in value.
 
According to unaudited figures, Group sales increased by 9.1 % to ? 237.6 million, the first increase after three years. Important drivers of growth were the immunoglobulin Intratect®, which has already obtained a market share in Germany of just below 20 %, and coagulation concentrates that have achieved high gains especially in the Russian market. Thanks to increased demand for hygiene monitoring systems, Biotest also saw moderate growth in the diagnostics business of 1.6 % to ? 77.2 million.

Earnings rose considerably stronger than sales. EBIT increased by more than one-third to ? 25.3 million (previous year: ? 18.6 million). The return on sales before interest and taxes reached 10.6 % (previous year: 8.5 %) and was thus in the double-digit range for the first time in many years.

"The figures for financial year 2005 are a confirmation of our restructuring and strategic realignment," says Prof. Dr. Gregor Schulz, Chairman of the Board of Management at Biotest AG. "We are pushing for the international approvals of drugs and diagnostics systems, investing in a high-capacity distribution network and as such are carving out our growth in the high margin markets in Europe and the USA."

At the same time, Biotest has created a solid basis for the further clinical development of biotherapeutics with the strongly improved earnings and financial position. Schulz: "We are going to substantially invest in these research projects in the coming years. As a result, we want to participate in a highly interesting and strongly growing market that represents the biotechnical therapy of rheumatism and other auto-immune diseases as well as cancer."

As a result, they succeeded in the humanization of BT-062 for the treatment of multiple myeloma, a malignant bone marrow disease, among others, in financial year 2005. In addition, the large-scale production of BT-061 was put in place near Lonza in England.
 
Biotest is also aiming at an increase in sales of between 8 and 10 % for business year 2006. The initiated marketing of Intratect® in nine European countries will have a positive impact just as the distribution of the fully automated blood group device TANGO® optimo and its corresponding reagents in the USA. Despite again significantly higher expenses for biotherapeutic research, the result should to be above the figure for financial year 2005. Due to Biotest’s improved financing structure, the interest expense is expected to be further reduced.


Source:  PharmaLive

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